UK smallcap Zambezi Resources Ltd. said recent drilling at its 100-percent owned Kangaluwi copper project confirm excellent continuity of mineralisation both down dip and along strike.

On July 31, the mining company said it will suspend all drilling operations in Zambia, except for one drill rig at its Kangaluwi copper deposit, as part of a 'strategic redirection' of its exploration activities.

It had also said it will raise A$4.1 million through a rights issue at 12.4 cents a share to provide interim funding and help development at the site, which it considers to be of 'major importance'.

Zambezi said Monday it is confident that in the near future, with a sustained strong copper price, an improved investment outlook for copper exploration in Zambia will eventuate. This will provide certainty for the significant investment required to drill out and develop the Kangaluwi project.

It added it looks forward to progressing this project as rapidly as possible. – Forbes