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LONDON (Alliance News) - Kazera Global PLC on Tuesday said the borehole drilling campaign at the Homestead and Purple Haze deposits in Namibia is now complete, and it has received offers from two companies looking to provide funding.
The two deposits are located in the Namibia tantalite investment mine. The mine itself is owned and operated by African Tantalum Pty Ltd, in which Kazera holds a 75% interest.
34 boreholes were drilled and 551 core samples were assayed with 20 channel samples recovered, meaning that the planned campaign for the two deposits is now complete.
"Management regards these initials results as encouraging and comparable with the historical results," Kazera said.
The samples will now be analysed by a second laboratory and a JORC compliant resource on the deports is due in the second quarter of 2019.
Moreover, two parties have approached Kazera to say they are interested in funding its Orange River project, it said. The funding would be used to construct a pipeline connecting the Orange River to the Namibia tantalite investment mine, for which Kareza already has permission from the Namibian government.
Offtake proposals have been made, and while there is no certainty as to whether a deal will occur, Kazera said that it its looking into them and that both of the companies expressing an interest are aware of the borehole drilling campaign.
Kazera Chief Executive Larry Johnson said: "As we await the imminent results from the second laboratory's tests to achieve a JORC compliant resource at Homestead and Purple Haze, we are highly encouraged by the initial results of the drilling campaign which suggests strong tantalum potential in the Homestead and Purple Haze deposits. With further drilling ongoing at Signaalberg and White City deposits we are excited by what the next phase will deliver.
"I am also extremely encouraged by the discussions we are holding regarding funding of the company's operations by two international groups. Their interest in the mine speaks to the value we are realizing, and we look forward to updating shareholders as further results are achieved."
Shares in Kazera were down 1.1% at 2.20 pence on Tuesday in London.
