Lithium/cobalt juniors contemplate amalgamation
Canadian Securities Exchange-listed exploration juniors Tantalex Resources and International Cobalt Corp (ICC) are considering amalgamating their businesses, joining their operations in the Democratic Republic of Congo (DRC) and the Idaho Cobalt belt, in the US.
Cobalt- and lithium-focused Tantalum has been active in the DRC for four years and recently completed the acquisition of an exploration licence to produce lithium minerals from the tailings dumps of the historical Manono-Kitotolo (MK) mine in Tanganyika province.
The MK tailings consist of material taken from the numerous openpit mines, which were exploited from 1919 to the mid-1980s, producing 140 000 t to 185 000 t of tin and 4 500 t of coltan concentrate. Minerals were extracted from LCT pegmatites, which have been documented as containing up to 1.7% and 2% lithium oxide (Li2O). Spodumene was not recovered at the time and went into the dumps with other tailings.
There are 11 tailings dumps spread along the various quarries that have been exploited. In addition to the tailings dumps, various tailings terraces form part of the licence area that underlie many of the said dumps. An exploration target completed by Tantalex estimates the total tonnage of the dumps to be between 85-million tonnes to 140-million tonnes. Considering a conservative 0.65% to 1% Li2O grade, this could potentially provide a total spodumene concentrate (6% Li2O) between 10-million and 20-million tonnes.
The amalgamation of the companies into what will be known as Amalco will be on a basis of 50:50 participation, although Tantalex has to deliver a mineral resource of at least 15-million tons at 0.65% Li2O to maintain its participation and ICC has to contribute a minimum of $8-million.
Amalco will be listed on the CSE.
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