Home » Critical Metals Raises £215,000 for Molulu Project Expansion

Critical Metals Raises £215,000 for Molulu Project Expansion

Funding Boost for Drilling and Roadwork at Congo's Molulu Copper/Cobalt Site

by Adenike Adeodun

Aim-listed Critical Metals, the operator of the Molulu copper/cobalt project in the Democratic Republic of Congo, has successfully raised approximately £215,000 through a placing. This significant investment is earmarked for the advancement of the diamond drilling campaign at Molulu as well as for crucial upgrades to the public road leading to the project site.

The company announced on December 19 that the Molulu project had commenced diamond drilling in Phases 1, 2, and 4. This initiative is key to estimating the copper and cobalt mineralization in the area and updating the project’s Joint Ore Reserves Committee-compliant report.

Strategically placed drill holes, informed by magnetic and induced polarisation surveys within the project area, have been instrumental in this process. To date, 24 holes have been drilled, logged, and sampled at Molulu. The results from these drilling activities have been promising, revealing high-grade copper mineralization, thereby underscoring the potential of the Molulu project.

Drilling is set to resume in January, with subsequent activities including core logging, scanning X-ray fluorescence analysis, and quality assurance and quality control measures. An expansion of the drilling plan into Phases 2 and 3 is also anticipated to commence in the first quarter of the year.

According to a report by Mining Weekly, the primary objectives of this comprehensive drilling programme are to delineate the mineralised zones across all phases and to determine the grade, mineralogy, thickness, and extent of the mineralised beds in each phase. The data and insights gleaned from this drilling will be integrated into the Jorc report, which is slated for release in the first quarter.

In addition, the company has committed to further investment in the public road through the Molulu project. This decision, announced in December, aims to ensure reliable ore delivery at anticipated volumes. These road improvements, which include grading, ground compacting, and the addition of a layer of stones in high-usage areas, will also benefit the local community. A road contractor has been appointed to undertake this work, which is expected to take about 45 days, beginning in January.

With these enhancements, the road is projected to support copper ore deliveries throughout the remaining rain season, which typically ends in April. A portion of the funds raised from the placement will be allocated to this critical road upgrade.

CEO Russell Fryer, demonstrating his commitment to the project, has actively participated in this placement. His involvement underscores the company’s confidence in the Molulu project’s potential to become a significant player in the copper and cobalt sectors.

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