18:48:35 EST Tue 29 Nov 2022
Enter Symbol
or Name

Tantalex Resources Corp
Symbol TTX
Shares Issued 448,783,147
Close 2021-12-03 C$ 0.135
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Tantalex completes 10,259 m drill program at Manono

2021-12-03 11:08 ET - News Release

Mr. Eric Allard reports


Tantalex Resources Corp. has released an update on its exploration and corporate activities.

Manono lithium tailings project

Drilling on the Manono lithium tailings project is now completed with a total of 9,279 metres of aircore drilling and 980 m of Cobra drilling. Sample preparation is continuing and being sent to the ALS laboratory in Ireland for assaying. Initial batch of 1,080 samples has 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 is 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 the company's press release of Nov. 1, the pegmatite corridor is downstrike from the historical Manono Kitotolo mine where AVZ Minerals has recently published a 400-million-ton resource report with average lithium oxide (Li2O) grades of 1.65 per cent (AVZ Minerals, definitive feasibility study, Manono lithium and 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 $240-million (U.S.) for a 24-per-cent stake in its Manono lithium project from CATH, a private investment entity jointly owned by Pei Zhenhua and Contemporary Amperex Technology Co. Ltd. (CATL).

Memorandum of understanding (MOU) with XIMEI

Tantalex is also pleased to announce that it is currently in continuing discussions with Ximei Resources Holding Ltd. to enter into a definitive agreement that will replace and supersede the memorandum of understanding previously announced on Feb. 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 the Congo 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 co-operatives in the region with which 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 to 80 tons (t) 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.

Corporate update

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 third week of January, 2022.

The company also confirms that AfriMet Resources has fully exercised its 50 million warrants and, as a result, its current shareholding in Tantalex stands at 28 per cent.

An additional five million warrants have been exercised and a $100,000 convertible debenture issued in 2018 in consideration of a loan has been converted into 2.52 million common shares of the corporation at a per-share price of five cents, the whole in accordance with Canadian Securities Exchange guidelines.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Gary Pearse, MSc, PEng, who is a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

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