Following completion of pre-feasibility study, the company is planning to convert the Mumbwa prospecting license into a mining license in the second quarter of 2014 while the mining license is due to expire in November 2014.
The company can renew a prospecting license for a final 1-year term following the Director of the Zambian Geological Survey Department approval.
Blackthorn Resources managing director Scott Lowe said, "Security of tenure is absolutely critical for any exploration and mining company and this renewal is an important step in the process along the "Path to Production".
Located in west central Zambia, the Mumbwa project covers an area of approximately 250 sq km, and is being explored for Iron Oxide Copper Gold (IOCG) style mineralization.
An updated Mineral Resource estimate at the project is expected to be release by the company later this year to incorporate its most recent phase of drilling.
Blackthorn is focused to progress the development of the Kitumba deposit and has more than 1000km² of quality exploration ground in Central Zambia.
