Tanga Resources Ltd - Tanga Identifies Multiple New Gold Anomalies At Katerina Gold Project
Tanga Resources Ltd (ASX:TRL)

Tanga Identifies Multiple New Gold Anomalies At Katerina Gold Project

Highlights

What's happened?

Tanga Resources Ltd (ASX: TRL, “Tanga”) has provided details on its Namibia gold exploration activities, where extensive progress has been made including the identification of multiple new targets along a major NNE mineralised structure which cuts through the Katerina Gold Project, located within the Damara Orogenic Belt, Namibia.

What are the key highlights?

  1. Targets include three, large, 2.5km x 1km gold-in soil anomalous areas, each with a threshold over 3ppb gold, with peak values of 26ppb in soil and 212 ppb (0.2 g/t) in rock chips.
  2. The gold anomalies appear to follow structural features and vectors associated with mineralisation elsewhere in the Damara Belt.
  3. Tanga currently holds a significant ground position on the Damara Belt, totalling over 1,800km2.

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What does this announcement mean?

Erik Bergseng CFA® from Mawson Graham provides perspective on this recent announcement.
Erik Bergseng CFA®
Written by Erik Bergseng CFA®
Published May 14, 2020

14th May 2020: There has been recent investment activity in Namibia by listed Australian resource companies, with Sandfire Resources (ASX:SFR) purchasing exploration properties from Kopore Minerals (ASX:KPT) on the 1st May 2020. Given the cash balance of Tanga Resources (ASX:TRL) was ~$920k as of the 31st March 2020 and that the company has a current market capitalisation of $1.77m, there would be significant upside leverage if future exploration success is achieved.

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