HomeBase MetalsMetals of Africa to acquire Balama central graphite project in Mozambique

Metals of Africa to acquire Balama central graphite project in Mozambique

ASX-listed African focused exploration company Metals of Africa has expanded its graphite project area in Mozambique’s world class Cabo Delgado graphite province with an agreement to acquire the Balama Central Project.

Metals of Africa has entered into a binding License Sale Agreement to acquire the Balama central graphite project. The new project is located immediately adjacent to Syrah Resources major Balama graphite project in the world class Cabo Delgado graphite province in Mozambique.

Exploration plans at the Balama central project

Subject to successful completion of due diligence, the company plans to commence exploration immediately with an airborne electro‐magnetic (EM) survey to define exploration targets. The project will be acquired from Mozambican company, Dombeya Mineraco Lda, for consideration of; initial cash payment of US$50 000 plus, on completion, Metals of Africa shares to the value of US$200 000 and a second cash payment of US$200 000.

Metals of Africa executive director Cherie Leeden said: “The Cabo Delgado district in Mozambique is the place to be for graphite and vanadium exploration. We are excited at the opportunity to acquire this new graphite exploration asset and, on successful completion of due diligence, we look forward to finalising the acquisition and commencing exploration immediately along strike of the world’s largest and most valuable graphite and vanadium resource.”

About the Balama central project

The project comprises an area of 9600 hectares and has been subject to country-wide geological mapping and airborne geophysics which produced magnetics and radiometric data. Results of this work concluded that the project is prospective for graphite. The project has not been subject to systematic on-ground exploration. The company plans to conduct an airborne EM survey to delineate areas for targeted exploration. The project has excellent logistics and a main road passes through the license.

About Metals of Africa

Metals of Africa is a diversified minerals exploration company focused on exploring for world class deposits in Africa. The Company’s core commodity targets are: lead, zinc, copper and graphite. In Mozambique, it is focused on lead-zinc-silver exploration for a Broken Hill Type target at the Rio Mazoe Project and adjacent Changara Project. The company is also focused on graphite exploration at its Montepuez Project. In Tanzania the current focus is the Mkindu Project where the target is an Olympic Dam‐style, Uranium-Iron oxide-Copper-Gold (U-IOCG) deposit. The Kroussou Project in Gabon represents a shallow Mississippi Valley Type lead-zinc-silver target.

Top Stories:
Exxaro profit boosted by 43% higher coal exports
Zimplats halts all mining at Bimha over safety concerns
1500 jobs threatened as Harmony Gold shuts unprofitable shaft