Following a preliminary independent technical evaluation of a potential copper exploration and development project, in Namibia, London-listed Unicorn Mineral Resources’ management team and consultants carried out a site visit to complete a review of the tailings dams and waste dumps resulting from over 21 years of historic mining activities.

The project is located on two granted exclusive prospecting licences in Namibia. The project includes an old mine and an associated tailings opportunity.

The company says various drilling and sampling investigations on the tailings dam have occurred throughout the years and have defined non-Joint Ore Reserve Committee- (Jorc-) compliant copper and silver resources.

Similarly historical non-Jorc-compliant resources have been reported on the remaining in-situ mineralisation from the historical underground mining activities.

The company's management team and consultants met with key local stakeholders and also inspected multiple outcrops and broad veins of visible copper mineralisation at several potential targets areas that indicated the potential continuation of the copper mineralisation along strike from the historical mining activities, further supporting the possibility that in-situ resources remain.

Samples, predominantly from the extensive outcrops of copper mineralisation that were observed and the waste rock and tailings stockpiles, were taken for analysis and assay at laboratories in Namibia.

The company says it is expecting to receive final assay results and certification of these results later this quarter and a further update will be made once these results are received.

The majority shareholders and local shareholders have expressed an intent to promptly complete the sale of a controlling interest to Unicorn, subject to the company completing its legal, technical and financial due diligence, and the board is advancing preliminary and non-binding negotiations with a view to signing heads of terms in the near term.

As well as this particular opportunity, Unicorn says its consultants have identified several other interesting brownfield mining opportunities and advanced exploration projects and the company's board says the acquisition could serve as a platform for further growth and expansion in Southern Africa.