Toronto, ON – TheNewswire – March 17, 2023 – Tantalex Lithium Resources Corp. (CSE:TTX) (FSE:DW8) (OTC:TTLXF) (“Tantalex” or the “Corporation”), would like to hereby provide rectifying announcement further to a continuous disclosure review performed by the OSC as well as an operational update on its 3 projects in Manono, DRC.
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 ongoing Preliminary Economic Assessment for the Manono Lithium Tailings project.
Our team has ramped up with the recent hires of Quinton Mseredza, Mine manager, Serge Banze Ngoy, DRC Administrative and Financial Manager, Eric Gagnon, ESG Manager, Lydia Mbaka, Public relations & 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 (“NI 43-101”) 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 September 6, 2022, September 13, 2022, October 31, 2022, December 12, 2022, December 14, 2022, its annual management discussions and analysis (“MD&A”) for the year ended February 28, 2022, its interim MD&A for the period ended August 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.
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 ongoing Preliminary Economic Assessment for the manono Tailings project.
Our team has ramped up with the recent hires of our Mine manager, Quinton Mseredza, Serge Banze Ngoy, DRC Administrative and Financial Manager, Eric Gagnon, ESG Manager, Lydia Mbaka, Public relations & Communication Manager, and Srinivas Pallangthod as Production Manager.
Manono Lithium Tailings Project
The Preliminary Economic Assessment (PEA) is progressing on track with the following activities ongoing:
Metallurgical test results from DMS received and flotation testing underway,
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 ongoing 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
Fig.3 Equipment arriving at Project Site
Completion Date for the Titan Plant is expected during the month of May.
Drilling commenced in December where a total of 6 holes totaling 332m were drilled before the Xmas 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 20,000m of drilling on the Corridor remains current and additional drill rigs are planned to be mobilized during the dry season to complete the planned meterage.
While we wait to resume the drilling, the Company is continuing with it’s passive seismic survey campaign on a grid spaced at 500 x 50m (between sections and reading stations) and a total of 11 section lines @ 4.95m each and strike length @ 5km. This will allow to:
Verify any sudden bedrock depth changes due to pegmatite dykes/silicification
Provide 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 Corporation
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 Congo; The Manono Lithium Tailings Project and the Pegmatite Corridor Exploration Program.
Cautionary Note Regarding Forward Looking Statements
This presentation includes certain statements that may be deemed forward looking statements. All statements in this document, other than statements of historical facts, which address future production, reserve potential, exploration activities and events or developments that the Company expects, are forward looking statements. Such forward-looking statements include, without limitation: (i) estimates of future lithium, tin and tantalum prices, supply, demand and/or production; (ii) estimates of future cash costs and revenues; (iii) estimates of future capital expenditures; (iv) estimates regarding timing of future development, construction, production or closure activities; (v) statements regarding future exploration results; (vi) statements regarding cost structure, project economics, or competitive position, and; (vii) statements comparing the Company’s properties to other mines, projects or metals. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance, that the Company expressly disclaims any responsibility for revising or expanding the forward- looking statements to reflect actual results or developments, and that actual results or developments may differ materially from those projected, in the forward-looking statements, except as required by law.
For more information, please contact:
President & CEO
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