Taruga Minerals Limited (Taruga or the Company) has undertaken a comprehensive review on a number of projects and has focused on potential acquisitions of Cobalt-Copper projects in the Democratic Republic of Congo (DRC) and Lithium projects in Australia. On 1 March 2018, Taruga announced the acquisition, subject to Due Diligence, of a series of highly prospective Cobalt-Copper mineralised projects in the DRC.
These Cobalt-Copper projects range from advanced exploration with high-grade drill intersections through to early stage exploration offering additional opportunities.
Taruga has entered into 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 and PE2605) Cobalt-Copper projects. In addition, Taruga has also secured a first right of refusal to assess and develop additional Cobalt-Copper licenses held by the Government of Lualaba Province and Mint-Master.
As part of the technical Due Diligence, Taruga conducted drilling programmes on both projects to better understand the true mineralised potential of both deposits, which are currently being mined from surface by artisanal miners.
Significant intercepts at Kamilombe included:
- 51m at 0.5% Co from 6m including 14m at 1.21% Co from 30m in KMDD005
- 31m at 0.5% Co from 33m including 3.04m at 1.45% Co from 36.4m and 51.8m at 1.05% Co from 57.7m in KMD001
- 16m at 1% Cu from 72m and 25m at 1.2% Cu from 138m in KMDD001
Significant intercepts at Mwilu included:
- 43m at 0.4% Co from 257m including 6m at 1% Co from 282m and 8m at 3% Cu from 269m in MWDD008
Both projects lie within the “Kolwezi Klippe” and are currently being mined at shallow levels by artisanal miners who are providing Cobalt ore to the Consortium, the sale of which is used to fund ongoing development projects in the Lualaba Province. The “Kolwezi Klippe” is host to 60% of the DRC’s Cobalt.
Taruga is in discussions with the vendors for possible early stage production at shallow levels on the two projects. On conclusion of Due Diligence, Taruga will fast track drilling on both projects for early Resource definition.
Taruga has also signed agreements for the acquisition of several early stage, highly prospective licenses with known Cobalt and Copper occurrences within inferred/mapped Roan sediments.
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 stratigraphic units to host major Cobalt-Copper mineralisation and significantly highlight large areas of prospective ground that has had little to no previous exploration. Little historic exploration was focused on areas under recent cover and highlights the potential for new discovery of blind under cover deposits.
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