National Resources Limited (NRL), a Pakistani joint venture backed by Fatima Fertilizer, Liberty Mills, and Lucky Cement, has confirmed a significant copper-gold mineralization discovery in District Chagai, Balochistan. The announcement was made by Muhammad Ali Tabba, Chairman of NRL and CEO of Lucky Cement, during his address at the Pakistan Minerals Investment Forum 2025.
According to a regulatory filing by Fatima Fertilizer with the Pakistan Stock Exchange (PSX), NRL holds a 33.33% stake in the joint venture and was granted the exploration lease in October 2023. The licensed area contains two known porphyry prospects with strong exploration potential. Since then, NRL has identified 18 additional prospects in the area.
Among them, the “Tang Kaur” prospect has progressed rapidly, with NRL completing 13 diamond drill holes spanning 3,517 meters. The first six drill holes (1,500 meters) confirmed porphyry-style alteration and sulfide mineralization, intersecting near-surface mineralized zones ranging from 48 to 148 meters. These results were calculated using a 0.2% copper cut-off grade and allow for up to 10 meters of internal dilution.
The intercepts revealed average grades of 0.23% to 0.48% copper, 0.09 to 0.14 grams per tonne (g/t) of gold, and 1.30 to 6.21 g/t of silver — translating into a copper equivalent (CuEq) range of 0.28% to 0.56%. Notably, the mineralized system remains open to the north, east, and at depth.
Advanced drilling at Tang Kaur is scheduled for May 2025, with the objective of preparing an NI 43-101 Technical Report by year-end. The report will be compiled by internationally recognized consultants who are already overseeing the project. This will mark the transition to a more detailed 3–4 year exploration phase leading to feasibility studies.
In parallel, NRL has acquired a lead-zinc exploration license adjacent to a well-known deposit, where a Bankable Feasibility Study has already been conducted. The company is also evaluating the viability of establishing a comprehensive metal value chain to support downstream mineral processing within Pakistan.
NRL said it considers Indigenous populations as key stakeholders and reported that more than 90% of its workforce is drawn from local communities. It is actively investing in social development initiatives related to clean water, healthcare, education, and employment. The company has also emphasized its commitment to sustainability and is promoting industry-academia collaboration to support human capital development in the minerals sector.
In terms of expansion, NRL is working closely with the Government of Balochistan and the Special Investment Facilitation Council (SIFC) to secure two additional copper-gold exploration licenses in Chagai. These efforts are backed by a dedicated $100 million exploration fund, with plans to onboard additional national and international investors as the project matures.
The company has also signed a memorandum of understanding (MoU) with the Oil and Gas Development Company (OGDC), listed on the Pakistan Stock Exchange, to jointly explore newly acquired leases.
Fatima Fertilizer, in its PSX disclosure, called the development a positive step in diversifying its business portfolio. However, the company emphasized that the discovery and related activities remain at a preliminary stage. Further geological, technical, and economic studies are required before assessing commercial viability. Fatima Fertilizer assured investors that it will continue to provide updates as the project progresses.
NRL extended its gratitude to the Government of Balochistan and SIFC for their continued support, stating that with the right policy and regulatory environment, more domestic companies could enter Pakistan’s mining sector — unlocking long-term growth and contributing to economic development in Balochistan and beyond.
