20:26:04 EDT Thu 18 Jul 2024
Enter Symbol
or Name

Tantalex Lithium Resources Corp
Symbol TTX
Shares Issued 522,785,256
Close 2022-10-28 C$ 0.08
Market Cap C$ 41,822,820
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Tantalex Lithium unit receives Titan mining licence

2022-10-31 15:58 ET - News Release

Mr. Eric Allard reports


Tantalex Lithium Resources Corp.'s 70-per-cent-owned Democratic Republic of the Congo subsidiary United Cominiere SAS has been notified by the Ministry of Mines that research permits PR12447 and PR12448 have now been approved by ministerial decree for transformation to mining concessions.

Titan project highlights:

  • Tantalex may now proceed immediately with the construction of the Titan tin and tantalum alluvial concentrate plant;
  • Projected to produce approximately 1,400 dry metric tonnes of tin concentrate and 220 dmt of tantalum concentrate per annum;
  • Generating approximately $30-million (U.S.) in revenue annually at current commodity prices;
  • Production scheduled to commence in March, 2023;
  • Equipment and machinery already arrived and trial tested in Manono, ready for assembly on site.

Hadley Natus, chairman of Tantalex, commented: "This is an incredible milestone for the company as this will be generating positive cash flow for the company in early 2023. It will be the most modern alluvial plant in operation in the DRC and we believe this is likely only the first one of many more that we will install. As we progress with the development of the Manono lithium tailings project, our Titan project demonstrates to our investors, the DRC government and the local stakeholders that Tantalex is serious in actually building production facilities in a sustainable manner."

About the Titan project

The Titan project is situated approximately 30 kilometres southwest of Manono, where Tantalex is currently developing the Manono lithium tailings project.

The project is located along the Manono-Kitotolo LCT (lithium, cesium, tantalum) pegmatite in the central African Kibaran belt. Manono-Kitotolo is an exceptionally large rare metal pegmatite 800 metres wide and over 15 km long that was exploited for cassiterite and columbite-tantalite from 1913 to the 1980s. Recent aeromagnetic/radiometric surveys and geological mapping confirm that the pegmatite strike extends to the southwest of the historical mine.

The Titan plant is located just south of the pegmatite corridor in an ancient riverbed. Coltan and cassiterite are found in gravel layers one to two metres thick under approximately seven m of overburden.

Tantalex has designed the process to ensure the proper rehabilitation of the mining area for reforestation and/or agriculture. The majority of the alluvial area has already been mined by artisanal miners, leaving the ground surface extremely scarred and unsafe. The mining method will be the conventional strip mining in an upstream direction (north to south) across the identified Old River Channel to minimize the influence of water when the mineral-rich G2 gravel is excavated. Following this sequence, the overburden of each strip will be backfilled with the excavators into the previously mined-out strip, rehabilitating the mined-out areas with fertile ground as the mining continues.

The plant, which has been designed to be modular and easy to mobilize, has now been trial tested in Manono and is being mobilized to site. Commissioning and production are scheduled to start in March, 2023.

The modular plant will be able to produce 120 tonnes of tin concentrate and 20 tonnes of tantalum concentrates per month, generating important revenues which will allow the development and exploration of the company's additional assets in the Manono region.

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.

About Tantalex Lithium Resources Corp.

Tantalex Lithium is an exploration- and development-stage mining company engaged in the acquisition, exploration, development and distribution of lithium, tin, tantalum and other high-tech mineral properties in Africa.

It is currently focused on developing its lithium assets in the prolific Manono area in the Democratic Republic of the Congo, the Manono lithium tailings project and the pegmatite corridor exploration program.

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