Serval Resources (AIM:SRVL) has completed a geological mapping programme across its EPL 7081 licence in Namibia's Kaoko Basin, confirming historically known copper occurrences and discovering previously unmapped mineralisation.
The AIM-listed company, which is building itself into an independent copper and future metals developer, said the new discoveries sit along strike from known prospects, often more than a kilometre away, pointing to greater potential deposit size.
Portable X-ray fluorescence testing on surface grab samples indicated copper grades of between 10% and 50%, though the company cautioned these readings are only a guide to mineralisation and not representative of a future resource grade.
High-grade samples have been sent to ALS Laboratories for geochemical analysis, with results expected in October.
The mapping campaign covered roughly 80 kilometres of traverses, 2,063 geological recordings and 114 grab samples, of which 68 were selected for laboratory analysis.
Serval said the bulk of any mineable resource is expected to sit in disseminated, reduced siltstone units, similar to the nearby Okohongo deposit, whose mineralised horizon extends into Serval's adjacent EPL 7079 licence.
"This region is shaping up to be one of Africa's most exciting new copper frontiers", chief executive Robin Birchall said, adding that focus now shifts to delineating the mineralised systems ahead of drilling.
The company remains on track for a maiden drilling programme in the fourth quarter, aimed at understanding mineralisation along strike of historically drilled prospects.
A step into maiden mineral resource estimation is targeted for 2027, subject to additional funding.
News Intelligence what this means for the company
Serval has mapped ~80 km across its Namibia EPL 7081 licence and found new copper mineralisation along strike from known prospects, with portable XRF grab samples showing 10–50% copper grades. The company remains on track for maiden drilling in Q4 2026 and targets mineral resource estimation in 2027, subject to funding—a step forward in delineating the deposit but still at early-stage surface work with no resource defined.
The discovery of previously unmapped zones along strike suggests larger deposit potential than historical records alone, but surface grab samples are not representative of mineable grades. Execution risk remains high: drilling results in Q4 will be the first test of whether the mapped mineralisation translates to economic tonnage, and any resource estimate depends on securing additional funding.
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