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Taruga Minerals Ltd.
Summary
| Project: | Kamilombe | |
|---|---|---|
| Deposit: | Kamilombe | |
| Location: | Democratic Republic Of The Congo | |
| Commodities: | Cobalt-Copper | |
| Date: | 8/31/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 31-8-2018: Taruga Minerals Ltd. announces an Exploration/Drilling Update report for its Kamilombe deposit at the Kamilombe project. Drilling results incl. 50.87m @ 0.49% Co from 5.8m. Taruga Minerals Limited (ASX: TAR, Taruga or the Company) has received | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Mark Gasson (Internal) | |
| ABSTRACT: | Taruga Minerals Limited (ASX: TAR, Taruga or the Company) has received results for the remaining 4 diamond holes drilled at Kamilombe and 3 of the holes at Mwilu. All due diligence drilling has been completed at both projects with remaining results expected within 2 weeks. The due diligence is ongoing and has been extended to 30 September 2018 by mutual consent. On the successful conclusion of due diligence, the Company will enter into a binding joint venture agreement with the Consortium of Mint-Master and the Government of Lualaba Province on the basis of the positive drill results at Kamilombe. The Company remains of the view that significant cobalt mineralisation will be reported at Mwilu during the following 2 weeks, which will assist in deciding whether to include Mwilu into the joint venture. Taruga’s Executive Director, Mark Gasson, commented: “Excellent results received for 4 out of 5 drill holes in a highly complicated structural environment have confirmed the high grade cobalt potential of the Kamilombe project. We are eagerly looking forward to the successful completion of our ongoing due diligence which will allow us to sign a joint venture agreement and to fast track drilling on what we believe to be a highly prospective cobalt project within the “Kolwezi Klippe”. “We are confident that the remaining results at Mwilu, where no record of historic drilling is available, will highlight its cobalt potential. The extent of artisanal mining at surface and results of channel samples collected by the Company as well as observations in the drill core suggest positive results can be expected from the outstanding drill holes.” | |
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