BHP Billiton will withdraw its direct involvement in the Mumbwa Project in Zambia, Blackthorn Resources has been advised.
The company will assign its interest in the JV to Blackthorn Resources, enabling it to hold 100% interest in the Mumbwa project, a copper and gold mine.
BHP will receive 2% production value royalty from any future mining to be conducted on the Mumbwa JV area.
Blackthorn Resources is currently planning a future exploration programme, which will include further delineation of the inferred mineral resource at Kitumba and the assessment of other regional scale targets.
The initial drilling programme will increase the drilling density and confidence levels of the Kitumba deposit and upgrade the mineral resource status based on results from the infill and step-out drilling.