High Court of Botswana Interdicts and Restrains the Minister of Mines and Energy with Respect to Gcwihaba Prospecting Licenses PL021-024/2018
TSODILO RESOURCES LIMITED
HIGH COURT OF BOTSWANA INTERDICTS AND RESTRAINS THE
MINISTER OF MINES AND ENERGY WITH RESPECT TO
GCWIHABA PROSPECTING LICENSES PL021-024/2018
September 27, 2023 Trading Symbol: TSXV: TSD #09272023
TORONTO, ONTARIO - Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX-
V: TSD) (OTCQB: TSDRF) (FSE: TZO) announces that the High Court of Botswana has today
rendered an order that interdicts and restrains Minister of Mines and Energy, through the
Department of Mines or any other Department from receiving, considering or assessing the
renewal applications in r elation to Prospecting Licenses PL 's 021024/2018 pending the
delivery of the judgement in the Applicant's review application with respect to Prospecting
License PL021/2018.
James M. Bruchs, Chairman and CEO, commented "The issue is relatively straight fo rward,
pursuant to Section 19 of the Mines and Minerals Act (Act), contiguous prospecting licences
covering the same period and the same mineral or minerals, the Minister shall, for the purposes
of the elimination (reduction) of part of any of the areas th ereof, permit the areas covered
thereby to be deemed to be one area, the subject of one such prospecting licence. The Xaudum
Iron Formation (XIF) project extends for a known length of some 40 kilometers and traverses
most if not all of the licenses set forth below. The effect of granting some of the PL's at one
time and not all of the contiguous licenses that form the project effectively diminishes the value
or potential of the project as it impacts the evaluation and exploration activities. We believe
the Act makes it clear that it is the discretion of the license holder to determine which areas to
retain and which areas to relinquish as it protects the license holder from instances where one
would be required to relinquish the prospective area and keep the non-prospective area. Given
that one of our prayers for relief in our PL020/2018 review application is to re -align the 5
licenses so that their durations remain coherent with one another , we felt it timely that any
actions with respect to PL's 021 -024/2018 be stayed as the date for the renewal applications
was imminent".
PL No. Grant
Date
Area
km2
1st Renewal
Filing Date
1st Renewal
Grant Date
Area
km2
020/2018 10/01/18 570.0 6/30/2021 Pending 447.7
021/2018 10/01/18 964.9 6/30/2021 1/01/2022 572.5
022/2018 10/01/18 317.1 6/30/2021 1/01/2022 160.4
023/2018 10/01/18 978.6 6/30/2021 1/01/2022 491.2
024/2018 10/01/18 807.3 6/30/2021 1/01/2022 781.7
025/2018 10/01/18 454.5 DNR* --
026/2018 10/01/18 828.1 DNR* --
Total 4,920.50 Total 2,453.50
Relinquished 50.14%
*DNR – did not renew Renewed 49.86%
To be fully transparent and meet the volume of requests, the Company has established landing
page(s) regularly updated to include all records related to the litigation. See, Botswana
Litigation for litigation documents and Tsodilo Resources Ltd. - MMGE for related documents.
XAUDUM IRON FORMATION (XIF)
About the XIF Project
➢ The project is located in the North -West District of Botswana and is proximate to the
Namibian border and lies twenty-two (22) miles from the town of Divundu in Namibia.
The Walvis Bay-Ndola-Lubumbashi Development Corridor (previously known as the
Trans-Caprivi) line linking Zambia and Namibia is planned to pass through Divundu,
providing access to Walvis Bay, Namibia’s deep -sea port. The project is also located
within forty-three (43) miles of the proposed Mucusso line to Angola’s Namibe Port.
➢ Preliminary work on the Xaudum Iron project has defined a CIM compliant Inferred
Mineral Resource Estimate of 441 million tonnes (Mt) with an average grade of 29.4%
Fe, 41.0% SiO2, 6.1% Al2O3 and 0.3% P for the Block 1 magnetite XIF.
➢ Block 1 is a fraction of the potential XIF magnetite resource. An extrapolated
exploration target has defined the XIF to be in the order of 5 to 7 billion tonnes at 15 -
40% Fe. This exploration target was generated by inversion modelling of ground
magnetic geophysical data which was compared and moderated to volumes from drilling
data within Block 1 and its potential quantity and grade is conceptual in nature. To date,
there has been insufficient exploration to define a mineral resource other than in Block
1 and it is uncertain if further exploration will result in the target being delineated as a
mineral resource. See, Press Release of 6/02/2014 on the Company’s website for further
details.
➢ Metallurgical magnetic separation results (Davis Tube Recovery) show that an average
concentrate of 67.2% Fe, 4.2% SiO2, 0.5% Al2O3, 0.07% P is obtained at P80 grind
size of 80 microns, although higher grades are possible at finer P80’s. See, Press Release
of 12/17/2013 on the Company’s website.
➢ Further exploration will be focused on Block 2a where the Company expects an increase
in the resource.
➢ Additional informational of the project can be found on the Company’s website at
https://tsodiloresources.com/s/Metals.asp.html and further technical information can be
found in a report prepared by SRK Consulting (UK) Ltd. for Gcwihaba Resources (Pty)
Ltd. titled “Mineral Resource Estimate for the Xaudum Iron Project (Block 1), Republic
of Botswana” with an effective date of August 29, 2014, and filed on SEDAR under the
Company’s profile at www.sedar.com.
About Tsodilo Resources Limited
Tsodilo Resources Limited is an international resource exploration company engaged in the
search for economic metal and diamond deposits at its Gcwihaba Resources (Pty) Limited
("Gcwihaba") and Bosoto (Pty) Ltd. ("Bosoto) projects in Botswana. The Company has a
100% stake in its Gcwihaba project area consisting of five metal (base, precious, platinum
group, and rare earth) prospecting licenses all located in the North -West district of Botswana.
The Company has a 100% stake in Bosoto (Pty) Ltd. which holds the BK16 kimberlite project
in the Orapa Kimberlite Field (OKF) in Botswana. Tsodilo manages the exploration of the
Gcwihaba and Bosoto projects. Overall supervision of the Comp any's exploration program is
the responsibility of McDonald Kahari (Pr. Sci. Nat.) a "qualified person" as such term is
defined in National Instrument 43-101.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs Chairman and Chief Executive Officer [email protected]
Head Office Telephone +1 416 572 2033 Facsimile + 1 416 987 4369
Website http://www.TsodiloResources.com
This press release may contain forward -looking statements. All statements, other than
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involved in interpreting exploration results and the other ri sks involved in the mineral
exploration business. Any forward-looking statement speaks only as of the date on which it is
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Forward-looking statements are subject to a number of risks and uncertainties that may cause
the actual results of the Comp any to differ materially from those discussed in the forward -
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can be no assurance that they will have the expected consequences to, or effects on, the
Company. Factors that could cause actual results or events to differ materially from current
expectations include, among other things, uncertainties relating to availability and cost of
funds, timing and content of work programs, results of exploration activities, interpretation of
drilling results and other geological data, risks relating to variations in the diamond grade
and kimberlite lithologies; variations in rates of recovery and breakage; estimates of grade
and quality of diamonds, variations in diamond valuations and future diamond prices; the state
of world diamond markets, reliability of mineral property titles, changes to regulations
affecting the Company's activities, delays in obtaining or failure to obtain required project
approvals, operational and i nfrastructure risk and other risks involved in the diamond
exploration and development business. Any forward -looking statement speaks only as of the
date on which it is made and, except as may be required by applicable securities laws, the
Company disclaims any intent or obligation to update any forward-looking statement, whether
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believes that the assumptions inherent in the forward -looking statements are reasonable,
forward-looking statements are not a guarantee of future performance and accordingly undue
reliance should not be put on such statements due to their inherent uncertainty.
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