Toronto, Ontario, February 22, 2022 – Tantalex Resources Corporation (CSE: TTX; FSE: 1T0) (“Tantalex” or the “Corporation”), is pleased to provide an update on its development and exploration activities in Manono, Democratic Republic of Congo.
For calendar year 2022, Tantalex expects to generate a steady stream of news from its near-term production assets and greenfield exploration concessions, namely:
1. MANONO LITHIUM & TIN TAILINGS PROJECT
Further to our initial assay results received recently from PER 13698, work in Q1 and Q2 will focus on the additional preparation and assaying of samples from the 9,279m of aircore drilling completed late in 2021 and on collecting bulk samples (approximately 9 tonnes from 3 dumps) for metallurgical testwork. Tantalex has developed a process flowsheet to separate the Li (spodumene) from the tin and tantalum without the use of a dense media separation (DMS) circuit. Coremet Mineral Processing will perform the proofof-concept metallurgical testwork at their facilities in South Africa on the proposed process flowsheet developed by Tantalex.
Specialist Consultants MSA Group has been appointed to complete a 43-101 Mineral Resource Estimate (MRE) based on the aircore drilling. The MRE and the results of the metallurgical testwork are expected in Q2 after which a Preliminary Economic Assessment will be immediately undertaken to determine the projects optimal mining and processing scenario. With the exploitation permit already in place, construction and mining could commence quickly thereafter.
2. LUBULE TIN & TANTALUM ALLUVIAL PROJECT
Tantalex owns a 70% stake in the mining concessions PR12447 & 12448 with state company Cominiere SA owning the remaining 30%.
Exploration work in 2020/21 has indicated that the 9km long Lubule River catchment area within PR12447 has potential to support a semi-industrial alluvial Sn-Ta mine. During Q1 of this year a PEPM (a small mine exploitation permit) application covering over 3,700 Ha of known mineralised G2 gravels will be lodged. A 750m program of shallow PQ3 diamond core drilling is planned for Q1 to further define the grade, thickness, and spatial continuity of the mineralised G2 gravels along the 1,000 metres of prospective paleo channel defined by earlier geophysical work in 2021.
Initial exploration and development work performed indicate that this area could host a 130tph gravity plant to process both tin and tantalum concentrate.
3. SOUTHWEST LITHIUM PEGMATITE CORRIDOR EXPLORATION
A distinct 5km wide “pegmatite corridor” defined in the regional aeromagnetics survey extends for over 100km from Manono in the northeast to Mwanza in the southwest. Numerous lithium bearing pegmatites have been identified along this distinct trend. The largest being AVZ’s Roche Dure deposit in Manono with a resource of 400Mt @ 1.65% Li2O 715ppm Sn and 34ppm Ta. There are also numerous less continuous subparallel trends within a broad 15km wide zone. TTX controls 25km of this trend within the two permits. Previous diamond drilling by TTX in the northeast of PR12448 identified over 99m accumulated thickness of Li bearing pegmatite veins. During the remainder of Q1 all of the previous work on PR12448 will be reviewed. During Q2 a magnetic drone survey at 50m line spacing is planned to provide high resolution magnetic data to inform geologic modelling and drive exploration targeting to identify areas for follow-up pitting, trenching and shallow RC drilling. Initial work will focus in the northeast of PR12448 over the area of previous diamond drilling. Other known high priority targets on PR12447 include the Kakodi pegmatite and the primary pegmatite mineralisation identified below the alluvial gravels. Deeper diamond drilling to follow up on the shallow drilling is planned for the dry season in Q3.
4. PUNGWE NORTHERN ZONE EXPLORATION
PR13348 directly north of the Pegmatite Corridor. It was acquired as part of TTX’s joint venture agreement Minocom SAS. Initial reconnaissance work has identified some pegmatites bodies in previously excavated trenches. These trenches will be reopened, mapped and sampled to determine the potential to host primary lithium mineralisation. Large parts of the permit are covered by laterite which has the potential to host Sn-Ta mineralisation. During Q2 a full suite of open-source remote sensing data will be acquired and processed to identify potential areas of Li-Sn-Ta mineralisation within the laterite and under shallow cover. The raw unprocessed 400m line spaced aeromagnetic data flow in 2017 as part of the PROMINE project between the DRC and the World Bank will be acquired and reprocessed and interpreted along with the remote sensing data to develop target areas for follow up with a magnetic drone survey at 100m line spacing to provide high resolution magnetic data to inform geologic modelling and drive exploration targeting to identify areas for follow-up pitting, trenching and shallow RC drilling. Follow up trenching pitting and shallow RC drilling of geochemical and geophysical anomalies will commence in Q3.
FEASIBILITY STUDY – TANTALUM REFINERY
Tantalex is still currently in ongoing discussions with Ximei Resources Holding Ltd. (“Ximei”) to enter into a definitive agreement that will replace and supersede the memorandum of understanding (the “MOU”) previously announced on February 18, 2021. Completion of such negotiation shall be subject to XIMEI’s formal confirmation and public announcement.
Tantalex exploration and field work on our concessions is an important step in advancing the basic resource parameters of volume, grade and quality that will feed into the process engineering and flowsheet of the feasibility study. It is anticipated that the feasibility study will commence in the second half of the year. In the near term, operations will be mainly focused on establishing semi-industrial production of tantalum and tin concentrate which will be an important generator of revenue for the Corporation
The scientific and technical content of this news release has been reviewed and approved by Mr. Gary Pearse MSc, P. Eng, who is a “Qualified Person” as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”).
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although TANTALEX believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, TANTALEX disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
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