Aterian plc (LSE: ATN), an Africa-focused critical metals exploration, development and trading company, has announced that drone magnetic surveying and three-dimensional geophysical interpretation have defined four priority copper-silver target areas at prospecting licence PL199/2025 in Botswana's Kalahari Copper Belt. The targets span an approximately 20 km prospective corridor, with modelled depths to their tops ranging from approximately 10 m to 200 m within rocks interpreted to belong to the D'Kar Formation. The work programme is fully funded through the company's AI joint venture with Lithosquare SAS, in which Lithosquare holds a 15% interest. Investors will be watching for results from planned induced-polarisation and resistivity surveys, which are intended to refine these targets ahead of any drilling decision.

Key Points

  • Aterian plc (LSE: ATN) is an LSE-listed Africa-focused critical metals exploration and development company
  • Four priority copper-silver target areas defined across a 20 km prospective corridor at PL199/2025 in Botswana's Kalahari Copper Belt
  • Modelled depths to interpreted anticline tops range from approximately 10 m to 200 m; deeper Ngwako Pan–D'Kar contact locally modelled at approximately 350 m to 400 m
  • Follow-up IP and resistivity surveys planned before any drill targets are confirmed

Drone Magnetic Survey and 3D Modelling Identify D'Kar Formation Anticlines at PL199

The geophysical programme combined high-resolution drone magnetic data, regional gravity information and three-dimensional magnetic vector inversion modelling across eight sections. Results indicate that PL199 contains a central Ngwako Pan Formation anticline flanked by D'Kar Formation rocks to the northwest and southeast. Multiple potential local or parasitic anticlines were identified within the interpreted D'Kar Formation, grouped into four priority areas labelled Targets I to IV. The company notes that the D'Kar Formation hosts several major copper-silver deposits elsewhere in the Kalahari Copper Belt, lending geological context to the interpreted structures, though the company stresses that mineralisation at neighbouring or regional deposits is not necessarily indicative of mineralisation at PL199.

Four Priority Areas Spanning Structural Complexity From Folds to Faulted Contacts

The four targets reflect distinct structural settings across the licence. Target I is associated with the interpreted Ngwako Pan–D'Kar formational contact and structural complexity near the northern end. Target II relates to interpreted fold structures and faulted magnetic blocks in the south. Target III covers a north-western corridor containing interpreted parasitic anticlines within the D'Kar Formation, while Target IV focuses on a central south-eastern corridor associated with interpreted faults, fold targets and the margin of the principal anticline. The company cautions that all target descriptions are based on current geophysical interpretation and may change as additional geological data becomes available.

Lithosquare Joint Venture Fully Funds Next-Phase IP and Resistivity Surveys

PL199 is held through Aterian's 90%-owned Botswana subsidiary, Atlantis Metals Proprietary Limited, and forms part of the Lithosquare joint venture. Deep-penetrating induced-polarisation and resistivity surveys are planned to identify chargeable responses potentially associated with disseminated sulphide mineralisation, better define geological contacts and faults, and test interpreted fold targets at depths of approximately 100 m to 200 m. The company notes that IP-resistivity anomalies can have non-mineralised geological sources, meaning any anomalies identified will require geological interpretation and ultimately drill testing before conclusions on mineralisation can be drawn.

Kalahari Copper Belt Setting Underpins Aterian's Botswana Critical Metals Strategy

The Kalahari Copper Belt extends through Botswana and Namibia and hosts several operating mines and advanced copper-silver projects, making it one of Africa's most established copper-silver jurisdictions. Aterian holds eleven copper-silver mineral prospecting licences in the belt through Atlantis Metals, alongside three lithium and salt brine exploration licences in the Makgadikgadi Pans region. The technical disclosure in the announcement was approved by Chief Executive Officer Simon Rollason, a geology graduate of the University of the Witwatersrand with over 30 years of experience in mineral exploration and mining. Investors may be watching the forthcoming geophysical surveys as the next significant milestone for the PL199 project.