Zamare Minerals Corporate Update
Wednesday 8th July, 2026
Zamare Minerals is pleased to provide an update on Zambia exploration activities.
Exploration Activity
With the onset of the dry season in Zambia, Zamare has commenced field exploration on its key licences.
Mulenga
The Mulenga licence is a newly acquired licence with the transfer of ownership to Zamare in the final stages.
As a reminder Mulenga is 15-20km NW of Kansanshi, Zambia’s biggest copper mine. It is on the same geological trend and has high grade copper soil anomalies at surface. Most significantly, it has a small historical JORC-compliant resource of 18mt @ 0.52% TCu.
This resource is open on strike and down dip and there is room to infill it too. It was declared by a previous owner of the licence in 2013, indeed the independent consultant who produced the JORC report noted that there was significant expansion potential to the resource. As well as the drilling which underpins the resource there are very significant untested or poorly tested copper anomalies on the licence. We believe that the expansion potential is very significant for Kansanshi-style Cu and Au mineralisation.
In addition, historical artisanal activity mining oxide copper above the defined resource suggests significant potential. We made a site visit in early June to visit the pit, locate historical drill core and to design a full exploration program on the licence. Samples have been collected and submitted for multi-element geochemistry plus gold. There is no record of gold being assayed in previous exploration, but Kansanshi has a significant gold by-product.
An application is in process for an Environmental Project Brief (“EPB”) which is necessary before drilling activity can commence. In the meantime Zamare will conduct an AMT geophysical program, which is permitted without the EPB. The intention is to collect AMT data across the licence from the open pit and historical JORC resource in the south up to the less explored northern portion. Kansanshi is structurally complex with overturned rocks. In some areas, copper mineralisation is hidden by inverted strata. It is therefore important to understand the subsurface geology. The AMT survey will allow for a 3D sub-surface geological model to be constructed, and when integrated with regional geology and historical data, the design of the drill program for the next dry season commencing March/April 2027.
As part of its activities, Zamare will construct and maintain an exploration camp on the licence. The local Chief has signed a consent letter for activities and staff will be employed from local communities – Zamare believes that the social licence is a vital part of activities in the areas it works.
As a reminder Mulenga is 15-20km NW of Kansanshi, Zambia’s biggest copper mine. It is on the same geological trend and has high grade copper soil anomalies at surface. Most significantly, it has a small historical JORC-compliant resource of 18mt @ 0.52% TCu.
This resource is open on strike and down dip and there is room to infill it too. It was declared by a previous owner of the licence in 2013, indeed the independent consultant who produced the JORC report noted that there was significant expansion potential to the resource. As well as the drilling which underpins the resource there are very significant untested or poorly tested copper anomalies on the licence. We believe that the expansion potential is very significant for Kansanshi-style Cu and Au mineralisation.
In addition, historical artisanal activity mining oxide copper above the defined resource suggests significant potential. We made a site visit in early June to visit the pit, locate historical drill core and to design a full exploration program on the licence. Samples have been collected and submitted for multi-element geochemistry plus gold. There is no record of gold being assayed in previous exploration, but Kansanshi has a significant gold by-product.
An application is in process for an Environmental Project Brief (“EPB”) which is necessary before drilling activity can commence. In the meantime Zamare will conduct an AMT geophysical program, which is permitted without the EPB. The intention is to collect AMT data across the licence from the open pit and historical JORC resource in the south up to the less explored northern portion. Kansanshi is structurally complex with overturned rocks. In some areas, copper mineralisation is hidden by inverted strata. It is therefore important to understand the subsurface geology. The AMT survey will allow for a 3D sub-surface geological model to be constructed, and when integrated with regional geology and historical data, the design of the drill program for the next dry season commencing March/April 2027.
As part of its activities, Zamare will construct and maintain an exploration camp on the licence. The local Chief has signed a consent letter for activities and staff will be employed from local communities – Zamare believes that the social licence is a vital part of activities in the areas it works.
Dongwe
As a reminder, in the 2024 2-hole drill program borehole MSZDD002 targeting the Msanza anomaly assayed upto 0.3% Cu and also 49m@1.06% TREO (“Total Rare Earth Oxides”). The highest reading of rare earths (11m 1.2% TREO) was the bottom of the hole, and it is expected that the Cu grade will increase at depth. So, it is open at depth.
For the next stage of exploration at Dongwe a 100m-spaced helicopter-borne aeromagnetic survey across the whole concession of four licences has been commissioned. To date interpretations of geophysics have relied on old BHP data flown on a 400m spacing almost 20 years ago. This data is coarse and doesn’t provide the level of granularity that is needed to identify potential drill targets.
In conjunction with this survey, Zamare has commissioned a soil geochemistry program across newly acquired licence (38335-HQ-LEL) which extends the overall licence area to the south of the Msanza anomaly mentioned above.
This is important because the Msanza anomaly, which has significantly elevated copper in soils, continues into licence 38335. Zamare’s Technical Director and Managing Director recently visited Dongwe and conducted several days of field mapping. Outcropping geological features, the same as the drill tested mineralisation from 2024 program, were identified 700m to the west of the drill site, confirming the large footprint of the Msanza mineral system.
Dongwe is Zamare’s largest licence block and its most exciting in the view of Zamare’s technical team. Msanza is only one of four targets identified by previous work and the only one drilled so far. It is hoped that the current geophysical and geochemistry work may identify more targets. On the recent site visit to the licence, Zamare’s technical team walked over one potential new target. This target displayed many of the key features of Msanza i.e. a topographic high composed of very high levels of iron and with significantly elevated copper on the outcrop (800 ppm copper was measured using a pXRF machine). Zamare believes that, equipped with a far more detailed understanding of the geology of the area, it will be well positioned to commit to a large drilling program across the licence. As with Mulenga, Zamare expects to be ready to drill Dongwe once the 2027 dry season commences.
For the next stage of exploration at Dongwe a 100m-spaced helicopter-borne aeromagnetic survey across the whole concession of four licences has been commissioned. To date interpretations of geophysics have relied on old BHP data flown on a 400m spacing almost 20 years ago. This data is coarse and doesn’t provide the level of granularity that is needed to identify potential drill targets.
In conjunction with this survey, Zamare has commissioned a soil geochemistry program across newly acquired licence (38335-HQ-LEL) which extends the overall licence area to the south of the Msanza anomaly mentioned above.
This is important because the Msanza anomaly, which has significantly elevated copper in soils, continues into licence 38335. Zamare’s Technical Director and Managing Director recently visited Dongwe and conducted several days of field mapping. Outcropping geological features, the same as the drill tested mineralisation from 2024 program, were identified 700m to the west of the drill site, confirming the large footprint of the Msanza mineral system.
Dongwe is Zamare’s largest licence block and its most exciting in the view of Zamare’s technical team. Msanza is only one of four targets identified by previous work and the only one drilled so far. It is hoped that the current geophysical and geochemistry work may identify more targets. On the recent site visit to the licence, Zamare’s technical team walked over one potential new target. This target displayed many of the key features of Msanza i.e. a topographic high composed of very high levels of iron and with significantly elevated copper on the outcrop (800 ppm copper was measured using a pXRF machine). Zamare believes that, equipped with a far more detailed understanding of the geology of the area, it will be well positioned to commit to a large drilling program across the licence. As with Mulenga, Zamare expects to be ready to drill Dongwe once the 2027 dry season commences.
Ntambu
This licence is contiguous with First Quantum’s Trident Complex which includes the Sentinel copper mine (231,000 t in 2024) and Enterprise nickel mine (32,000 tpa at full capacity) and a very large mill which processes all the mined ore. There is massive infrastructure associated with this mine (water, power, roads, mine vehicles and manpower).
Zamare’s historical work has identified a geophysical target which looks similar to that of the nearby Enterprise mine. Zamare plans to drill this target this year during the current dry season in a preliminary program of 4 boreholes at 450m depth costing circa US$500,000. Success in this first round of drilling would constitute evidence of a copper/nickel mineralised system and merit a subsequent round of definition drilling. First Quantum, which owns the mines next door, is expected to be very interested in progress.
Zamare’s historical work has identified a geophysical target which looks similar to that of the nearby Enterprise mine. Zamare plans to drill this target this year during the current dry season in a preliminary program of 4 boreholes at 450m depth costing circa US$500,000. Success in this first round of drilling would constitute evidence of a copper/nickel mineralised system and merit a subsequent round of definition drilling. First Quantum, which owns the mines next door, is expected to be very interested in progress.
New Website
We are pleased to announce Zamare has a new website at www.zamareminerals.com. Further information on all the licences can be found here with the final Mulenga licence to be added to it once the licence is fully registered in Zamare’s name which is expected imminently.
In accordance with the Companies Act 2006, the Company proposes to supply shareholder documents and information, including annual accounts and notices, by electronic communication and/or by making them available on the Company’s website. Shareholders who do not wish to receive documents in this manner should notify the Company in writing within 28 days of this notice. If no response is received within that period, shareholders will be deemed to have agreed to electronic and website communication. Paper copies may be requested at any time free of charge.
In accordance with the Companies Act 2006, the Company proposes to supply shareholder documents and information, including annual accounts and notices, by electronic communication and/or by making them available on the Company’s website. Shareholders who do not wish to receive documents in this manner should notify the Company in writing within 28 days of this notice. If no response is received within that period, shareholders will be deemed to have agreed to electronic and website communication. Paper copies may be requested at any time free of charge.
Capital Raise
Zamare has commenced a capital raise and will be inviting shareholders to participate in the near future.
