African Mining and Exploration has entered into an agreement to acquire an 80% interest in Matilda Minerals Limitada in Mozambique.
The privately owned Mozambican heavy mineral sands explorer, Matilda, holds the highly prospective 180km2 Jangamo tenement which is located in a world class mineral sands province in Southern Mozambique.
African Mining and Exploration (AME), the AIM-listed exploration company, confirms that there is up to 18.1% total heavy minerals (THM), which include ilmenite, rutile and zircon in the mineral concentrate. Jangamo is adjacent to Rio Tinto’s major Mutamba1 mineral sands deposit, which along with another licence area in Mozambique have an exploration target of 7-12 billion tonnes at 3-4.5% THM.
AME has a defined exploration programme in place to realise value in near term and a drilling programme scheduled to commence in November 2013, funded from existing resources.
“With a highly prospective project located in a world-class major mineral sands province, Matilda and the Jangamo tenement represent a compelling investment opportunity,” says David Archer, AME’s CEO. “Together these interests underpin our commitment to building a multi-commodity exploration and development company.”