REG - Unicorn Mineral Res. - Update on Potential Acquisition of Copper Assets

Unicorn Mineral Resources Public CoAnnouncement

24/02/2025 09:00

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RNS Number : 1920Y  Unicorn Mineral Resources plc  24 February 2025

Unicorn Mineral Resources Plc

("Unicorn", or "the Company")

24 February 2025

Update on Potential Acquisition of Namibian Copper Assets

Unicorn Mineral Resources Plc, (LSE: UMR), a mineral exploration and
development company exploring for Zinc, Lead, Copper and Silver, is pleased
to provide an update on the potential copper exploration and development
project located on two granted Exclusive Prospecting Licenses in Namibia,
which covers an old mine and associated tailings.

Following a preliminary independent technical evaluation of the project
opportunity and the legal framework and mining policy in Namibia, the
Company's management team and consultants carried out a site visit to complete
a review of the tailings dams and waste dumps resulting from over 21 years of
historic mining activities. Various drilling and sampling investigations on
the tailings dam have occurred throughout the years and have defined non-JORC
compliant resources of copper and silver. Similarly historical non-JORC
compliant resources have been reported on the remaining in-situ mineralisation
from the historical underground mining activities.

The Company's management team and consultants met with key local stakeholders
and also inspected multiple outcrops and broad veins of visible copper
mineralisation at several potential targets areas that indicated the potential
continuation of the copper mineralisation along strike from the historical
mining activities, further supporting the possibility that in-situ resources
remain.

Samples, predominantly from the extensive outcrops of copper mineralisation
that were observed and the waste rock and tailings stockpiles, were taken for
analysis and assay at laboratories in Namibia. The Company is expecting to
receive final assay results and certification of these results later this
quarter and a further update will be made once these results are received.

The majority shareholders and local shareholders have expressed an intent to
promptly complete the sale of a controlling interest to Unicorn, subject to
the Company completing its legal, technical and financial due diligence, and
the Board is advancing preliminary and non-binding negotiations with a view to
signing heads of terms in the near term.

As well as this particular opportunity, the Company's consultants have
identified several other interesting brownfield mining opportunities and
advanced exploration projects and the Company's Board believes this
acquisition could serve as a platform for further growth and expansion in
Southern Africa.

 

This announcement contains information which, prior to its disclosure, was
inside information as stipulated under Regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310 (as amended).

- Ends -

 

For further information, please visit www.UnicornMineralResources.com
(http://www.unicornmineralresources.com/)  or contact:

 

 Unicorn Mineral Resources Plc       Novum Securities Limited - Financial Adviser and Broker

 John O'Connor, CFO                  David Coffman / Ana Eley

 Tel: +353 86 259 5123               Colin Rowbury

 Email: John.OConnor@UMR.ie          Tel: +44 (0)207 399 9400

 Gathoni Muchai Investments

Faith Kinyanjui Mumbi

 info@gathonimuchaiinvestments.com

 

 

 

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