Rome Resources’ Bisie North tin project in the DRC is close to a C$1 billion play in Alphamin and shares many characteristics including its original geologists, notes broker Oak Securities.
Drilling is underway to establish an initial resource at Bisie North, but it is the proximity to Alphamin’s operations and the involvement of Alphamin’s original discovery team that catches the eye, says Oak.
Bisie North is situated within the same geological setting, located 8 km northwest of Alphamin’s Mpama North and South tin mines.
Alphamin’s Mpama North is the world’s highest-grade tin mine, supplying 4% of the global tin market, notes Oak, adding that the soil anomaly at Rome’s site is larger than the original Mpama anomaly.
The Bisie North Tin project features two parallel tin-in-soil anomalies extending over a 3 km strike.
Meanwhile, Rome’s team includes Alphamin’s founder, Klaus Eckhof, along with others responsible for the discovery of Mpama North and three additional deposits in the DRC.
Initial drilling at Bisie North has confirmed the presence of two substantial tin deposits.
A 3,000 m follow-up drilling programme at the Kalayi and Mont Agoma permits is underway to expand the scale of defined mineralisation at each deposit.
Early visual assessments from the drilling, alongside portable Niton XRF analyses, have all been positive, increasing the share price from its July listing of 0.3p per share to 0.46p.
At the current price, Rome is valued at £20.4 million, while Oak notes that Alphamin has a market cap of C$1.6 billion (£880 million).