ASX listed base metals producer Symbol Mining has nearly doubled its exploration holdings in Nigeria after it was granted 6 additional exploration licences covering 472 square kilometres surrounding the flagship Macy lead/zinc mine this week.

The company has also applied for a further two exploration licences covering geology along strike from the Zurak zinc deposit, located about 50km southwest of the Macy project area.

Symbol said that it expects the applications around Zurak to be granted within a month.

The newly granted tenements and tenement applications cover very prospective geology in the under-explored, base metal-rich Benue Trough and with the company’s first-mover advantage, it is now the largest landholder for these commodities in Nigeria.

According to the company, the new acquisitions and applications cover significant areas of artisanal workings, some of which were up until recently producing high grade, direct shipping lead/zinc ores from near surface.

Symbol has also amended and extended its Imperial JV agreement with partner Goidel Resources where it controls 60%, with Goidel holding the balance.

The companies have agreed to amend the agreement by introducing a 50km inclusion zone surrounding the existing three exploration licences, adjacent to the Macy deposit.

In future, if either party holds, acquires or wishes to acquire tenements within this zone, then the Imperial JV will have the right to acquire those tenements at cost.

Symbol has also agreed with Goidel to extend the option to acquire an existing exploration licence along strike from the Macy deposit, subject to the company completing at least 4,000 metres of drilling before the end of 2019.

That option can also be extended by the company for a further 12 months, if required.

Symbol CEO Tim Wither said: “The agreement with Goidel and the granting of six new tenements from the Nigerian Government effectively doubles the Imperial JV’s landholding in the highly prospective Benue Trough.”

“The granting of the additional licenses is in line with our strategy of expanding our pipeline of quality and highly prospective exploration projects, potentially adding to our success at the Macy project.

“These additional licenses represent a rare opportunity to secure a growing land position in underexplored region, where we have significant expertise”.

The company now plans to complete an initial geological review including field reconnaissance, rock chip sampling and geochemical sampling in areas of interest, with the aim of prioritising future exploration targets.

Symbol will also undertake ground geophysical surveys, that will include high-resolution induced polarisation or “IP” surveys over the entire Macy mining licence in the March quarter of 2019.

According to company management, open pit operations at Macy are progressing well, with commissioning of the wet plant for ore beneficiation at the mine expected shortly.

Source; https://www.miningng.com/symbol-doubles-exploration-holdings-in-nigeria/

Hi frnz.
Welcome to 2019 with this cozzy app

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Very good

The only mining I know is d legendary ever lucrative
skull mining

Isoright

Yet the lootocrats say the Nigerian economic climate isn't conducive for investors.

See them doubling down on their investments.

Ndiara PDP

But we really ain't seeing the impact of this on d economy. Seems what these foreign coys only do is get licenses to tie down these solid minerals rich plots

oilPUSSY:
This is the only symbol of mining I know. The skull is on our oduduwa flag.
Every other mining is fake.

Which kind mumu flag be this.

Contact for enquiry

Nigeria still suffering from Oil bondages







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OK

Hmmmm.....foreign investment..... good?..... FG signing away huge parts of our lands to a foreign entity.... not knowing the potential value of the land.... with no consideration for the people living or earning a living within the area.... with no consideration how mining can affect those living in the region and beyond....no compensation agreements for residents of in any way affected by mining activities.... no provision for the company to develop communities and infrastructure. What exactly are the terms of the contract?...how much are they paying to exploit our land?....but yet...ma y will say this is no doubt...a welcomed development.

Officialpdpnig:
Yet the lootocrats say the Nigerian economic climate isn't conducive for investors.

See them doubling down on their investments.

Ndiara PDP

You are a fool. Even at the height of the Congo war, mining was going on. What do you know ?

Originalsly:
Hmmmm.....foreign investment..... good?..... FG signing away huge parts of our lands to a foreign entity.... not knowing the potential value of the land.... with no consideration for the people living or earning a living within the area.... with no consideration how mining can affect those living in the region and beyond....no compensation agreements for residents of in any way affected by mining activities.... no provision for the company to develop communities and infrastructure. What exactly are the terms of the contract?...how much are they paying to exploit our land?....but yet...ma y will say this is no doubt...a welcomed development.

We have a big problem. We just want the money so we can buy all the consumables. We hate the process by which the money is made, the path that leads to wealth creation for people.

Originalsly:
Hmmmm.....foreign investment..... good?..... FG signing away huge parts of our lands to a foreign entity.... not knowing the potential value of the land.... with no consideration for the people living or earning a living within the area.... with no consideration how mining can affect those living in the region and beyond....no compensation agreements for residents of in any way affected by mining activities.... no provision for the company to develop communities and infrastructure. What exactly are the terms of the contract?...how much are they paying to exploit our land?....but yet...ma y will say this is no doubt...a welcomed development.

Kai! nawa for you o. I don't mean to insult you, but you very ignorant about symbol mining's activities in Nigeria and how mining is done generally. Permit me to educate you a bit. First, i work for a company that consults for symbol mining directly. Symbol mining is an Australian company with proven track records. they are not Nigerians or Chinese that steal our resources, export it, never declare their earnings and don't pay tax. symbol mining declares all it mines from the all their sites and their operations are open and very transparent. You raised some important questions in your post, i will like to tell you that the host communities where they are located have been adequately covered, the youths have jobs, the communities get royalties every year, several infrastructure and social amenities are already in place in all their host communities. several Nigerian graduates now work with symbol mining, infact my female colleague was given a job just because they have a policy of supporting women in mining round the world. Lastly, all compensations have been paid and only the mining area is leased to them for mining not the entire exploration area. Also the environmental impact assessment has been done and is being followed carefully. Please lets celebrate companies like these not bad mouth them. I'm proud and happy to have them in Nigeria and to work with them

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davidque007:



Kai! nawa for you o. I don't mean to insult you, but you very ignorant about symbol mining's activities in Nigeria and how mining is done generally.


Symbol mining is an Australian company with proven track records.

...they are not Nigerians or Chinese that steal our resources, export it, never declare their earnings and don't pay tax.

Thanks for letting us know about Symbol. Is this how mining is done in general?...or as done by the Chinese and Nigerians as you stated? The information you provided is what we need to know if it is beneficial to the country. Being an insider...any idea about the percentage Nigeria would receive as royalty?