Toronto-based
The company recently signed an option/joint-venture agreement with Tanzanian-based Shanta Mining, which in turn is held 50% by Sable Gold (Mauritius), an African company with several small to mid-sized mining operations.
Shanta can earn a 65% interest in Ikungu by making cash payments totalling US$245,000 and spending at least US$500,000 on exploration over five years. Shanta can increase this to 75% by completing a bankable feasibility study. At this stage, Lakota would be responsible for its 25% share of costs if and when the project advances to the production stage.
Gold was discovered at Ikungu in 1993, since which time several small mines have operated there. Among them was the Forest mine, which produced about 19,000 oz. gold from workings above 100 metres. The property hosts gold occurrences that have yet to be tested by modern techniques.
Lakota notes that another company has challenged title to the 18.8-sq-km Ikungu licence but that the claim as having “no merit.” The company also says its title has been “substantiated” by the minister of energy and mines in Tanzania.
Be the first to comment on "Lakota finds partner for Tanzanian property"