The company, which has been a Gemfields acquisition target, said last week that the aim now was to develop the world’s largest single source of tsavorite, a brilliant green gemstone, into production.
The tsavorite project is located 20 km from its current tanzanite mine and operations office, in north-eastern Tanzania.

The indicated resource was 
between 18-million tons and 24-million tons of potentially openpit mineable tsavorite-bearing gravels and the tanzanite 
extraction model would be migrated to the tsavorite project.

The project was acquired from Green Hill Mining and Kirk-wood Resources for 7,4-million fully paid TanzaniteOne common shares, plus $350 000 in cash.

The value of the shares equated 
to £1,4-million at a share price of £0,16 and represented 9,09% of the enlarged share capital of TanzaniteOne, which began work on the tsavorite project in 2007.
Bulk sampling of the tsavorite deposit had begun and formed part of an ongoing resource 
upgrade to an indicated resource.

The licence area covered a 
100-km2 area and was primarily an alluvial deposit.

TanzaniteOne MD Zane Swanepoel described Tanzanite-One as “one of the few mining companies on Aim which had repeatedly paid a dividend since listing”.

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