Nexus Minerals (ASX:NXM) has signed a binding memorandum of understanding to purchase two new tenements that are prospective for gold, copper and nickel in Western Tanzania.
The new purchase would be complementary to the Katamatoma tenement acquired earlier last year.
It also builds on the strategy to acquire highly prospective and scalable gold and base metal greenfield exploration targets in under-explored parts of Eastern Africa through low risk acquisition deal structuring.
The Biharamulo (HQ-P25831) tenement application covers 23.7 square kilometres and is located in the north-west of the country and hosts a gold occurrence in Proterozoic aged sedimentary rocks within a relatively poorly tested province.
The style of gold mineralisation will be investigated on a regional field trip next month and will also assess geophysical and mineralogical targets identified at the Katamatoma project area.
The Kigoma (PL7962/2012) is located in central part of the country and covers 29.7 square kilometres. It is considered prospective for base metals with the tenement overlying an ultramafic intrusive with potential to host disseminated metal sulphides.
Two base metal occurrences for copper and nickel have been recorded at the margin of the intrusive. The recorded base metal occurrences may indicate presence of further mineralisation and Nexus will start a desk-top study followed by field work to assess the potential of the tenement.
Nexus is already incorporating several subsidiary companies in Tanzania to facilitate the acquisition of exploration targets. It is also looking at development opportunities in other Eastern African countries including Uganda, Kenya and Ethiopia.
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