African Energy Metals Acquires an Interest IN a TIN, Tantalum, Lithium Prospect IN Manono DRC
African Energy Metals Inc. Suite 1080, 789 West Pender Street, Vancouver, B.C., Canada, V6C 1H2 1
AFRICAN ENERGY METALS ACQUIRES AN INTEREST IN A TIN, TANTALUM,
LITHIUM PROSPECT IN MANONO DRC
Vancouver, British Columbia - (March 3, 2022) – African Energy Metals Inc. (TSXV:
CUCO; FSE: BC21; OTCQB: NDENF; WKN: A3DEJG) (“ African Energy Metals” or
the “ Company ”) is pleased to announce the Company has acquired an interest in a
project in the prolific Manono area of the DRC with high prospectively for lithium, tin,
and tantalum.
Manono Tin, Tantalum, Lithium Project
The project is comprised of one Exploitation Permit covering approximately 30 sq kms
and is situated in Tanganyika province, Manono dist rict in the territory of Kiambi, in the
southeast of the DRC. The concession is at about 90 km Northeast of Manono in
Kiambi. It is about 440 kms aerial distance to the north of Lubumbashi. The district was
heavily mined for tin going back to the early 1900’ s. Most recently AVZ Minerals Limited
(AVZ) ($2.4B market cap) made a potentially world c lass lithium rich LCT (lithium,
caesium, tantalum) discovery which is 30 kms due we st of the African Energy Metals
project. The AVZ Roche Dure Mineral Resource is rep orted at 400 million tons grading
1.65% Li2O and world class in scale. Contiguous to AVZ are the lithium prospects of
Tantalex Resources Corporation. Yves Kabongo, the C ompany’s CEO was involved in
the original founding of AVZ.
A principal of Liberty is a metallurgist who previo usly worked at AVZ and is very familiar
with the AVZ style of mineralization including the pegmatite host rocks. The project has
artisanal mining and an internal report based on ex posed mineralization in artisanal pits
prepared for Liberty indicates a potential of up to 25,200 contained tonnes of tin at a
grade of 5%*. This was contained in a small 24000 m 2 area covered by 20 pits in the
southern part of the project adjacent to current ac tive large scale artisan mining. There
appears to be excellent potential for additional ex pansion in this area. This shallow
mineralization may be highly amenable to small scal e mechanized mining and part of
the due diligence process will be to evaluate and p lan small scale mining activities
concurrent with more regional exploration activitie s for lithium, tin, and tantalum. The
most recent spot price for tin was US$43,000 per tonne.
* The Company obtained the above estimates from an internal report prepared for Liberty by a party who has an interest in the project. This
report included the above estimates of tonnes and grade. The Company is of the opinion the estimates are reliable and relevant, however the
Company at this time has not completed due diligenc e on the estimates. Additional recommended work for the Company would be to
review any available data in greater detail, duplicate sample data and re-assaying any available sample material. It is the Qualified Person’s
opinion that there is a potentially significant risk associated with the lack of supporting data and the Company should dedicate resources to
reviewing the issue. The Qualified Person considers the risk to be acceptable, however cautions invest ors to rely on this non-compliant
historical data only as an indicator of the future potential of the Manono Project until further reviews have been completed.
African Energy Metals Inc. Suite 1080, 789 West Pender Street, Vancouver, B.C., Canada, V6C 1H2 2
African Energy Metals entered into an Assignment Ag reement with Whiskey Cobalt
Mining SASU (WCM) pursuant to which WCM has agreed to assign to African Energy
Metals 100% of WCM’s interest in an exclusive optio n agreement with Liberty Mining
and Investments Sarl (Liberty) to enter a 50/50 joi nt venture with Liberty. The
agreement is structured as a binding Memorandum of Understanding to be converted
into a Definitive Agreement during the 60-day due d iligence period. The shareholders
of WCM are arms length to the Company. In considera tion of the assignment, African
Energy Metals will reimburse supported prior expens es, assume certain financial
obligations, and issue 2500,000 common shares of Af rican Energy Metals as directed
by WCM. A further 2,500,000 common shares of Africa n Energy Metals will be placed in
escrow only to be released when positive lithium re sults are obtained from preliminary
testing during the due diligence period. A small ro yalty of 5% on net revenue from any
small-scale tin production will be paid to WCM and is also tied to similar escrow
provisions and capped at US$500,000. The Company wi ll pay a finder’s fee in common
shares to arms length parties in accordance with TS XV policies. The closing of the
transaction is subject to completion of a satisfact ory due diligence review by African
Energy Metals, other industry standard conditions a nd regulatory approvals including
the Toronto Stock Venture Exchange.
Qualified/competent person -- National Instrument 43-101 and JORC code
The geological information in this announcement has been reviewed by Mr. Shu Zhan,
Member and Registered Professional Geoscientist of the Australian Institute of
Geoscientists (AIG), a competent person (as defined in the JORC code, 2012 edition)
who is a practicing member of the Association of Pr ofessional Geologists of Ontario
(being a recognized professional organization for t he purposes of the Australian
Securities Exchange listing rules). Mr. Zhan is als o the Qualified Person as defined by
National Instrument 43-101 who has reviewed and app roved the contents of this news
release. Mr. Zhan is a Director of African Energy M etals. He has sufficient experience
that is relevant to the style of mineralization, the type of deposit under consideration and
to the activity being undertaken to qualify as a co mpetent person as defined in the
JORC code and under National Instrument 43-101.
Stephen Barley, Executive Chairman stated: “The Man ono project has great potential
for expansion of the tin and tantalum deposit and h igh prospectively for lithium. The
presence of artisanal miners is typically an indica tion of easily recovered high grade
mineralization. The Manono region is developing int o a large area play for tin, tantalum,
and lithium. The continuing strategy of African Ene rgy Metals is to acquire interests in
areas with high potential for energy metals and to explore and define resources of
significant economic interest.”
African Energy Metals Inc. Suite 1080, 789 West Pender Street, Vancouver, B.C., Canada, V6C 1H2 3
About African Energy Metals
African Energy Metals is a natural resource company with a focus on the acquisition,
exploration, development, and operation of copper, cobalt, and lithium energy metals
projects in the DRC. The Company is implementing a carbon credit program
complementary to mining operations. The carbon cred it program will meet important
ESG requirements and present an opportunity for a s ignificant early and long-term
revenue stream. African Energy Metals has the inten tion of acquiring interests in
additional concessions or relinquishing concessions in the normal course of business.
African Energy Metals has an experienced management team located in the DRC.
For further information, please contact:
Stephen Barley, Executive Chairman
Phone: (604-834-2968)
Email: [email protected]
Website: www.africanenergymetals.com
Reader Advisory
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain “forward-looking info rmation” within the meaning of applicable securitie s laws.
Although the Company believes, considering the expe rience of its officers and directors, current condi tions and
expected future developments and other factors that have been considered appropriate, that the expecta tions reflected
in this forward-looking information are reasonable, undue reliance should not be placed on them as the Company can
give no assurance that they will prove to be correc t. The resource estimates contained in this stateme nt are based on the
best available information however are non-complian t and actual results may vary significantly from th e current
estimates. There is no assurance the Company will c omplete positive due diligence or enter into defini tive agreements
in the timelines set out in this statement. The st atements in this press release are made as of the d ate of this release.
The Company undertakes no obligation to comment on analyses, expectations or statements made by third parties in
respect of the Company its securities, or its finan cial or operating results.