Australian company Metals of Africa said Thursday it had identified three priority areas for metal surveying on the Mazoe River, in Mozambique’s Tete province, which may contain large deposits of copper, zinc and lead.
According to a statement from the company the samples collected in the areas of “Cassidy Shea”, “Monte Rodonita” and “Downeaster” showed large concentrations of those metals.
Prospecting by Metals Of Africa in the region began after the company raised US$494,000 for the project by issuing 7.604 million shares at a unit price of 6.5 cents on the Sydney Stock exchange, where the company is listed.
In a similar operation at the beginning of this week the company raised over US$950,000, which will be used for another project the company is carrying out in Mozambique in the Montepuez region of Cabo Delgado province.
At the Mazoe River project, which was identified in 2001 by BHP Billiton after a survey involving five countries, Metals of Africa, whose partner is British company Baobab Resources PLC, identified 39 areas with potential to explore a variety of metals, including silver.(mchb/mz)