25
08.13
exploration
Core from the Xaudum project showing the BIF magnetite (with a
Cu seam cutting through it).
This graphic illustrates the correspondence between the rocks of the Copperbelt and those in Tsodilo’s licence areas.
Stratigraphy and Main Deposits in the Central African Copperbelt
those hosting the world-class deposits of the Central
African Copperbelt, occur throughout the Tsodilo li-
cence blocks makes this area incredibly attractive as a
major new copper play,” he says. “The demonstrated
presence of syn-sedimentary faulting and large-scale
hydrothermal alteration from our regional drilling in-
dicates that the right features are present for major
base metal deposits.”
An interesting point is whether the wider geologi-
cal world agrees with Tsodilo that its Botswana prop-
erties host an extension of the Copperbelt. “One of
our board members is Dr Murray Hitzman, a world
authority on Iron Oxide Copper-Gold (IOCG) depos-
its and an expert on the Copperbelt, and he’s utterly
convinced,” responds de Wit. “In fact, he was instru-
mental in putting us in touch with First Quantum.
In addition, the geologists from the University of the
Witwatersrand in Johannesburg have been driving a
large industry-sponsored research project to under-
stand the geology of the region and they have come
to the same conclusion.”
The person, incidentally, who first – in 2007 – alert-
ed Tsodilo to the copper potential in its licence areas
was University of Cape Town professor, Maarten de
Wit (who is Mike de Wit’s brother). He was studying
core from one of Tsodilo’s kimberlite targets and im-
mediately noticed the resemblance to the rocks of the
Copperbelt.
Under the terms of the agreement between Tsodilo
and FQM, the latter will – in addition to making an
initial strategic equity investment in Tsodilo of C$2,5
million – also acquire the right to earn up to a 70 %
interest in metals prospecting licences in Botswana
granted to Tsodilo’s subsidiary, Gcwihaba Resources
(Pty) Ltd, by funding exploration expenditure over
the next several years. The exact amount to be com-
mitted by FQM will depend on various requirements
stipulated in the agreement being met but the mini-
mum amount will be US$6 million over the next two
years. The interests to be earned by FQM specifically
exclude any rights to iron ore.
One point that needs to be emphasised is that the
copper mineralisation seen in the rocks in Tsodilo’s
licence area – which covers around 11 000 km
2
in the
far north-west of Botswana (Ngamiland) on both sides
of the Okavango River – is not related to that encoun-
tered further south in the Ghanzi belt between Maun
and Ghanzi. This corridor already has one operating
mine – Boseto – and has been dubbed the ‘Kalahari
