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Metals of Africa (MTA) has signed an agreement with Select Exploration to acquire a portfolio of Copper-Gold exploration projects in Tanzania
The Australian resources company, focused on metals exploration, has also entered into an option agreement to establish a joint venture with Select over a suite of exploration projects in Gabon.
Under the agreement, MTA will acquire 100 per cent of five copper-gold exploration projects in Tanzania, subject to the completion of due diligence on or before the end of this month.
These projects have been identified on the basis of identified mineralisation at surface in conjunction with geological and geophysical prospectivity, and are also prospective for rare earth elements.
Outcropping copper sulphide mineralisation was recently identified at the Godegode project, and MTA intends to follow this up with on-ground exploration post the completion of the acquisition.
MTA is already active in Tanzania, holding the recently discovered Tanga Copper-Gold Project.
The potential acquisition of the SLT copper-gold projects will allow MTA to optimise its resources in Tanzania, ensuring greater up-side potential for minimal additional cost, the company said.