Tsodilo Resources Ltd. reports developments in mineral exploration projects in Botswana, including its Gcwihaba Resources project area and the Xaudum Iron Formation project. The company describes itself as an international mineral resource exploration company with a 100% stake in a Gcwihaba project area made up of five metal prospecting licenses for base, precious, platinum group and rare earth metals in Botswana's North-West district.
Recurring updates cover critical minerals and rare earth element work at Gcwihaba, including skarn-hosted mineralization, geophysical and drilling results, mineralogy and geochemistry studies, and research collaborations with universities and applied-science organizations. News also includes non-brokered private placements, stock option grants, and funding uses tied to exploration programs and working capital.
Tsodilo Resources Limited (TSX-V:TSD)(OTCQB:TSDRF) announced an extension of the expiry dates for 2,804,055 common share purchase warrants, subject to TSX-V approval. Originally set to expire on January 25 and February 10, 2023, the new expiry dates are July 25, 2023, and August 23, 2023, respectively. The warrants were part of a public offering that closed on February 10, 2023, where the company issued 2,986,038 units at C$0.50 each, each consisting of one common share and one warrant exercisable at USD$0.55.
Tsodilo Resources Limited has provided an update regarding its legal action against the Botswana Ministry of Minerals and Energy (MME), originally filed on October 31, 2022. The company is responding to increased requests for related documentation by creating a dedicated landing page for transparency. The Xaudum Iron Formation project in Botswana has defined a CIM compliant Inferred Mineral Resource Estimate of 441 million tonnes with an average grade of 29.4% Fe. Further exploration is planned for Block 2a, expecting an increase in resources.
Tsodilo Resources Limited has announced a corporate update regarding its exploration projects in Botswana, particularly the Xaudum Iron Formation project. The company submitted five prospecting license renewals on June 30, 2021, with four approved as of January 1, 2022. However, the renewal of license PL020/2018 has faced delays due to its location within a UNESCO buffer zone. Tsodilo initiated litigation on October 31, 2022, after receiving notice that exploration in the buffer zone would not be renewed. The company's resource estimate for this project is 441 million tonnes grading 29.4% Fe.
Tsodilo Resources Limited has provided an update on its exploration projects in Botswana, specifically regarding its Xaudum Iron Formation project. The company experienced delays in the renewal of a prospecting license due to environmental concerns related to the Okavango Delta UNESCO site. Despite previous approvals, the Botswana government is now refusing renewal for areas in the buffer zone. As a result, Tsodilo initiated litigation on October 31, 2022, to resolve the matter and protect shareholder interests. The Xaudum project holds a significant 441 million tonnes inferred resource at 29.4% iron.
Tsodilo Resources Limited held its Annual Meeting on June 30, 2022, where directors James M. Bruchs, Thomas S. Bruington, Jonathan R. Kelafant, Blackie Marole, and Mark Scowcroft were elected. Shareholders also appointed Crowe MacKay LLP as auditors. Additionally, the company granted 1,000,000 stock options to directors, employees, and an advisor, with an exercise price of CDN$ 0.29, vesting in increments over 18 months. Tsodilo focuses on diamond and metals exploration in Botswana, holding key projects like Bosoto, Gcwihaba, and Newdico.
Tsodilo Resources Limited (TSDRF) announced on May 4, 2022, that its request for a Management Cease Trade Order was denied by the Ontario Securities Commission due to insufficient market activity in Canada. The company had anticipated delays in filing its financial statements for the year ended December 31, 2021, originally due by May 2, 2022, mainly impacted by the COVID pandemic and license confirmations in Botswana. Tsodilo plans to complete and file these statements by May 31, 2022, and will provide bi-weekly updates until then.
Tsodilo Resources Limited has completed the Final Feasibility Study for the Trans-Zambezi Railway Extension from Grootfontein to Katima Mulilo, enhancing access to mining regions. This project, backed by the Government of Namibia and the African Development Bank, aims to link mining operations with the railway network, improving mineral transportation across southern Africa. The study concluded that the 772 km railway extension is technically and financially viable, promising increased logistics for Tsodilo's Xaudum Iron Formation project.
Tsodilo Resources Limited (TSDRF) announced the grant of 425,000 stock options to key personnel, effective January 1, 2022, at a price of CDN $0.64 per share. These options will vest in four equal parts over two years. The company operates in diamond and metal exploration, with a focus on projects in Botswana, including the BK16 kimberlite project. The firm holds 100% stakes in multiple exploration areas but faces various risks, including market volatility, regulatory challenges, and uncertainties related to its exploration outcomes.
Tsodilo Resources Limited has announced positive geotechnical lab test results for its Xaudum Iron Project in Botswana. The initial tests show that the Xaudum Iron Formation (XIF) materials possess good to moderate strength properties, which are crucial for safe mining operations. The Unconfined Compressive Strength tests indicated a very strong classification for the Fresh Banded Magnetite formation with an average UCS of 132.7 MPa. The results will support the ongoing Preliminary Economic Assessment (PEA) and confirm that there will be no geotechnical issues arising from the XIF materials.
Tsodilo Resources Limited (TSDRF) announced progress on its Xaudum Iron Formation (XIF) project, revealing significant findings from the Block 2a drilling program. The results from 10 drill holes indicate that Block 2a, located 10 kilometers south of Block 1, contains magnetite-rich mineralization similar to that of Block 1. Average iron grades in Block 2a include 35.6% Fe for Banded Magnetite and 25.1% Fe for Magnetite Diamictite. This is expected to substantially increase the resource tonnage of the XIF project, building on the current Inferred Mineral Resource Estimate of 441 million tonnes at Block 1.