Our projects are always near surface mining opportunities for rare minerals that are less capital intensive. This criteria is mainly met in Africa in under developed regions. The advance of technology is enabling significant reduced cost for exploration. Examples of technology are renewable energy, mobile water purification and the use of unmanned aerial vehicles. These increases mobility, reduces logistics requirements and reduces the time to map remote areas which all contribute to significant lower costs and reduced investment risk. The minerals we focus on are all high-value for low volume minerals that do not require extensive capital investments in transport logistics. In this regard we explore for Tantalum and Gold.
Maniema Province in the Democratic Republic of Congo is well known for deposits of Gold, Tantalite, Wolframite and Tin. Most mining is done by artisanal miners and small scale mining operators with a few formal established mining companies. Artisanal miners continuously discover new deposits of Gold and other minerals in dense forested areas. In many cases there are not sufficient local buyers.
Extensive evaluations were done in the northern and central areas of Maniema for Gold and Tantalite bearing properties as well as product sources from artisanal mining. As a result of the evaluation process our DRC subsidiairy, SR Tanmin, identified seven areas for further exploration for gold and Tantalite. Four areas in Pangi and one in Kabambare were identified for Gold exploration. Two areas in Punia were identified for Tantalite exploration. All applications were approved with the rights for exploration granted for one application. Rights for the balance is expected in the next months.
SR Tanmin applied for and was granted licences to establish a Gold trading operation and Tantalite treatment and trading facilities in Maniema province. This will allow SR Tanmin to generate revenue while exploration work is continuing. The main facility is based in Kindu, which is the capital of Maniema province.