Resource Mining Corporation Ltd (ASX:RMI) has acquired the Mpanda and Mbozi projects in the Ubendian Orogenic Belt of Tanzania, two highly prospective copper-gold packages covering a total of 1,580 square kilometres.
RMI has secured the projects by acquiring a 75% stake in the holding company, with the remaining 25% to be retained by the project vendor and free carried to completion of a feasibility study, with the addition of a 1% smelter royalty.
The projects sit within two known mineral fields, adjacent to major discoveries and high-grade mines.
Field mapping and early soil surveys have defined geochemical anomalies at both projects, along key shear zones which may provide an immediate opportunity for meaningful exploration.
Along strike from major discoveries
“We are extremely excited to announce the acquisition of the Mpanda and Mbozi copper-gold projects, which we intend to explore in parallel with our current nickel-copper projects,” Resource Mining Corporation executive chair Asimwe Kabunga said.
“The new projects are placed along strike from some of the most significant copper-gold discoveries in Tanzania, and recent fieldwork has already found major anomalies along strike and within the appropriate geology.
“The advantage held by our in-country knowledge and experienced staff can now be fully utilised as we expand our exploration base and continue to explore for major critical mineral deposits.”
Once feasibility studies for the projects are complete, RMI’s funding obligation to the project vendor will cease and the two parties will negotiate the terms of potential development and funding of the projects.