(TheNewswire)
Toronto, O N - TheNewswire - March 17, 2023 - Tantalex Lithium Resources Corp. (CSE:TTX ) ( FSE:DW8 ) ( OTC:TTLXF) (“ Tantalex ” or the “ Corporation ”),would like to hereby provide rectifying announcement further to a continuous disclosure review performed by the OSC as well asan operational update on its 3 projects inManono, DRC.
Tantalex Lithium activities in the DRC are increasingconstantly with the current construction of the TiTan alluvial tin andtantalum project, the continued exploration activities on thepegmatite Corridor and the ongoing Preliminary Economic Assessment forthe Manono Lithium Tailings project.
Our team has ramped up with the recent hires of QuintonMseredza, Mine manager, Serge Banze Ngoy, DRC Administrative andFinancial Manager, Eric Gagnon, ESG Manager, Lydia Mbaka, Publicrelations & Communication Manager, and Srinivas Pallangthod asProduction Manager. With these new additions to the team, the Companyis now well positioned to advance the Company’s projects.
CONTINUOUS DISCLOSURE REVIEW
The Company would like to announce that, as a result ofa continuous disclosure review by the Ontario Securities Commission(the “ OSC ”), the Company would like to clarify its disclosure assome company disclosed information should only have been disseminatedonce its preliminary economic assessment
(“ PEA ”) will have been completed.
In order to satisfy several deficiencies with NationalInstrument 43- 101 - Standards of Disclosure for Mineral Projects(“ NI 43-101 ”) noted by the OSC during its recent continuous disclosureaudit of the Company, the Company understands it will need to amendits disclosure documents accordingly.
The Company wishes to retract all results of PEA andwritten disclosure with quantitative economic projections implyingeconomic feasibility and other disclosures not compliant with NI43-101 disclosed in its news releases dated September 6, 2022,September 13, 2022, October 31, 2022, December 12, 2022, December 14,2022, its annual management discussions and analysis (“ MD&A ”) for theyear ended February 28, 2022, its interim MD&A for the periodended August 31, 2022, its corporate presentations dated third quarter2022 and first quarter 2023, its fact sheet date first quarter 2023,corporate newsletters dated April 2022, May 2022, October 2022, itsinterview in July 2022 with Mining Weekly and its project pages on itswebsite.
Further, in connection with the OSC’s recentcontinuous disclosure review of the Company, the Company will alsoupdate and clarify additional disclosure contained in the Company’svarious other disclosure documents.
Tantalex Lithium activities in the DRC are increasingconstantly with the current construction of the TiTan alluvial tin andtantalum project, the continued exploration activities on thepegmatite Corridor and the ongoing Preliminary Economic Assessment forthe manono Tailings project.
Our team has ramped up with the recent hires of ourMine manager, Quinton Mseredza, Serge Banze Ngoy, DRC Administrativeand Financial Manager, Eric Gagnon, ESG Manager, Lydia Mbaka, Publicrelations & Communication Manager, and Srinivas Pallangthod asProduction Manager.
Manono Lithium Tailings Project
The Preliminary Economic Assessment (PEA) isprogressing on track with the following activities ongoing:
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Metallurgical test results from DMS received andflotation testing underway,
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Site selection survey for location of plant andtailings storage facility.
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Road survey for export of material
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Appointment of SRK Consulting for peer review ofenvironmental and social studies leading to an ESIA for the futurecompletion of the FS.
The PEA is scheduled to be issued by end ofApril.
TiTan Plant
Following activities are ongoing despite theparticularly harsh rainy season:
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Mine processing plant base concrete work
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Mine Tailings Storage Facility Excavation
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Mine camp/workshop area
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Moving of plant equipment from Manono to projectsite
Fig.3 Equipment arriving at Project Site
Completion Date for the Titan Plant is expected duringthe month of May.
Pegmatite Corridor
Drilling commenced in December where a total of 6 holestotaling 332m were drilled before the Xmas demobilization. Drillingwas performed using RC drill rigs to test the depth of fresh hardrockof the LCT pegmatites.
Drilling has been suspended since January due to thedifficult access conditions during the rainy season and some technicalbreakdowns on the drilling equipment. The program for 20,000m ofdrilling on the Corridor remains current and additional drill rigs areplanned to be mobilized during the dry season to complete the plannedmeterage.
While we wait to resume the drilling, the Company iscontinuing with it’s passive seismic survey campaign on a gridspaced at 500 x 50m (between sections and reading stations) and atotal of 11 section lines @ 4.95m each and strike length @ 5km. Thiswill allow to:
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Verify any sudden bedrock depth changes due topegmatite dykes/silicification
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Provide the exploration team withadditional data for the general area further geology set-upinterpretation and delineate geological structures possibly associatedwith Li-pegmatite
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Define zones/areas for detailed follow up with RC/DDdrilling program
About Tantalex Lithium ResourcesCorporation
Tantalex Lithium is an exploration and developmentstage mining company engaged in the acquisition, exploration,development and distribution of lithium, tin, tantalum and otherhigh-tech mineral properties in Africa.
It is currently focused on developing its lithiumassets in the prolific Manono area in the Democratic Republic ofCongo; The Manono Lithium Tailings Project and the Pegmatite CorridorExploration Program.
Cautionary Note Regarding ForwardLooking Statements
This presentation includes certainstatements that may be deemed forward looking statements. Allstatements in this document, other than statements of historicalfacts, which address future production, reserve potential, explorationactivities and events or developments that the Company expects, areforward looking statements. Such forward-looking statements include,without limitation: (i) estimates of future lithium, tin and tantalumprices, supply, demand and/or production; (ii) estimates of futurecash costs and revenues; (iii) estimates of future capitalexpenditures; (iv) estimates regarding timing of future development,construction, production or closure activities; (v) statementsregarding future exploration results; (vi) statements regarding coststructure, project economics, or competitive position, and; (vii)statements comparing the Company’s properties to other mines,projects or metals. Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those inthe forward-looking statements. Factors that could cause actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes,continued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance, that the Companyexpressly disclaims any responsibility for revising or expanding theforward- looking statements to reflect actual results or developments,and that actual results or developments may differ materially fromthose projected, in the forward-looking statements, except as requiredby law.
For more information, please contact:
Eric Allard
President & CEO
Email: ea@tantalex.ca
Website: www.tantalexlithium.com
Tel: 1-581-996-3007
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