Copper Strike (ASX: CSE) is a mineral exploration and development company focused on finding and developing copper and related base metals in eastern Australia.
Copper Strike (ASX: CSE) is looking to expand its mineral sands holdings with the acquisition of eight tenements in Tanzania from Syrah Resources (ASX: SYR).
The mineral sands portfolio to be acquired covers 1,350 square kilometres over more than 100 kilometres of strike in the northern and central coastal areas of Tanzania. The acquisition will transform the company into a mineral sands explorer.
Copper Strike said the properties contain several prospects that have excellent indications of grade and size, based on historical drill results. This includes the Fungoni prospect, which returned highlights of:
- 4 metres at 27.8% heavy minerals;
- 4 metres at 24.9% heavy minerals; and
- 4 metres at 23.1% heavy minerals.
Another prospect is Tajiri, with best intercepts including:
- 14 metres at 9.2% heavy minerals; and
- 9 metres at 12.3% heavy minerals.
Historical drilling was completed with hand auger and limited to the depth of the ground water table. The average assemblage of the heavy minerals is 7% zircon, 12% rutile and 72% ilmenite.
In consideration for the acquisition, Copper Strike proposes to issue 115.7 million shares to Syrah shareholders on a one for one basis.
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