Kazera Global upbeat on maiden White City mineral resource

(Sharecast News) - Investment company Kazera Global announced the maiden JORC-compliant mineral resources estimate for the White City Pegmatite on Monday, as part of the ongoing exploration programme at the mine.
The AIM-traded firm has an interest in the Namibia Tantalite Investment Mine (NTI), through its stake in African Tantalum (Aftan).

It said the maiden inferred tantalite resource at the White City Deposit was 297,600 tonnes - in line with the company's pre-exploration programme expectations.

Kazera reported "strong grades" of 105 parts per million tantalum pentoxide, and explained that 10 diamond drill holes, spaced approximately 15 to 20 metres, were drilled over White City, cumulatively drilling a total of 304.5 metres.

Across White City, Purple Haze and Homestead, the mine now had a maiden JORC-compliant mineral resource estimate of 622,200 tonnes of lithium and tantalite resources.

The board said the results confirmed previous exploration results at White City, and gave it confidence that continued exploration could realise further resources from the deposit.

It noted that a lithium mineral resource estimate was not completed as part of the mineral resource estimate, due to the sparse number of lithium assays, and their high variability.

Following the "highly encouraging" ongoing exploration activity at NTI, Kazera also said it had registered a subsidiary named Kazera Trading, which would operate in conjunction with Kazera Global.

Kazera Trading would function as an ore trading arm of the company, facilitating the global movement of resources such as tantalum, through leveraging the experience of Kazera's management.

It said initial trades had already been agreed, with the board promising further updates "shortly".

"The findings from White City demonstrate another excellent result for the company following the announcement of our initial maiden JORC-compliant mineral resource estimates over the Homestead and Purple Haze deposits," said Kazera Global chief executive officer Larry Johnson.

"We now have cumulative indicated and inferred maiden JORC-compliant tantalite and lithium resources of 622,200 tonnes across NTI, with very strong grades indicated across the mine and with further results to come.

"This places the NTI mine in a positive position to close out the remainder of its phase 1 exploration drilling programme which we aim to complete before the end of the year."

Johnson also said he was "delighted" to have started work on the company's new trading arm, Kazera Trading, which he said was set up to utilise the firm's global connections, connecting buyers and sellers of heavy metal and rare earth element ores.

"We look forward to updating shareholders on this exciting new initiative which we anticipate will deliver solid revenue for the Company going forward."

At 1330 GMT, shares in Kazera Global were down 5.26% at 0.45p.