The Company has entered into an option with Tana Minerals Ltd (Tana) whereby Minbos can acquire 90% of the shares in MRE Mining (Mauritius) Limited (MRE). MRE’s sole asset is a wholly owned subsidiary in Madagascar which holds two exploration permits in central Madagascar covering 440 square kilometres.
Twenty-eight rockchip samples collected by Tana on the Ankazohambo prospect in 2010 returned TREO grades of between 0.14% and 40.8% with a median grade of 3.95% (Appendix 1). The results confirm earlier sampling conducted by the Kiev National University in 2008 and the German Federal Institute of Geology and Raw Materials (BGR) in the 1980’s.
Minbos is preparing to carry out the first ever drill program on the licenses.
The Cabinda Project Exploration License (Figure 1) is held by Mongo Tando Lda in which Minbos holds a 50% share through the Joint Venture Company Mongo Tando Ltd. The two Cabinda Project licenses cover 1,909km2 were issued in October 2015 for a term of five years and are renewable for a further two years. The agreements for the licences cover not only prospecting rights but also the mining phase of the Cabinda project.
On completion of the Environmental Impact and Economic Viability Study the issue of a mining licence can be requested. The mining licence will be valid for thirty-five years, renewable for successive periods of ten years.
Minbos has delineated a substantial resource of 449.8Mt at 9.8% P2O5. Within this resource, two high grade projects have been identified at the Cacata and Kanzi Deposits. A summary of JORC resources is shown below: