Australian mining and exploration company Prospect Resources has entered an option agreement with TSM Enterprises to acquire a 100% direct interest in the Tombolo Klippe Project in the south-eastern Democratic Republic of Congo (DRC).
The acquisition of properties has been registered as a small scale mining permit, and will add cobalt to Prospect Resources’s small-scale portfolio as it attempts to develop a new energy metals provider in Africa.
Go deeper with GlobalData
The option covers an area of 21km² containing numerous cobalt and copper occurrences.
The company noted that first pass geochemical soil sampling has identified two cobalt and two copper anomalies within the project area.
Surface exploration was undertaken at Tombolo, but Prospect will carry out further activities.
Subject to satisfaction of conditions, the company can acquire up to 50% of the project from TSM by February 2020 and the remaining 50% a year later.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataProspect Resources executive chairman Hugh Warner said: “Our team has reviewed numerous DRC Cobalt projects over the last 12 months. Without local knowledge, the DRC can be a daunting environment in which to do business. Thankfully our team has that experience, enabling us to navigate the legal, environmental, labour and political processes.
“We look forward to getting on the ground to begin exploration on Tombolo. Adding cobalt to our lithium deposit is another building block in establishing Prospect and the leading new energy provider in Africa.”
The Tombolo Klippe Project covers the eastern half of the Tombolo Klippe, an allochthonous (transported) fragment of a normal (right way up) stratigraphic sequence of Roan and Nguba Group rocks resting on younger autochthonous rocks of the Kundelungu Group.
It is reported that the Tombolo Klippe has previously been the subject of several surficial prospecting programmes which included mapping and trenching but has never been subject to a multi-disciplinary, targeted exploration programme as planned by the company.
