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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 (OTCQB:TSDRF) announced a collaboration with the Botswana International University of Science and Technology and Morupule Coal Mine to study the production of Pellet Feed and Direct Reduced Iron (DRI) from the Xaudum Iron Project. This initiative aims to support low-emission steel production due to rising demand for high-grade magnetite, which contains over 67% iron, placing it among the top producers globally. The project could enhance Botswana's economy by increasing revenue and employment opportunities while addressing growing carbon reduction targets in the steel industry.
Tsodilo Resources Limited has received a two-year renewal for Prospection License 369/2014 from Botswana's Ministry of Mineral Resources, enabling further evaluation of the BK16 kimberlite project. Located in the Orapa Kimberlite Field, BK16 contains valuable Type IIa diamonds. Recent findings indicated a range of diamond values from $281 to $792 per carat. The upcoming Phase II program will extract 20,000 tonnes of kimberlite, targeting 800 to 1,600 carats of diamonds, to enhance economic viability and resource estimation.
Tsodilo Resources Limited (TSDRF) held its Annual and Special Meeting on May 20, 2021, where shareholders elected five directors and appointed Crowe MacKay LLP as auditors. The meeting also approved increasing the shares reserved under the Stock Option Plan to 9,830,420, ensuring 20% equity stake. The Company granted options for 650,000 common shares at CDN$ 0.75, vesting over five years. Tsodilo is focused on diamond and metals exploration in Botswana and South Africa, managing several key projects with a 100% ownership in multiple licenses.
Tsodilo Resources Limited has announced the initiation of a Preliminary Economic Assessment (PEA) for its Xaudum Iron Project in Botswana, amidst a significant rise in global iron ore prices, which surged by 74% in 2020 to nearly US$180/t. The project boasts a high-grade magnetite concentrate expected to yield about 67% Fe, poised to benefit from strong market demands for cleaner, premium iron ores. The estimated resource stands at 441 million tonnes at an average grade of 29.4% Fe, with potential exploration targets suggesting further resource expansion.
Tsodilo Resources Limited has announced its approval to trade on the OTCQB Venture Market under the symbol TSDRF, effective March 4, 2021. This listing provides Canadian companies with easier access to U.S. investors with lower costs and increased transparency. The OTCQB facilitates enhanced liquidity and fair valuations by providing essential financial information to potential U.S. investors. Tsodilo aims to broaden its shareholder base, capitalizing on growing investor interest in mineral resources as the economy recovers from the COVID-19 pandemic.
Tsodilo Resources Limited has completed the second tranche of its private placement financing, raising $150,000 through the issuance of 300,000 units at C$0.50 each. This follows an earlier tranche, bringing total proceeds to $1,493,019 from 2,986,038 units. Each unit includes a common share and a warrant, allowing purchase of a share at USD$0.55 for two years. Proceeds will be used for general corporate purposes. The financing involved a director's subscription, qualifying as a related party transaction under regulations.