About Company
Rakita is a Serbian company, currently carrying out exploration activities in the Timok district of Eastern Serbia, near the town of Bor, and holds the exploration license for the Timok Project. Rakita is owned and operated through a joint venture between Nevsun Resources Ltd. and Freeport-McMoran Exploration Corporation. Nevsun is a mid-tier Canadian mining company.
The Main Focus
The main focus of activity for Rakita is the Timok Project, situated within the Brestovac-Metovnica Exploration license. The Čukaru Peki mineral deposit has been subdivided into two zones, the ‘Upper Zone’ and ‘Lower Zone’. Nevsun Resources holds a 100% interest in the Upper Zone, and is the operator. Following completion of a feasibility study on the Upper Zone, Nevsun will hold a 46% interest in the Lower Zone and Freeport will hold a 54% interest in the Lower Zone.
Project Location
The Project is located approximately 6 km south of the town of Bor, which is a regional administrative and mining centre approximately 245 km southeast of Belgrade, Serbia. The Project site is favourably located for mining infrastructure (road, rail, power, water) and close to the recently upgraded copper smelter complex in Bor.
Pre-feasibility study
Rakita is currently undertaking a pre-feasibility study on the Upper Zone, with the objective of evaluating this high-grade deposit for mining and processing of copper and gold ore. In parallel, exploration of the lower grade, but higher tonnage, Lower Zone mineralized zone is continuing.
Type of Project
The current studies are indicating the potential for an underground mine on the Upper Zone to a depth of 450 m to 850 m below ground surface.
Access to the Upper Zone will be through an inclined tunnel or ‘decline’, which will initially serve as an exploration decline for the purpose of confirming the viability of the Upper Zone. The decline would most likely be comprised of two parallel tunnels. The first tunnel would ultimately be used for access, and the second one for ventilation. Each tunnel is currently designed to be approximately 5 m wide and 5 m high, but this remains a work in progress.
