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TANTALEX Announces Entering into An Agreement with Respect to the Acquisition of an Exploitation Permit for the Historical Manono-Kitotolo Mine Tailings
TORONTO and MUNICH, Germany, July 16, 2018 (GLOBE NEWSWIRE) -- TANTALEX Resources Corporation (CSE:TTX) (FSE:1T0) (“TANTALEX” or the “Corporation”), is pleased
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":" TORONTO and MUNICH, Germany, July 16, 2018 (GLOBE NEWSWIRE) -- TANTALEX Resources Corporation (CSE:TTX) (FSE:1T0) (“TANTALEX” or the “Corporation”), is pleased to announce that its 90% owned subsidiary Buckell SAS (“Buckell”) has entered into an assignment agreement (the “Agreement”) to acquire Mines d’Or Resources (“Minor”) 65% participation in a joint venture entity to which will be transferred the PER 13698 (Permis Exploitation Rejets) (“PER 13698”). PER 13698 grants exclusive rights to mine the tailings of the historical Manono-Kitotolo mine for lithium, tin and tantalum. The new entity will be named Société des Tailings de Manono (“STM”) and will be owned 65% by Buckell, 30% by La Congolaise D’Exploitation Minière (“La Cominière”) and 5% by Minor. The closing of the contemplated transaction by Buckell is subject to various conditions and payments, namely, but not limited to, the successful transfer and registration of the PER 13698 in the name of the newly created entity STM with the Democratic Republic of Congo Mining Cadastre (“CAMI”). The Exploitation License The license has a surface area of 53 square kilometers and is located directly on the site of the former mining operation and world-class LCT-pegmatite of Manono-Kitotolo (MK) mine, which has been historically defined as the largest pegmatitic deposit of tin and coltan ever worked (Bassot, Mario & Levesque, 1980). The Manono Kitotolo Tailings consist of material mined and crushed to an average 3.2mm granulometry from the numerous open pit mines which were exploited from 1919 to the mid 80’s, producing 140,000-185,000 tonnes of tin and 4,500 tonnes of coltan concentrate (Zairetain 1981). Spodumene (Li ore mineral) was not recovered by the historical processing and was part of the reject material comprising the tailings. A study performed by BRGM of France in 1980 on 2 grab samples of 180 kg each taken from two quarries of the Mine confirmed spodumene concentrations of 26,7% and 31% respectively (1,7 and 2% Li2O). The authors of the study (Bassot, Mario & Levesque, 1980) conclude that the faces from where these samples originate appear to be similar in spodumene concentration to all the other faces observed along the entire pegmatite body (pits, Roches Dure, M’Pete, quarry 5, quarry 6, East Quarry, Hopital, Tempete, Kahungwe). This shows the potential for hig...