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Tantalex Resources Corporation Expands Lithium & Tin Resource Area on Manono-Kitotolo Tailings Project and Announces Start of Drilling
Toronto, Ontario – TheNewswire - July 7, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to announce
About this update from Tantalex Lithium Resources Corp
[{"type":"text","content":"Toronto, Ontario – TheNewswire - July 7, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to announce that it has entered into a binding LOI with MINOR SARL to expand it’s land package in the prolific Manono lithium, tin and tantalum hub with an earn-in option agreement to acquire the entirety of the dumps that are located on PER 13698. This increases the potential resource volume by approximately 40% and brings the total resource volume on the permit to be between 60Mt to 80Mt with an estimated grade ranging between 0,5 to 1% Li2O. A resource confirmation drilling program will begin immediately on the tailings dumps, pending mobilization of the drill crews to Manono. The Transaction The earn-in Agreement allows for TTX SAU, a wholly owned subsidiary of Tantalex in the DRC, to acquire up to a minimum of 52% of the shares in MINOCOM MINING SAS. MINOCOM MINING SAS, the title owner of PER 13698 and PR13348 is a Joint Venture between MINOR SARL (70%) and COMINIERE (30%). In the initial phase of the earn-in agreement, TTX SAU will acquire 25% of the shares in MINOCOM for a payment of 2M USD and 20,000,000 shares of Tantalex additional to the $3,000,000 USD that have previously been paid. TTX SAU also holds the firm option to buy an additional 27% of the shares in MINOCOM for either $10,000,000 USD or 20,000,000 shares to be decided by MINOR after the completion of the initial resource estimate. Once the option exercised, TTX SAU will become 52% shareholder of MINCOCOM MINING SAS with MINOR holding 18% and COMINIERE having 30%. TTX SAU will have a Right of First Refusal on any sale of the remaining 18% held by MINOR. Eric Allard, President and CEO commented: ‘’The completion of this earn-in Agreement with MINOR for shares in MINOCOM MINING SAS is a major milestone for Tantalex. With this agreement, we now have a clear path ahead to proceed with the resource definition program and exploitation of the tailings resource within the regulatory framework of the DRC Mining Cadastre.’’ 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 eve...