PERTH (miningweekly.com) – Africa-focused Tremont Investments has acquired another 12.5% interest in ASX-listed Cradle Resources’ Panda Hill niobium project, in Tanzania.
For the further payment of $5-million, Tremont had increased its stake in the project to 25%.
The investment by Tremont formed part of a $20-million investment arrangement, signed In June this year, under which Tremont would earn a 50% interest in the Panda Hill project.
Tremont initially invested $5-million in June this year, which was used to de-risk the project through an infill and extensional drilling programme as well as with metallurgical testwork, which resulted in the discovery of the high-grade Angel zone, which was now the target for further infill drilling.
Two reverse circulation rigs and a diamond drilling rig have been mobilised to site for an initial 7 000 m infill and extension drilling programme focused on the Angel zone, and the additional drilling was expected to be completed within a few months.
A prefeasibility study on the Panda Hill project was expected by March next year, and would likely be completed once Tremont has invested $15-million.
The Panda Hill project currently has a mineral resource of some 56-million tonnes, grading 0.5% niobium, for 280 000 t of niobium pentoxide. The project is covered by three granted mining licences totalling 22.1 km2, with the licences due for renewal in November 2016.