(TheNewswire)
Toronto, Ontario – TheNewswire - September 6, 2022 – Tantalex Lithium Resources Corp. (CSE:TTX ) – ( FSE:DW8 ) – ( OTC:TTLXF) (“ Tantalex ” or the“ Corporation ”), is pleased to announce that assay results received todate from it’s 2117m infill drilling program on the K dump hasreturned consistent high grade Li2O results with all drill holesreturning Li2O intercepts between 0,565% and 1,018% Li20 from surfaceover entire length of drillholes.
Manono Tailings – K DumpIntercepts
Further to assay results received on our maiden 10,000mdrill program, an additional drill program was conducted in Q2 2022targeting the K and G dumps. On the K dump, a total of 2117 metresfrom 156 aircore drillholes was completed on nominal 50m centres todefine a measured category for the Mineral Resource Estimate currentlyunderway.
Drillholes were sampled at 1 metre intervals with 3mcomposite samples submitted to SGS Lab, Randfontein RSA, formulti-element assay by GE_IMS90A50 method.
To date results from 382 out of a total of 836submitted samples from 36 of the 156 drillholes has been received.(Figure 1).
The K dump is composed of two different sections; 1) asteeply stacked section to the northeast that varies from 47m to 21mthick with an average thickness of 38m, and 2) a gently domed 500m x600m terrace section with an average thickness of 11m with depthsgenerally 15m to 20m in the centre shallowing to 3-5m at theedges.
Figure 1: Drillholes completed on the K dump
From the assays returned to date (figure 1 yellow dots)24 holes were drilled to more than 15 metres. All 24 holes deeper than15m returned mineralisation from the surface (Table 1). The 17 holesin the stacked material have a global average of 0.625 % LiO2. The 7holes in the terrace have a global average of 0.928% LiO2.
From the volume estimation report that Tantalexconducted in Q4 2021, the estimated total volume of the K dump is 3512 532m³. With an approximate density of 1,5 g/cm³ this representsa total estimated volume of 5 268 797 metric tons.
Table 1: Dill holeintercepts for drillholes of minimum 15m depth
“ Theseresults are highly encouraging as they demonstrate that the K dump iswell mineralized laterally and vertically and confirms our efforts todefine a measured resource in this area . ”said Eric Allard, CEO of Tantalex. “ Our additional assay results on the K andG Dump as well as our final report on preliminary metallurgicaltesting are also expected any time now. Our Maiden Mineral ResourceEstimate for the Manono Tailings is progressing well and we continuetargeting it’s c ompletionbefore the end of September. ”
CORPORATE UPDATE
Grid promissory Note
The Corporation has issued a grid promissory note datedJuly 20, 2022 (the “ Note ”) with AfriMet Resources AG(“ AfriMet ”) whereby AfriMet agreed to advance up to USD$1,000,000 to the Corporation pursuant to the terms below (the “ Loan ”).
The Loan will primarily be used for general workingcapital purposes. The Loan will be evidenced by a promissory note infavour of AfriMet. The maturity date of the Loan is one (1) year fromthe date of issuance of the Note (the “ Maturity Date ”) andsaid Note bears an interest of 10% per annum calculated monthly inarrears and not in advance.
Closing of Tranche 1 Privateplacement
On July 15 th , the Corporation was granted by theCanadian Securities Exchange (the “ CSE ”) aconfidential price protection set to expire on August 28, 2022 andlater extended to October 7 th for completing a non-brokered privateplacement for gross proceeds of a maximum of 2,000,000 USD through theissuance of common shares at a price of $0.08 per common share of theCorporation.
Th e Corporation has completed aninitial closing by issuing 6,512,500 common shares in favour of theholders. Simon Collins, a Director of the Corporation subscribed for3,225,000 common shares.
Conversion of debt into shares of theCorporation
Further, the Corporation has issued 2,943,558 commonshares of the Corporation (the “ Common Shares ” or a“ Common Share ”) at a price of CAD$0.08 per Common Share in satisfactionof approximately CAD$235,485 compensation payable to independentconsultants and related parties of the Corporation.
2,943,558 Common Shares were issued to related parties(within the meaning of Multilateral Instrument 61-101 – Protectionof Minority Security Holders in Special Transactions (“ MI 61-101 ”)) andsuch issuances are considered "related party transactions"for the purposes of MI 61-101. 750,000 Common Shares were issued to3IM Technologies Inc. a consulting firm controlled by Eric Allard,President and CEO of the Corporation. 500,000 Common Shares wereissued to CFO Advantage Inc., a consulting company controlled by KyleAppleby, CFO of the Corporation. 1,271,250 Common Shares were issuedBurton Financial Services Ltd., 266,063 Common Shares Hannes Miller,an officer of the Corporation. Finally, 156,245 Common Shares wereissued to Ikigai Specialist Solutions PTY Ltd., an independentconsultant of the Corporation.
Such related party transactions are exempt from theformal valuation and minority shareholder approval requirements of MI61-101 as neither the fair market value of the securities being issuedto the related parties nor the consideration being paid by the relatedparties exceeded 25% of the Corporation’s market capitalization atthe date of issuance. The recipients of the Common Shares and theextent of such participation were not finalized until shortly prior tothe completion of the issuance described herein. Accordingly, it wasnot possible to publicly disclose details of the nature and extent ofrelated party participation in the transactions contemplated herebypursuant to a material change report filed at least 21 days prior tothe completion of such transactions. All of the Common Shares wereissued pursuant to an exemption from the prospectus requirement ofapplicable securities laws.
OTCQB Listing
Our application with the Depository Trust &Clearing Corporation (“ DTCC ”) to further enable the easierelectronic clearing and settlement of the Corporation’s commonshares in the United States is still pending due to theCorporation’s name change and additional procedures which wererequired thereafter.
Qualified Person
The scientific and technical content of this newsrelease has been reviewed and approved by Mr. Gary Pearse MSc, P. Eng,who is a “Qualified Person” as defined by National Instrument43-101 Standards of Disclosure for Mineral Projects (“ NI 43-101 ”).
About Tantalex Lithium ResourcesCorporation
Tantalex is an exploration and development stage miningcompany engaged in the acquisition, exploration, development anddistribution of lithium, tin, tantalum and other high-tech mineralproperties in Africa. The Corporation is listed on the Canadian StockExchange (symbol: TTX) Frankfurt Stock Exchange (symbol: DW8) andOTCQB Venture Market (symbol TTLXF).
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: https://tantalexlithium.com/
Tel: 1-581-996-3007
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