A gold mining property in Tanzania.
130 International has an option to purchase this project for $3.5 million—in partnership with the existing owners—subject to completing the drilling work started by prior partners. This property is estimated at 98,000 oz. today and, with a finished drilling program in place, is expected to show at least 50,000 oz. of proven reserves. This meets the established target of $50 per oz. for proven reserve costs, so the Company moved ahead with phase one of this project this project to finish the report. Subject to verification of acceptable proven reserves, 130 International will finish the acquisition.
The project has a total of 43 Primary Mining Licenses in the Singida-Londini region of east-central Tanzania. Tanzania is a peaceful, politically stable, mineral-rich and mining-friendly, but virtually unexplored; and yet, remains Africa’s 4th largest gold producer with 45M oz. An international engineering firm conducted a lot of work onsite, identifying significant deposits, but did not drill to confirm the proven reserves in a complete 43-101 format. The firm’s work confirms initial Gold ore resources of 98,000 oz. Further drillings at depth and along strike lines will define more ore resources in the project area. In this regard, the Company intends to establish a small scale commercial mining operation, which will boost the further exploration activities and/or sale of the assets.