Achieved 97.6% Recoveries for Oxide and 92.9% for Fresh Mineralization Samples at Flagship Mankouke South Target
Toronto, Ontario–(Newsfile Corp. – October 25, 2021) –( ) (FSE: 2OJ) (OTC Pink: RCGCF) (“Roscan” or the “Company”) is pleased to announce results from the metallurgical test work program completed on samples from gold prospects at Mankouke South (MS1), Mankouke Center- Kandiole (KN1) and the Kabaya (KB1- KB2) within the Company’s land package called Kandiole Projects located in west Mali, Africa.
- All of the samples representing the deposits (Mankouke South MS1 and Center, Kandiole KN1 and Kabaya KB1-KB2) tested in this program exhibit non-refractory metallurgical features, indicating that a simple, industry-standard cyanide leach process provides excellent gold and silver extraction.
- Total gold recoveries by gravity, plus 48 hours of CIL on all prospects, have averaged 97% for oxide (saprolite) samples, 89% for a transition sample and 90% for fresh mineralization samples.
- Flagship Mankouke South achieved 97.6% in the oxide and 92.9% in fresh rock.
- Both Oxide and Fresh mineralization are amenable to gravity concentration to recover free gold within the milling circuit.
- The gravity recovery average from all samples and CIL tests is 23%.
- The coarse ore leach tests in two Kabaya saprolite samples, to examine heap leach amenability, provided an average of 79% recovery of gold and 93 % silver after 8 days.
- One sample reached 88.4% gold recovery after 72 hours.
Nana Sangmuah, President and CEO, stated, “This is a major de-risking milestone for the Kandiole project confirming simple processing flow sheet with Oxide recoveries 97% including average gravity recoveries of 23% and up to 58% in certain deposits. We are also encouraged by the potential for silver by-product credits at our relatively lower grade Kabaya deposit which should further bolster project economics.”
Table 1: CIL and Gravity Test Recovery Summary
To view an enhanced version of Table 1, please visit:
Table 2: Bond Work Index
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All results from the gravity plus carbon in leach tests were positive, indicating that:
- The program included testing of gravity separation, grindability and grind size variability, agitated leach kinetics, Carbon in Leach (CIL) and for two of the composites, Heap Leaching amenability determinations. Results from this metallurgical test work provide significant progress in the Resources estimation process.
- A simple gold processing flowsheet for these deposits (Mankouke South MS1 and Center – Kandiole KN1 – Kabaya KB1- KB2) is applicable and will be considered in the maiden Mineral Resource estimation.
- The CIL results for the oxide zone, which carries a large proportion of the mineralization (70-80%) at Mankouke South MS1 and Center – Kandiole KN1 – Kabaya KB1- KB2, are particularly favorable with 97% total gold recovery.
- From different metallurgical tests, in Mankouke South, the most important portion of the overall mineralization, the gravity recovery reached 27% in saprolite and 25% in transition-fresh rock.
- In Kandiole, the gravity extraction varies from 48 % to 58%, and in Kabaya the average is 23.3%.
- Silver content of the Kabaya samples reaches 8.6 g/t with an average of 3.6 g/t and recovery in the gravity plus leach tests is above 95% for the saprolite.
- After further analysis of more Kabaya samples, the assays could demonstrate that Silver is a potential economic by-product.
- Encouraging leach kinetics indicate excellent gold extraction within 24 hours and averages only 0.5% below the extraction obtained in the maximum time of 48 hours.
- Bond Ball Mill Grindability of 3.3-6.2 kWh/t (saprolite) – 10.4-21.5 kWh/t (transition-fresh rock) is comparable to other gold operations in the region.
- Overall, the cyanide and lime consumptions indicated in this preliminary testing seem typical for these types of deposits.
In total, 12 composite samples of 20 to 40 kg have been sent for the metallurgical test work: 2 saprolite (oxide), 1 transition and 2 fresh rock samples from Mankouke, 1 saprolite (oxide) sample from Mankouke Centre, 1 saprolite (oxide) sample from Kandiole and 4 saprolite (oxide) and 1 fresh rock sample from Kabaya. Each composite comprised 1/3 of low-grade (0.3-1 g/t), 1/3 of medium-grade (1-3 g/t) and 1/3 high-grade (> 3g/t) drill sample intervals (all g/t values stated are for gold only).
For Mankouke South, the fresh rock has been separated between sedimentary and felsic intrusive rocks. Most of the composite samples have been prepared from ¼ of NQ diamond drill core, one composite was RC samples only and three have been prepared with a mix of core and RC samples. All individual samples which comprise the composites are well distributed spatially in the mineralization.
The test work was undertaken by Base Metallurgical Laboratories, Vancouver, Canada 200-970 McMaster Way, Kamloops, BC, Canada, V2C 6K2. The samples have been selected by Pascal van Osta, Roscan’s VP Exploration.
Qualified Person (QP) and NI43-101 Disclosure
Greg Isenor, P. Geo., Director for the Company, is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same.
is a Canadian gold exploration company focused on the exploration and acquisition of gold properties in West Africa. The Company has assembled a significant land position of 100%-owned permits in an area of producing gold mines (including B2 Gold’s Fekola Mine which lies in a contiguous property to the west of Kandiole), and major gold deposits, located both north and south of its Kandiole Project in West Mali.
For further information, please contact:
Nana Sangmuah, President & CEO
Tel: (902) 832-5555
Email: [email protected]
Forward Looking Statements
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/100649
Tanzanian Gold to Attend the John Tumazos Very Independent Research LLC December 2021 Virtual Conference
TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) — Tanzanian Gold Corporation (TSX:TNX) (NYSE American:TRX) (TanGold or the Company) announces that management will…
TORONTO, Dec. 03, 2021 (GLOBE NEWSWIRE) —( ) (NYSE American:TRX) (TanGold or the Company) announces that management will present in the John Tumazos Very Independent Research LLC December 2021 Virtual Conference.
Stephen Mullowney, TanGold Chief Executive Officer, together with Andrew Cheatle (COO) and Michael Leonard (CFO) will participate in a virtual presentation and discussion with John Tumazos on Tuesday, December 7th from 1:30 pm to 2:30 pm EST.
The webcast may be accessed through the Company’s website under the Investors/Events and Investors/Presentations pages.
A replay of the presentation will be available following the live webcast using the same link.
along with its joint venture partner, STAMICO is building a significant gold project at Buckreef in Tanzania that is based on an expanded Mineral Resource base and the treatment of its mineable Mineral Reserves in two standalone plants. Measured Mineral Resource now stands at 19.98MT at 1.99g/t gold containing 1,281,161 ounces of gold and Indicated Mineral Resource now stand at 15.89MT at 1.48g/t gold containing 755,119 ounces of gold for a combined tonnage of 35.88MT at 1.77g/t gold containing 2,036,280 ounces of gold. The Buckreef Project also contains an Inferred Mineral Resource of 17.8MT at 1.11g/t gold for contained gold of 635,540 ounces of gold. The Company is actively investigating and assessing multiple exploration targets on its property. Please refer to the Company’s Updated Mineral Resources Estimate for Buckreef Gold Project, dated May 15, 2020, for more information.
is advancing on three value-creation tracks:
- Strengthening its balance sheet by expanding near-term production to 15,000 – 20,000 oz. of gold per year from the expanded 1,000+ tpd plant.
- Advancing Sulphide Development that is substantially larger than previously modelled and targeting significant annual gold production.
- Continuing with a drilling program to further test the potential of its property, Exploration Targets and Mineral Resource base by: (i) infill drilling to upgrade Mineral Resources currently in the Inferred category in Buckreef Main; (ii) step-out drilling in the northeast extension of Buckreef Main; (iii) infill drilling program of Buckreef West; (iv) develop exploration program for the newly discovered Anfield Zone; (v) upgrade historical resources at Bingwa and Tembo; (vi) identification of new prospects at Buckreef Gold Project and in the region.
The Toronto Stock Exchange and NYSE American have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
U.S. Investors are urged to consider closely the disclosure in our SEC filings. You can review and obtain copies of these filings from the SEC’s website at http://www.sec.gov/edgar.shtml.
Tantalex Resources Corporation Provides Exploration and Corporate Update
Toronto, Ontario – TheNewswire – December 3, 2021 – Tantalex Resources Corporation (CSE:TTX) (CNSX:TTX.CN) (“Tantalex” or the “Corporation”),…
Toronto, Ontario – TheNewswire – December 3, 2021 – () (CNSX:TTX.CN) (“Tantalex” or the “Corporation”), is pleased to provide an update on its exploration and corporate activities.
Manono Lithium Tailings Project
Drilling on the Manono Lithium Tailings Project (the “Tailings Project”) is now completed with a total of 9,279m of aircore drilling and 980m of Cobra drilling. Sample preparation is ongoing and being sent to the ALS laboratory in Ireland for assaying. Initial batch of 1080 samples have arrived in Ireland since mid November but results are still pending due to extended delays in customs clearance.
Exploration on Pegmatite Corridor
Tantalex would also like to confirm that road and drill pad preparation to begin drilling on the near surface pegmatite occurrences along the Corridor are completed and that drilling is expected to commence in the coming days.
The objective with this drill program is to test near surface pegmatites in areas of known tin and tantalum occurrences for potential lithium content.
As indicated in our press release of November 1st, the pegmatite corridor is downstrike from the historical Manono Kitotolo mine where AVZ Minerals have recently published a 400M ton resource report with average Li2O grades of 1,65%. (AVZ Minerals, Definitive Feasibility Study, Manono Lithium & Tin Project, April 21,2020).
The Manono region is set to become an important tier one supplier of lithium with AVZ Minerals recently announcing an investment of USD $240 million dollars for a 24% stake in their Manono Lithium project from CATH, a private investment entity jointly owned by Mr. Pei Zhenhua and Contemporary Amperex Technology Co. Limited (“CATL”),
MOU with XIMEI
Tantalex is also pleased to announce that it is 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. The definitive agreement will provide the framework for a strategic partnership between Tantalex and Ximei, whereby the parties will collaborate in conducting a feasibility study and ultimately establish a tantalum refining plant in the Manono region, Tangyanika Province, in the Democratic Republic of Congo (the “Region”) should all underlying requirements set forth in the definitive agreement be fulfilled. The refining plant will be intended to treat the tantalum concentrate produced by Tantalex and other local cooperatives in the Region with whom Tantalex has established business partnerships.
The Region is richly endowed with coltan and cassiterite, which is often closely associated to the numerous lithium pegmatites. Based on Tantalex’s exploration and resource definition activities on the Tailings Project and along the Pegmatite Corridor, Tantalex considers that an annual production of 50-80t of net metal is achievable on its concessions. Given the eluvial and alluvial nature of the coltan and cassiterite, semi-industrial production of tantalum and tin concentrate could potentially start as early as Q3 2022 on Tantalex’s concessions.
Tantalex is pleased to announce that it intends to amend its articles of incorporation to give effect to a name change of the Corporation to “Tantalex Lithium Resources Corp.”, which will allow for an accurate reflection of the nature of its lithium exploration and development objectives and short-term endeavours. The name change and the amendment of the Corporation’s articles of incorporation will be subject to the approval of the shareholders and will be a matter to be voted upon during the Corporation’s next annual general and special shareholders meeting set to occur no later than as of the 3rd week of January 2022.
The company also confirms that AfriMet Resources has fully exercised their 50,000,000 warrants and, as a result, their current shareholding in Tantalex stands at 28%.
An additional 5,000,000 warrants have been exercised and a $100,000 convertible debenture issued in 2018 in consideration of a loan has been converted into 2,520,000 common shares of the Corporation at a per-share price of $0.05, the whole in accordance with Canadian Securities Exchange guidelines.
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
For more information, please contact:
President & CEO
Email: [email protected]
Copyright (c) 2021 TheNewswire – All rights reserved.
Critical Elements Closes $30 Million Bought Deal Public Offering of Units
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.MONTRÉAL, QC / ACCESSWIRE / December 3, 2021 / Critical Elements…
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
MONTRÉAL, QC / ACCESSWIRE / December 3, 2021 /( )(FSE:F12) (“Critical Elements” or the “Corporation“) announces that it has closed today its previously announced bought deal financing (the “Offering“). Pursuant to the Offering, Critical Elements issued 17,152,250 units of the Corporation (the “Units“) at a price of $1.75 per Unit (the “Offering Price“) for gross proceeds of $30,016,437.50. This includes 2,237,250 Units issued in connection with the exercise in full of the over-allotment option granted to the Underwriters (as defined below) under the Offering.
Each Unit consists of one common share in the capital of the Corporation (a “Common Share“) and one-half of one Common Share purchase warrant (each full warrant, a “Warrant“). Each Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $2.50 for a period of 24 months following the closing of the Offering.
The Offering was completed through a syndicate of underwriters co-led by Cantor Fitzgerald Canada Corporation and Stifel Nicolaus Canada Inc. (the “Lead Underwriters“), Paradigm Capital Inc., Beacon Securities Limited and Red Cloud Securities Inc. (collectively, with the Lead Underwriters, the “Underwriters“).
As consideration for the services provided by the Underwriters in connection with the Offering, the Underwriters received: (a) a cash commission of $1,699,923.75 equal to 6% of the gross proceeds of the Offering (reduced to 3% for certain subscribers on the “President’s List“); and (b) 1,029,135 broker warrants (the “Broker Warrants“) equal to 6% of the number of Units issued under the Offering. Each Broker Warrant is exercisable to acquire one Unit of the Corporation at a price equal to the Offering Price for a period of two years after the closing of the Offering.
The vast majority of the net proceeds will be used by the Corporation to fund development of the Rose Property and also for general corporate purposes, as more fully described in the short form prospectus of the Corporation dated November 29, 2021.
The Units have been offered by way of short form prospectus in each of the provinces of Canada, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions. The Units, Common Shares and Warrants have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities to, or for the account or benefit of, persons in the United States or U.S. persons, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Critical Elements aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements is advancing the wholly owned, high purity Rose lithium project in Quebec. Rose is the Corporation’s first lithium project to be advanced within a land portfolio of over 700 square kilometers. In 2017, the Corporation completed a feasibility study on Rose for the production of spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. In the Corporation’s view, Quebec is strategically well-positioned for US and EU markets and boasts good infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. The project has received approval from the Federal Minister of Environment and Climate Change on the recommendation of the Joint Assessment Committee, comprised of representatives from the Impact Assessment Agency of Canada and the Cree Nation Government; The Corporation is working to obtain similar approval under the Quebec environmental assessment process. The Corporation also has a good, formalized relationship with the Cree Nation.
For further information, please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is described in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains “forward-looking information” within the meaning of applicable securities laws, including statements with regard to our objectives and the strategies to achieve these objectives. Forward-looking information involves known and unknown risks and uncertainties, many of which are beyond the Corporation’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Forward-looking information is based on management’s beliefs and assumptions and on information currently available to management. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, you are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained in this press release is provided as of the date of this press release, and the Corporation does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.
View source version on accesswire.com:
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