Mr. Eric Allard reports
TANTALEX LITHIUM PROVIDES RESULTS FROM CONTINUOUS DISCLOSURE REVIEW AND AN UPDATE ON OPERATIONAL ACTIVITIES
Tantalex Lithium Resources Corp.
has provided clarification further to a continuous disclosure review performed by the OSC (Ontario Securities Commission) as well as an
operational update on its three projects in Manono, Democratic Republic of the Congo.
Tantalex Lithium activities in the DRC are increasing constantly with the current construction of the TiTan alluvial tin and tantalum project, the continued exploration activities on the pegmatite corridor and the continuing preliminary economic assessment for the Manono lithium tailings project.
The company's team has ramped up with the recent hires of Quinton Mseredza, mine manager, Serge Banze Ngoy, DRC administrative and financial manager, Eric Gagnon, ESG (environmental, social and governance) manager, Lydia Mbaka, public relations and communication manager, and Srinivas Pallangthod as production manager. With these new additions to the team, the company is now well positioned to advance the company's projects.
Continuous disclosure review
The company would like to announce that, as a result of a continuous disclosure review by the Ontario Securities Commission (the
OSC), the company would like to clarify its disclosure as some company disclosed information should only have been disseminated once its preliminary economic assessment
(PEA) will have been completed.
In order to satisfy several deficiencies with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects noted by the OSC during its recent continuous disclosure audit of the company, the company understands it will need to amend its disclosure documents accordingly.
The company wishes to retract all results of PEA and written disclosure with quantitative economic projections implying economic feasibility and other disclosures not compliant with NI 43-101 disclosed in its news releases dated Sept. 6, 2022, Sept. 13, 2022, Oct. 31, 2022, Dec. 12, 2022, Dec. 14, 2022, its annual management discussions and analysis (MD&A) for the year ended Feb. 28, 2022, its interim MD&A for the period ended Aug. 31, 2022, its corporate presentations dated third quarter 2022 and first quarter 2023, its fact sheet date first quarter 2023, corporate newsletters dated April, 2022, May, 2022, October, 2022, its interview in July, 2022, with Mining Weekly and its project pages on its website.
Further, in connection with the OSC's recent continuous disclosure review of the company, the company will also update and clarify additional disclosure contained in the company's various other disclosure documents.
Manono lithium tailings project
The preliminary economic assessment (PEA) is progressing on track with the following activities continuing:
Metallurgical test results from DMS received and flotation testing under way;
Site selection survey for location of plant and tailings storage facility;
Road survey for export of material;
Appointment of SRK Consulting for peer review of environmental and social studies leading to an ESIA for the future completion of the FS.
The PEA is scheduled to be issued by end of April.
Following activities are continuing despite the particularly harsh rainy season:
Mine processing plant base concrete work;
Mine tailings storage facility excavation;
Mine camp/workshop area;
Moving of plant equipment from Manono to project site.
Completion date for the Titan plant is expected during the month of May.
Drilling commenced in December where a total of six holes totallling 332 metres were drilled before the Christmas demobilization. Drilling was performed using RC drill rigs to test the depth of fresh hardrock of the LCT pegmatites.
Drilling has been suspended since January due to the difficult access conditions during the rainy season and some technical breakdowns on the drilling equipment. The program for 20,000 m of drilling on the corridor remains current and additional drill rigs are planned to be mobilized during the dry season to complete the planned metreage.
While the company waits to resume the drilling, the company is continuing with its passive seismic survey campaign on a grid spaced at 500 by 50 metres (between sections and reading stations) and a total of 11 section lines at 4.95 m each and strike length at five kilometres. This will allow to:
Verify any sudden bedrock depth changes due to pegmatite dykes/silicification;
the exploration team with additional data for the general area further geology set-up interpretation and delineate geological structures possibly associated with Li-pegmatite;
Define zones/areas for detailed follow up with RC/DD drilling program.
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.
We seek Safe Harbor.
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