Tharisa sets aside $3,2m for Great Dyke exploration

Tharisa sets aside $3,2m for Great Dyke exploration
Published: 30 September 2018
EUROPEAN headquartered integrated resource group, Tharisa says it will spend $3,2 million on the special grant areas along the Great Dyke for the initial exploration programme.

The exploration will be conducted on concessions held by Salene Chrome Zimbabwe following the restructuring of a deal that would see Tharisa acquiring a 90 percent shareholding in Salene.

In a statement, the European headquartered resource group advised shareholders that the call option to acquire a 90 percent shareholding in Salene would be exercisable upon completion of an initial exploration programme.

"In consideration of the call option, Tharisa will undertake the initial exploration programme over the special grant areas held by Salene with a spend of $3,2 million. The amended structure would provide Tharisa with certainty on the extent of the mineralisation and the necessary techno-economic information on which to base an investment decision whilst retaining the economic benefits of the transaction," it said.

Salene was awarded by Government three special grants covering an area of an estimated 9 500 hectares (95 kilometres) on the eastern side of the Great Dyke in May 2018.

"The special grants entitle Salene to mine the minerals thereon including alluvial chrome, being at surface chrome fines generated from seams as a result of weathering."

The resource group also indicated that the transaction was in line with its approved growth strategy including increasing geographic diversification.

"The exploration programme will, on obtaining the necessary environmental permits, include trenching and/ or pitting operations over the special grant areas to determine the extent of the mineralisation and the sampling thereof to confirm and delineate the alluvial chrome ore body and the in situgrade of the chrome content to enable a maiden resource indication."

It is hoped that the exploration work will set the groundwork to enable a fast track to production, subject to the outcome of the economic feasibility.
- zimpapers
Tags: Tharisa,


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