December 31, 2008
Rpeorted that field work carried out consisted solely of environmental rehabilitation of drill sites and access. Results of a prefeasibility study are expected in Q1 2009.
During 2007, exploration at the Chongwe Copper Belt consisted of extensive soil and trench sampling, and several follow-up copper targets with coincident favourable magnetic anomalies were delineated over 17km of prospective strike. Preliminary RAB and RC drilling was carried out on several priority targets. Subsequent to year end, follow up RC drilling has been conducted on several anomalous copper-(gold) areas defined from the 2007 RAB drilling. The drilling covered an area of approximately 160 km2 and included the area of the historical Chalimbana copper
occurrence. Significant visual indications of copper minerals were noted in a number of holes across the drilled area and results are awaited.
During 2006, four follow-up diamond drillholes were completed at Chalimbana to test possible multiple mineralised zones below the 2005 RC drilling. Assay results included 18m at 0.35% copper, 17m at 0.41% copper and 5.6m at 0.42% copper. A distinct shallow angle fault zone occurring below the mineralised shear zone was intersected in all 4 holes, with a thick sequence of barren quartzites of at least 150m in thickness immediately beneath the fault. While this has reduced the possibility of further mineralised zones at Chalimbana below an estimated depth of approximately 150m vertical, inspection of core remaining from the historical diamond drilling has revealed that several holes finished in mineralisation, and some mineralised holes were not sampled. During 2007, these
holes will be sampled and assayed, and further infill and extension RC and diamond drilling will be carried out at Chalimbana and Chalimbana East to scope the potential for further mineralisation. (Mar 31/07)
In 2005, a total of 52 RC drill holes were completed at Chalimbana East, testing a coincident copper-in-soil
and aeromagnetic anomaly. Intercepts greater than 0.3% copper were returned in 34 holes and best results included 35m @ 0.56% Cu, 11m @ 0.51%, 7m @ 0.62% Cu and 6m @ 0.96% Cu. The Chalimbana East mineraliation remains open along strike in both directions.
In 2004, Zambezi commissioned RSG Global to reconstitute the 1971 resource model from old records, which were considered of sufficient quality for an inferred resource under the Australasian JORC reporting code at a 0.50% Cu cut-off. This gave a total mineral resource of 5.34Mt @ 0.8% Cu. A scoping study was subsequently completed.