Kunene Resources (ASX:KNE) has commenced drilling at Okanihova...

Kunene Resources (ASX:KNE) has commenced drilling at Okanihova copper target within its Kaoko Project in Namibia.

In March, First Quantum Minerals (TSE:FM) signed on to earn an interest in the project.

First Quantum is committed to minimum expenditure of US$2 million by July 2015 with an option to spend further US$5 million for 51% by June 2017.

First Quantum can also sole fund through to decision to mine for 80%, with decision to mine to be based on a minimum inferred resource size of 2 million tonnes contained copper.

The initial program will test induced polarisation anomalies which correlate well with magnetism and copper-in-soil result.

Around 12 kilometres of strike along the Okanihova lineament expressed by the remnant magnetic anomaly remains to be tested.

Earlier this month, Kunene secured the 576 square kilometre Alcoutim project in Portugal, which is prospective for copper, gold, and zinc.

Kunene concurrently entered into Joint Venture agreement with private funding partner to fund exploration on Alcoutim.

The partner is committed to meet first year exploration commitment with a right to fund €1.2 million for 51% of the project, and a further €1.2 million for a total of 80%.

The Iberian Pyrite Belt, where the project is located, is one of the largest Volcanogenic Massive Sulphide provinces in the world with over 250 copper deposits.

Capitalised at just $1.5 million, with 39 million shares and $850,000 cash, Kunene is leveraged to strong exploration assays.