London-listed African Pioneer has raised £420,000 from existing and new shareholders to advance its Ongombo copper-gold project in Namibia and support activities in Zambia and Botswana.
The funds will be used to analyze gold distribution and its association with copper and magnetite quartzite, assess orebody-wide gold distribution, and plan drillholes in underexplored areas.
Additionally, external mining and resource consultants will refine resource estimates for open-pit mineralization and provide recommendations for infill drilling to enhance the overall resource base.
The capital will also support discussions with a preferred mining contractor for both open-pit and underground mining, scheduling for the 930,000-tonne open-pit operation, and a comprehensive assessment of development options. External advisers will present a proposed development plan to the board.
A portion of the funds will also be allocated to African Pioneer’s projects in Zambia and Botswana.
