MC = $23.75 Million. ( @.185c)
SOI = 128.5 Million. ( Including recent CR shares to be issued)
Top 20 hold 66.44%. Management holding 9.1%.
Cash = $4.5 Million ( Including recent CR funds of $2.83 Million)
Three diamond holes have been completed at Kamilombe and a fourth hole has been drilled down to 237m for a total of 816m by Katanga Exploration. A good correlation generally exists between the Mines R2 Series geology encountered and the historical holes drilled by KCC/Gecamines.
Cutting and sampling of drill core has commenced with the first batch of samples expected in ALS Global’s sample prep facility in Lubumbashi. A split of all individual samples will be analysed using the Niton XRF analyser while a second sample will be sent to ALS Global’s accredited laboratory in Johannesburg for 4 acid digest and ICP-AES finish.
First Niton results are expected mid to late June.
Kamilombe
KMDD001 was designed to twin KCC/Gecamines diamond hole KBGU18 and was drilled down to 264m. An excellent correlation exists between stratigraphic sequences comprising the Mines R2 Series in both drill holes. Two main zones were reported in KBGU18. These included:
19.5m at 1% Co from 34.6m (*RSC)
5.1m at 1.5% Co from 54.1m (*RSF) 26.5m at 2% Co and 1% Cu from 78.1m (*Lilac RAT) 3m at 3% Co and 4% Cu from 209.6m (*SDB) 32.2m at 3% Co and 0.5% Cu from 215.9m (*RSC)
If the Niton results replicate the above historical drilling results and widths then TAR is in a for a significant rerate IMO! This would have to be one of the cheapest high grade Cobalt stocks listed on the ASX currently compared to peers in the industry.
TAR - MC = $23.75 million.
EUC - MC = $52 Million.
WFE - MC = $58 Million.
Klaus Eckhof is key advisor to the company and found these high grade Cobalt tenements for the Company, whilst his daughter Sheena Eckhof is a director of TAR.
New strategic investor Mr Raymond Liu of Hongze Group Ltd will be working with TAR to complete the project development and facilitate off take agreements in China.
“The support of Hongze highlights the significant potential of the Company’s cobalt projects in the DRC. Hongze, led by Managing Partner Mr Raymond Liu, has extensive experience in mineral investments and has interests in a range of ASX-listed companies. Taruga looks forward to working with Raymond and Hongze in advancing the Company’s projects.”
(20min delay)