(TheNewswire)
Toronto, Ontario - TheNewswire - October 23 rd , 2023 – Tantalex Lithium Resources Corp.(CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to report it has filed its NI 43-101Preliminary Economic Assessment (PEA) Report for the Manono LithiumTailings Project, Manono, Democratic Republic of Congo, with aneffective date of October 6 th , 2023 (the “ Mineral Resource Report ”). As highlighted on the news release of October6 th ,the results of the PEA are compelling, and the Company Board has recommended the Project to proceed to a Feasibility Study.
Key PEA Highlights
Excellent project economics andfinancial returns
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Robust pre-tax NPV 10% of approximately US$764million and 87.4% IRR on a nominal basis, and a pre-tax NPV 10% of approximately US$638 million and 82.3% IRR on areal basis.
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Rapidpaybackof1 yearafterfirstproductionusingaLife ofMinespodumeneconcentratepriceof US$2,800/t SC5.5 (FOB, Africa) asforecast by Fastmarkets, an internationally recognized pricereporting agency.
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Project Capital Cost Estimate (CAPEX) of US$147,7M includingcontingencies,
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Life-of-Mine (LOM) of 6 years with an estimated annual production of112,000 t of spodumene concentrate
Low risk plant operation and tailingsreclamation
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Ready to use tailings dump resources to feed beneficiation plant withminimum cost of mining, crushing, grinding, and processing.
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Processplant nameplate capacity is 1.26Mtpa ofrun-of-mine ( ROM ) ore basedonrobustflowsheetusinglearningsfromotherlithium producers.
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Anumberofopportunitieshavebeenidentifiedtoimprovecapital andoperatingcostsandplantcapacity. The exploration program is beingfinalized with a focus on increasing indicated resources and extendinglife of project.
The PEA was prepared by Sedgman Novopro of Montreal,Canada with Mineral Resource and Mining contributions from MSA Groupin accordance with National instrument 43-101, Standards of Disclosurefor Mineral Projects (NI 43-101).
Filing of Report
The NI43-101 compliant technical report (“Report”)has been filed on SEDAR and on the company websitewww.tantalexlithium.com.
The Qualified Person for the Mineral Resource estimateis Mr. Rui Goncalves (BSc Hons, MSc (Eng.)) who is a geologist with 13years of experience in base and precious metals exploration, mininggeology and Mineral Resource estimation. He is a Senior MineralResource Consultant for The MSA Group (an independent consultingcompany), is registered with the South African Council for NaturalScientific Professions (SACNASP) and is a Member of the GeologicalSociety of South Africa (GSSA). Mr. Goncalves has the appropriatequalification and experience to be considered a “Qualified Person”for the style and type of mineralisation and activity being undertakenas defined in National Instrument 43-101 Standards of Disclosure ofMineral Projects.
Neither Mr. Goncalves nor any associates employed inthe preparation of the Mineral Resource report (“Consultants”)have any beneficial interest in Tantalex Lithium ResourcesCorporation.
The Qualified Person for the above groundinfrastructure and support systems is Mr. Jim Brebner P.ENG. who is amechanical engineer with 35 years of experience executing industrialprojects, economic and feasibility studies, process development, anddue-diligence reviews, and has participated in multiple mining andprocessing projects in potash, lithium, and light metals in Canada,United States, Africa, South America and Australia. He is theEngineering Manager at Sedgman Novopro (an independent consultingcompany) and is registered with the Ordre des Ingénieurs du Québecand the Professional Engineers and Geoscientists of Newfoundland andLabrador. Mr Brebner has the appropriate qualifications and experienceto be considered a “Qualified Person” for the style and type ofprocessing plant and activity being undertaken as defined in NationalInstrument 43-101 Standards of Disclosure of Mineral Projects.
Mr. Brebner nor any associates employed in thepreparation of the PEA report (“Consultants”) have any beneficialinterest in Tantalex Lithium Resources Corporation.
The Qualified Person for the mineral processing is Mr.Antoine Lefaivre (P.Eng) who is a Process engineer with 15 years ofexperience executing industrial projects, economic and feasibilitystudies, process development, and due-diligence reviews, and haveparticipated in projects for potash, lithium, magnesium products,using both conventional and solution mining for ore recovery inCanada, United States, Africa, South America and Australia. He is leadprocess engineer in Sedgman Novopro (an independent consultingcompany), is registered with Order of Engineers of Quebec. Mr.Lefaivre has the appropriate qualification and experience to beconsidered a “Qualified Person” for the style and type ofprocessing plant and activity being undertaken as defined in NationalInstrument 43-101 Standards of Disclosure of Mineral Projects.
Neither Mr. Lefaivre nor any associates employed in thepreparation of the PEA report (“Consultants”) have any beneficialinterest in Tantalex Lithium Resources Corporation.
These Consultants are not insiders, associates, oraffiliates of Tantalex. The results of the report are not dependentupon any prior agreements concerning the conclusions to be reached,nor are there undisclosed understandings concerning any futurebusiness dealing between Tantalex and the Consultants. The Consultantsare to be paid a fee for their work in accordance with normalprofessional consulting practices.
Qualified person
Mr. Rui Goncalves, Pr. Sci Nat, is a Qualified Personand has reviewed and approved this press release. The information inthis press release that relates to the estimate of the MineralResources for the Manono Tailings Project is based upon, and fairlyrepresents, information and supporting documentation compiled by Mr.Goncalves.
Mr. Jim Brebner , P.ENG. is a Qualified Person and has reviewed and approvedthis press release. The information in this press release that relatesto the Manono Tailings Project PEA report is based upon, and fairlyrepresents, information and supporting documentation compiled by Mr. Brebner .
Mr. Antoine Lefaivre , P.ENG, is a Qualified Person and has reviewed and approvedthis press release. The information in this press release that relatesto the Manono Tailings Project PEA report is based upon, and fairlyrepresents, information and supporting documentation compiled by Mr.Goncalves.
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
The information in this news releaseincludes certain information and statements about management's view offuture events, expectations, plans and prospects that constituteforward looking statements. These statements are based uponassumptions that are subject to significant risks and uncertainties.Because of these risks and uncertainties and as a result of a varietyof factors, the actual results, expectations, achievements orperformance may differ materially from those anticipated and indicatedby these forward looking statements. Although Tantalex believes thatthe expectations reflected in forward looking statements arereasonable, it can give no assurances that the expectations of anyforward looking statements will prove to be correct. Except asrequired by law, Tantalex disclaims any intention and assumes noobligation to update or revise any forward looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions, changes in factors affecting suchforward looking statements or otherwise.
The Canadian Securities Exchange(CSE) has not reviewed this news release and does not acceptresponsibility for its adequacy or accuracy.
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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