Buckell Lithium Project Site Visit Results in Favourable NI 43-101 Report and Gives Green Light on Resource Definition Work
TORONTO, ONTARIO--(Marketwired - Jan 25, 2017) - Tantalex Resources Corp. (CSE:TTX)(CSE:TTX.CN)(FRANKFURT:1T0) ("TANTALEX" or the "Corporation"), is pleased to announce that it has now critically reviewed historic exploration data of its Buckell Lithium Project as well as that of the adjacent historic mining site of Manono-Kitotolo, located near the town of Manono, Tanganyika province. Raymond P. Spanjers P.Geo, Qualified Person, has prepared, approved and is responsible for the scientific and technical disclosure found in the NI 43-101 Technical Report (the "Report"), as well as this press release, dated January 25, 2017. The report has been filed on SEDAR and on Tantalex's website at www.tantalex.ca for further consultation.
The Buckell Lithium Project is comprised of two claims totalling a vast 920 km2 surface located in the Central African Kilbara Belt, the site of former large scale mining from 1916 to the early 1990's. The claims are found within a Mesoproterozoic geological structure, showing strong evidence of Lithium-Cesium-Tantalum (LCT) Pegmatites. Furthermore, the properties are located adjacent to and along strike south of the world-class LCT-Pegmatite Manono-Kitotolo (MK) mine, which has been defined as the largest pegmatitic deposit of spodumene, tin and tantalite ever worked (Bassot et Mario 1989). Previously owned by Geomines SA Belgium mining company, six open pit mines operated at MK from 1915 to 1988, producing 140,000-185,000 tonnes of tin and 4,500 tonnes of coltan concentrate (Zairetain 1981). Metallurgical test work carried out in 1956, 1976 and 1981 demonstrated that a 6% lithium concentrate was produced at average tailings grade of 1.25% Li2O using a combination of heavy media separation, tables and spirals.
Dave GAGNON, Chief Executive Officer of TANTALEX, adds: "We are very optimistic about the potential of the Buckell Lithium Project based on the preliminary results obtained through the NI 43-101. The area has a very significant mining history, however little attention was paid to lithium extraction as there was no urgent need by the market as there is today. We are at the right place at the right time, and we plan on uncovering the property's full potential for a lithium deposit. We plan on beginning work within the next few weeks, and the focus for the first half of 2017 will be on defining the resource."
LCT-Pegmatite (hard-rock) deposits are typically associated with high-value spodumene. Spodumene is a pyroxene mineral consisting of lithium aluminium inosilicate, and is a source of lithium. LCT-Pegmatite deposits are an important link in the world's supply chain of rare and strategic elements, accounting for about one-third of world lithium production, most of the tantalum, and all of the cesium (U.S. Geological Survey, 2011). Currently, lithium demand heavily outweighs current supply, with the market looking to hard rock deposits to respond quicker to the need than brine deposits. This is true particularly in the Chinese markets, where hard-rock lithium plants (45% of global lithium supply) are in search of lithium feedstocks, as they are operating at reduced capacities (65% capacity in 2015) (Deutsche Bank; Company data; USGS, 2016).
About TANTALEX Resources Corporation
TANTALEX is a mining company engaged in the acquisition, exploration, development and distribution of Lithium, Tantalum and other high-tech mineral properties in Africa. The Corporation is listed on the Canadian Stock Exchange (symbol: TTX) and the Frankfurt Stock Exchange (symbol: 1T0).
Cautionary Note Regarding Forward Looking Statements
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although TANTALEX believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, TANTALEX disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
The Canadian Securities Exchange (CSE) has not reviewed this news release and does not accept responsibility for its adequacy or accuracy.
For further information, please contacts Investor relations: ir@tantalex.ca
Or visit us at: WWW.TANTALEX.CA
Contact
Tantalex Resources Corp.
Dave Gagnon
Chief Executive Officer
+16479637476
+37254728653
dg@tantalex.ca
Tantalex Resources Corp.
Kyle Appleby
Chief Financial Officer
+14164179176
ka@tantalex.ca
Tantalex Resources Corp.
Eric Allard
Vice President Operations
+15819963007
ea@tantalex.ca
Tantalex Resources Corp.
Christina Lalli
Manager, Investor Relations
+14379924114
cl@tantalex.ca