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Tanga Resources secures option to earn into Joumbira Zinc Project

Joumbira represents an opportunity to secure an advanced, high grade zinc-lead-silver project.
Zinc symbol on the periodic table
The opportunity to acquire this zinc asset is well timed

Tanga Resources Ltd (ASX:TRL) has entered into a binding option agreement allowing it to earn into the Joumbira Zinc Project in Namibia.

This will involve the acquisition of 100% of the issued shares of Namibian group, Coldstone Investments.

Consideration for the deal will be 44 million Tanga shares and some deferred payments totalling $750,000.

The acquisition of Joumbira represents an opportunity to secure an advanced project, which could potentially deliver high grade zinc-lead-silver as it is situated close to the highly prospective Damaran Belt.

Joumbira in heart of precious and base metal province

Joumbira occurs within a major belt stretching for over 300 kilometres southwest to Navachab (27 million tonnes at 2 g/t gold) and northeast to Otjikoto (29 million tonnes at 1.5 g/t gold), both prominent gold mines.

As a low-risk, politically stable and mining friendly jurisdiction, Namibia is home to multinational mining groups such as Rio Tinto Limited (ASX:RIO), B2Gold Corp (TSE:BTO) and Vedanta Resources plc (LON:VED).

A further attraction is its relatively close proximity to a power grid, transport and port infrastructure, effectively providing a ready path to market.

 

 

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Tanga Resources Ltd Timeline

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November 29 2017
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February 27 2017
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February 04 2016

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