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CGrowth Capital Inc. Nears Key Milestone in Lithium Mining Expansion
CGrowth Capital Inc. Nears Key Milestone in Lithium Mining Expansion.
About this update from Cgrowth Capital, Inc.
[{"type":"text","content":"\n NEW YORK, NY, Sept. 26, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – CGrowth Capital Inc. (OTC: CGRA) is a public holding company for alternative and undervalued assets. The company is sector and industry agnostic and currently consists of two divisions including Mining and Sports Technology. The company is focused on investing in growth-oriented opportunities where the company’s capital, expertise, and capabilities can help create significant added value for shareholders. CGrowth Capital, Inc. is pleased to offer an update to its shareholders on a significant operational development as the company has now completed the consolidation of its mining licenses as it transitions towards preparing for mining operations. Having previously purchased rights to 17 prospecting licenses and 37 primary licenses through negotiations with 54 individual mining owners over an expansive 435 square kilometer area, the company has now officially merged these licenses into one comprehensive mining license and site to be called the Nkole-Hombolo Lithium project. The company anticipates receiving the new consolidated license from the Ministry for Energy and Minerals of Tanzania in the next 30 days and could be as soon as the end of September.  Following the release of CGrowth Capital's initial high-level report earlier this year, which highlighted the presence of significant high-grade lithium deposits, the company is pleased to announce the nearing completion of a more in-depth report on the analysis of the lithium tenements. This forthcoming report will elaborate on the lithium mineralization potential within the newly consolidated license area. Stakeholders can anticipate a deeper dive into the substantial lithium resources, offering an in-depth understanding of the considerable lithium resources and the notable opportunities they present. These findings, which have exceeded expectations, align with discoveries in neighboring mines situated in the same lithium-rich geological region. The full report is anticipated for release in the next number of weeks once the company’s new single consolidated license has been issued by the Tanzania mining authorities. As the global thrust towards energy transition accelerates, demand for lithium is projected to soar from $525.8 million in 2021 to an estimated $1.4 billion by 2026, markin...