Using a combination of existing airborne magnetic, radiometric and electromagnetic geophysics survey data, Armada has delineated an initial 18 named targets, situated along a distinct basement corridor. A new high resolution airborne electromagnetic survey using the New Resolution Geophysics (“NRG™”) Xcite™ system1, is currently in progress over the Libonga North, Matchiti Central and Doumvou targets with a view to assisting the detailed drill hole planning. Armada considers the 20km-long Libonga-Matchiti Trend to be drill ready and a drilling programme of 3,000m is planned to commence in the second half of 2021 with an Initial Public Offering (“IPO”) targeted for Q3/Q4 2021 to coincide with drill rig mobilisation.
Armada Exploration Limited, a Mauritian holding company (“Armada” ) which owns 100% of Armada Exploration (Gabon) SARL which is the holder of two exploration licences, prospective for magmatic Ni-Cu sulphide, in Gabon (Figure 1). Through its two exploration licences (G5-150 and G5-555), see Figure 1 and Table 1 below, the company holds rights to 2,991 km2 of ground associated with the Congo Craton margin. The basement within the licence areas have been intruded by a suite of mafic and ultramafic intrusions (Figure 2) which represent the primary target for magmatic Ni-Cu mineralisation in this area.
Armada was established to define new belt-scale discovery opportunities for key commodities (principally nickel and copper) in under-explored regions of Africa. With >US$10m spent targeting an area of >16,000km2, the company is preparing to drill a multi-target project opportunity for magmatic Ni-Cu sulphides in the Nyanga area, southern Gabon. Armada is supported by a Board and Africa-based technical team both with a track record of successful African projects. Key members of the Armada targeting team were awarded the 2015 PDAC Thayer Lindsley Award for an International Mineral Discovery (as members of the Kamoa/DRC discovery team alongside Ivanhoe Mines).
Cobre Limited has subscribed for 5,000,000 new ordinary shares under a promissory note in full at the time of the public listing terms and conditions. Cobre’s investments follow an investment in the same amount by RCF Global Opportunities Fund.
Priority 1 Drill Target: Libonga North. NRG Xcite™ airborne electromagnetic survey and data modelling with a minimum of 1,000m of core drilling to test for potential sulphide trap sites.
Priority 2 Drill Target: Matchiti Central. NRG Xcite™ airborne electromagnetic survey and data modelling with a minimum of 1,000m of core drilling to test the denser and more conductive units interpreted from the data modelling.
Priority 3 Drill Target: Doumvou Target. NRG Xcite™ airborne electromagnetic survey and data modelling with a minimum of 1,000m of core drilling to test the potential prospectivity of a regional scale northeast- south west striking fault suture.
Gabon’s abundant oil resources and foreign private investment have helped make the country one of the most prosperous in Sub-Saharan Africa. Gabon is estimated to have a population of 2.1 million people, the capital and largest city is Libreville and the official language is French. The country updated its Mining Code in 2019 and is perceived as proactively encouraging the development of its mining sector in light of diminishing oil reserves.