Unicorn Mineral Resources plc has agreed the main terms of a one-year £1.25 million unsecured loan facility with its chairman, Paddy Doherty.
NAMIBIA
The Dublin-based company will use the loan to buy the Klein Aub copper mine, along with 5.6 million tonnes of slimes and tailings, in the Kalahari Copper Belt, central Namibia.
Completion of the transaction is subject to final documentation, purchase of Klein Aub and regulatory approvals, all of which the company expects this month.
The funds will also help meet costs for the transaction, working capital and operations at Unicorn’s projects in Namibia and Ireland.
The loan carries an annual 10% interest and an 3% establishment fee equal to £37,500.
IRELAND
Unicorn also recently published 3D modelling results from the 2025 gravity survey at its Kilmallock zinc-lead-copper-silver project.
Returns showed five “pronounced anomalies” as “discrete features that lie in areas with prospective geologyand structure and controlled by the significant northwest – southeast faults”.
The project comprises three prospecting licences within the Limerick Basin, Ireland.
B.R.G. (Geotechnics) Ltd will this month carry out a 340 station gravity survey across the Kilmallock block to acquire more detailed data.
Unicorn additionally holds the Lisheen project, containing two contiguous prospecting licences of PL4056 in County Tipperary and PL754 in County Laois
The block lies along the Rathdowney mineralising trend and adjacent to the Lisheen and Galmoy zinc-lead deposits.
The company states that there is “significant opportunity to explore for additional deposits in the 5 – 10Mt range”.
“The imminent reopening by Shanoon Resources of the nearby Galmoy mine means that there is potential to develop a mining centre being fed by numerous smaller deposits,” adds Unicorn.