Business
TANTALEX Resources Announces Successful Closing of Its Acquisition of an Exploitation Permit for the Historical Manono-Kitotolo Mine Tailings
TORONTO and MUNICH, Germany, Aug. 23, 2018 (GLOBE NEWSWIRE) -- TANTALEX Resources Corporation (CSE: TTX – FSE: 1T0) (“TANTALEX” or the “Corporation”), is please
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":" TORONTO and MUNICH, Germany, Aug. 23, 2018 (GLOBE NEWSWIRE) -- TANTALEX Resources Corporation (CSE: TTX – FSE: 1T0) (“TANTALEX” or the “Corporation”), is pleased to announce that the contemplated transaction, previously announced in its press release dated July 16, 2018, regarding the assignment to its wholly owned Congolese subsidiary Buckell SAS, of a 65% participation in a joint venture entity named Société des Tailings de Manono (“STM”), that itself now owns the PER 13698 (Permis Exploitation Rejets) (“PER 13698”), was successfully completed. The PER 13698 was duly transferred to the name of STM with the Democratic Republic of Congo Mining Cadastre (“CAMI”), such transfer with the CAMI was a condition precedent to the payment by Buckell of a total amount of $US3,000,000 to Mines d’Or Resources (“Minor”) in exchange for the assignment of its participation in STM, US$500,000 having already been paid by Buckell. 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 LCT-pegmatite of Manono-Kitotolo (MK) mine. The Manono Kitotolo Tailings consist of material taken 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) was not recovered and went into the dumps with other tailings. A study performed by BRGM of France in 1980 on grab samples taken from two quarries of the Mine confirmed spodumene concentrations of 26,7% and 31% respectively (1,7 and 2% Li2O), being understood that such grab samples are selected samples and are not necessarily representative of the mineralization hosted in the dumps or the property. The authors of the study (Bassot, Mario & Levesque, 1980) conclude that considering that the facies from where these samples originate do not appear to be richer in spodumene than all the other facies observed along the entire pegmatite body (pits, Roches Dure, M’Pete, quarry 5, quarry 6, East Quarry, Hopital, Tempete, Kahungwe), they can only be convinced of the enormous stock of spodumene present within the Manono pegmatite. There are 12 tailings dumps spread throughout the 15km strike along the various quarries that have been exploited. In addition to the tailings dumps, various tail...