Kisinka is a 53 sq km exploration licence located 35-40km east of Lubumbashi. It has 8km of strike along the Roan group of rocks, which host the majority of the DRC’s copper and cobalt mines. There are multiple large cobalt-copper mines in the area, both on strike and in the same rock structure to the west, including seven producing cobalt/copper mines within 30km of the licence. The Board see the Kisinka Project as a solid base on which to grow POW's battery metals business.
Kisinka represents a significant land holding in an established world class producing cobalt district. The Company is conducting initial exploration work to identify the licences prospectivity. With the identification of significant scale cobalt or copper soil anomaly, further exploration will be initiated. Two auger lines have been drilled and further licence wide exploration activities are being implemented.
POW has agreed to purchase 70% of the licences for $100,000 in two tranches, the second of which is now being facilitated. The licence has one year to run and can be renewed for a further period of five years with The Ministry of Mines and there are no explicit spend commitments over the term of the licence.
Pits on the licence show mineralisation reported by independent geologist at up to 2.5% cobalt (based on hand held Niton XRF analyser).
There are large areas of bulbostylis vegetation observed on licence; this type of vegetation is strongly associated with cobalt-copper mineralisation in the region.
Shallow mineralisation makes for low cost exploration (trenching, pitting, etc.) and potential for near term small-scale mining. Small-scale mechanised artisanal miners were encountered on recent site visit, preparing to mine on several locations on the licence.
There is a cobalt "land-grab" ongoing in the area, leading to increasing competition for licences.