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) was 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 covered 1,909km2 and were issued in October 2015 for a term of five years. The Angolan National Directorate of Mineral Resources has issued Mongo Tando Lda with a Notice of Termination for the Mineral Investment Contracts.
Minbos has invested more the $20M over 8 years on phosphate projects in the Congo Basin and has developed specific technical knowledge and financial support capable of advancing phosphate projects in the regional context. The company intends to explore its options to tender or partner into the Angolan phosphate for the benefit of all stakeholders.
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: