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Update on Drilling Campaign

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RNS Number : 1566T
Kazera Global PLC
19 March 2019
 

 

19 March 2019

Kazera Global plc

 

Update on Drilling Campaign

 

Kazera Receives Strategic Partner Interest

 

Kazera Global plc ("Kazera Global", "Kazera" or "the Company"), the AIM quoted investment company who, through its stake in African Tantalum (Pty) Limited ("Aftan"), has an interest in the Namibia Tantalite Investment Mine ("NTI" or the "Mine") in Namibia, is pleased to announce that the borehole drilling campaign at both the Homestead and Purple Haze deposits has been completed. In addition to this, the Company is pleased to announce that it has been approached by two parties interested in becoming the strategic funding partner for the Orange River Project and for further development of the Mine.   

 

Having drilled 34 boreholes, assayed 551 core samples and recovered 20 channel samples, NTI, under the guidance of the MSA Group, has now completed the planned borehole drilling campaign over the Homestead and Purple Haze deposits. Management regards these initials results as encouraging and comparable with the historical results upon which the 2015 Venmyn Report was based, and which was not compiled in accordance with JORC guidelines. The drilling campaign is continuing at Signaalberg and the previously mined White City pegmatites with the aim of identifying additional mineralisation. Management anticipates that further mineralisation potential will be identified.

 

To validate and confirm the original assay results and, as required for JORC verification, the samples are now being analyzed by a second, specialist laboratory, as required by the Competent Person. The Company now expects that the a JORC compliant resource on Homestead and Purple Haze at the NTI Mine will be completed by Q2 2019 to be followed by initial laboratory results from the Signaalberg and White City borehole drilling campaign.

 

In addition to the ongoing drilling campaign and, following receipt of a clearance certificate for water abstraction from the Orange River to the Mine from the Namibian government in March 2018, the Company has completed the tender process for construction of the pipeline and has received satisfactory proposals from experienced contractors. The Company is also in detailed negotiations with two international groups who have approached the Company with indicative offers for the funding of construction of the Orange River Pipeline to the Mine as well as offtake proposals. There can be no certainty that any deal will be made however the Company is looking into these opportunities as a matter of due process. The two groups are fully aware of the borehole drilling campaign.

 

Larry Johnson, CEO of Kazera, said:

"As we await the imminent results from the second laboratory's tests to achieve a JORC compliant resource at Homestead and Purple Haze, we are highly encouraged by the initial results of the drilling campaign which suggests strong Tantalum potential in the Homestead and Purple Haze deposits. With further drilling ongoing at Signaalberg and White City deposits we are excited by what the next phase will deliver.

 

"I am also extremely encouraged by the discussions we are holding regarding funding of the Company's operations by two international groups. Their interest in the Mine speaks to the value we are realizing, and we look forward to updating shareholders as further results are achieved."

 

 

**ENDS**

Kazera Global plc (c/o Camarco)

Tel: +44 (0)203 757 4980

Larry Johnson (CEO)


finnCap (Nominated Adviser and Joint broker)

Scott Mathieson / Anthony Adams (corporate finance) 

Tel: +44 (0)207 220 0500

 

Shore Capital (Joint broker)

Jerry Keen (corporate broking)

Tel: +44 (0)207 408 4090

Camarco (PR)

Gordon Poole / James Crothers / Monique Perks

Tel: +44 (0)203 781 8331

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Competent Person's Statement

In accordance with the AIM Note for Mining and Oil and Gas Companies, Kazera Global discloses that Michael Cronwright of The MSA Group (Pty) Ltd, is the Competent Person that has reviewed the technical information relating to the geology contained in this document. Michael Cronwright has a Pr.Sci.Nat with the South African Council for Natural Scientific Professions ("SACNASP") and is a member in good standing with SACNASP. Mr Cronwright has the appropriate relevant qualifications, experience, competence and independence to act as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Michael Cronwright consents to the inclusion of the information in this announcement in the form and context in which it appears.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 0.625

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Market Cap: £2.21 m
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