Taruga Gold Limited (ASX: TAR Taruga or the Company) is pleased to announce the acquisition, subject to Due Diligence, of a series of highly prospective Cobalt-Copper mineralised projects in the Democratic Republic of Congo (DRC). Taruga has undertaken a comprehensive review on a number of projects, and has focused on potential acquisition of Cobalt-Copper projects and Lithium projects.
Taruga has previously announced an agreement with Mr Klaus Eckhof and Mr Mark Gasson to act as strategic consultants to identify opportunities in the DRC which has led to the potential acquisition of these highly prospective Cobalt-Copper projects ranging from advanced exploration with high-grade drill intersections through to early stage exploration offering additional opportunities.
All concessions are shown in Figure 1 highlighting their position within the Central African Copper Belt.
Taruga has entered in an agreement with a consortium including the Government of Lualaba Province and local construction and development company, Mint-Master, to earn a 60% interest in the high grade Mwilu (portion of Permis d’Exploitation – PE 4960) and Kamilombe (portion of PE 11599) Cobalt-Copper projects.
The Company has agreed to a 6 month due diligence period and intends to conduct drilling programmes to better understand the true mineralised potential of both deposits, which are currently being mined from surface by artisanal miners.
Taruga has already collected a series of channel samples through the artisanal workings and reports grades of up to 13% Co (range 0.2% Co to 13% Co) using a handheld XRF Niton. In addition, Taruga has also secured a first right of refusal to assess and develop additional Cobalt-Copper licences held by the Government of Lualaba Province and Mint-Master.
The Company has also signed agreements with Madini for the acquisition of Madini’s 70% option on four highly prospective Copper-Cobalt licences as well as up to 100% interest of PR 12423, all of which cover a total of 116km2 of highly prospective ground with known cobalt and copper occurrences within inferred/mapped Roan sediments.
Central African Copperbelt – Geology
- Central African Copperbelt is located within the Lufflian Fold belt
- Region is located between the Kalahari Craton (south) and the Congo Craton (north)
- Roan Supergroup hosts the worlds largest sedimentary rock Stratiform Copper deposits
- Hosts major deposits of high-grade Cobalt mineralisation
- Mining from open pit and underground sources
Central African Copperbelt
All tenements are located within the Central African Copper Belt, which hosts many of the largest known copper-cobalt deposits both in the south-eastern DRC and Zambia.
The geology of the Copper Belt sequence has been well studied, and a substantial history of mining and exploration provides a strong platform for future development work. Cobalt-copper mineralisation was traditionally expected within the lower sedimentary sequences of the Lower Roan sub-group of rocks known as the Mines Group (R-2), although recent exploration has led to the discovery of several deposits in the overlying Mwashya (R-4) and Nguba Groups.
The most significant example being Ivanhoe’s Kamoa deposits (>25m tonnes of contained copper) hosted in the “Grand Conglomerate Formation” at the base of the Lower Kundulungu.
These new discoveries have highlighted the potential for additional units with the geological formation to host major cobalt-copper mineralisation and significantly highlight large areas of prospective ground that has had little to no previous exploration.
Taruga will fast track soil sampling and shallow air core drilling programmes on the early stage projects on the successful conclusion of the due diligence periods.
Economic Importance of the Copperbelt
- Multiple large, high grade deposits
- Major source of Cobalt mineralisation
- Largest copper reserves outside of Chile