African minerals explorer Force Commodities (ASX:4CE) is on the precipice of executing a joint venture agreement with Galena Mining to acquire 51% operating rights to a highly-prospective Malawi-based silver, lead and zinc project.
A share sale agreement remains the only hurdle left for Force after it announced it had successfully completed technical and legal due diligence on the project.
The ASX-listed junior has said its due diligence affirms the good standing of three exploration licenses and one mining license which is currently under application.
Its Malawian legal counsel has also conveyed that Force’s proposed exploration and development activities comply with all local mining and environmental law.
Commenting on the completion of due diligence, Force Commodities Managing Director, Jason Brewer said: “It is exceptionally pleasing to successfully complete the due diligence process which significantly de-risks the acquisition process for the Company and allows Force to focus on the development prospects available within Malawi.
“The Project offers a compelling base and precious metals opportunity and the ability to reward shareholders through a near-term development pathway.”
The Malawian base and precious metals project is located in a historically mined area approximately 45km from the capital city of Lilongwe.
The site is littered with artisanal workings, targeting galena mineralisation, which a naturally occurring lead sulphide.
While historic exploration has also targeted graphite, Force will continue to focus on the base and precious metals which has remained under-explored until last year, when joint venture target Galena Mining completed detailed exploration.
Galena Mining’s activities included geological mapping, reconnaissance work and sampling.
Force will look to further isolate the source of the base metals sulphides with additional modern exploration activities.
The company has said it is now developing phase-one of a two-part exploration campaign, with further details to be announced.