Project Karoo-12
This is an invented example. It is not a real project and not an offer.
Summary
An invented example of a zinc-lead deposit with a historical estimate. A major company's exploration arm drilled the deposit in the 1970s and estimated 14.2 million tonnes at 6.1% zinc and 1.9% lead. That estimate predates modern reporting codes, so it is shown as historical, not as a current resource.
The current owner recovered the old core and drilled eight twin holes, which broadly confirm the historical grades. A partner could fund the drilling, testwork and studies needed for a first code-compliant resource and a preliminary economic assessment. This listing is illustrative and does not describe a real project.
- Historical estimate of 14.2 Mt at 6.1% zinc and 1.9% lead (1978, not code-compliant)
- Eight 2024–25 twin holes broadly reproduce the historical grades
- About 60% of the historical core recovered; 1,150 m re-assayed
- Rail line about 40 km away; grid power about 30 km
History. Discovered in 1974 by the exploration arm of a major mining company, which drilled 61 diamond holes and published a historical estimate in 1978. Low zinc prices and a remote location stopped the work, and the ground lapsed in the 1990s. The current owner was granted a prospecting right in 2023, recovered about 60% of the stored core from a government core library, and drilled eight twin and verification holes in 2024–25.
Stage classification
Stage 3: Maiden resource, based on a historical estimate
In short: A drilled deposit with an estimate of tonnes and grade, but the estimate is from 1978 and predates modern reporting codes. Karoo-12 sits at the start of stage 3, not the middle.
What puts it at this stage
- A defined deposit: 69 diamond holes and 27,900 m of drilling across two lenses
- An estimate of tonnes and grade: 14.2 Mt at 6.1% zinc and 1.9% lead (1978, historical)
- Recent checks support it: eight 2024–25 twin holes reproduced historical zinc grades within about 10%, and 1,150 m of old core was re-assayed at an accredited laboratory
What keeps it from stage 4
- No current resource under a recognised code: the 1978 figure cannot be treated as a resource
- 89% of the drilling is historical, with no surviving quality-control records
- No PEA yet, and the only metallurgy is from 1980 bench-scale tests
What would move it up
- A first SAMREC resource, then a preliminary economic assessment. This is what the deal funds: about $6.5M over about 30 months, ending at the PEA (stage 3 to 4)
What could move it back
- If re-assaying or new drilling does not confirm the historical grades, the estimate loses its value and the project would be valued more like a discovery-stage target
Read about stage 3 or see the full stage guide.
- Stage 1: GrassrootsMapping and surface sampling, up to the first drill holes.Prospectors, junior explorers
- Stage 2: Discovery drillingDrilling has intersected mineralization; no resource estimate yet.Junior explorers
- Stage 3: Maiden resourceFrom the first resource estimate up to a published PEA.Few natural funders (the gap)Platform focus
- Stage 4: Resource upgradeFrom the PEA to the PFS: infill drilling upgrades Inferred to Indicated.Few natural funders (the gap)
- Stage 5: Pre-developmentFrom the PFS to the build decision: Measured drilling, the feasibility study, permits and financing.Mid-tier miners, strategic partners
- Stage 6: Development and productionFrom the build decision through construction and ramp-up to an operating mine.Majors, banks, streaming and royalty companies
Location and access
Northern Cape, South Africa · Tarred national road 25 km from the licence
The shaded circle is deliberately imprecise. Exact locations and licence numbers are not published.
- Tarred national road 25 km from the licence; gravel farm roads to the drill sites
- Rail line about 40 km away, linking to a west-coast export port
- Grid power line about 30 km away; strong solar resource
- Nearest town with services about 60 km by road
The full listing is for registered investors
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- Screening: ownership, title and encumbrances
- Geology, drilling and resources
- Engineering, studies and reserves
- Permitting
- Deal terms and use of funds
- Verification
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