Joins the Responsiblesteel™ Organization
TSODILO RESOURCES LIMITED
JOINS THE RESPONSIBLESTEEL™ ORGANIZATION
May 24, 2023 Trading Symbol: TSXV: TSD #052423
TORONTO, ONTARIO - Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSX-
V: TSD) (OTCQB: TSDRF) (FSE: TZO) is pleased to announce that it has been accepted for
membership in the ResponsibleSteel™ organization.
About ResponsibleSteel™
ResponsibleSteel is a global not-for-profit multistakeholder standard and certification initiative
whose mission is to be a driving force in the socially and environmentally responsible
production of net -zero steel, globally. Building a sustainable steel industry requires
cooperation and mutual commitment from companies at all levels of the steel supply chain,
representatives of civil society, and other stakeholders and ResponsibleSteel provides the
forum for this multi-stakeholder approach. Their members include some of the leading players
in the industry working together to minimize the impact of steel manufacturing on people and
the planet. Additional information can be found at www.responsiblesteel.org .
The ResponsibleSteel International Standard is designed to support the responsible sourcing
and production of steel. It covers a range of sustainability issues including emissions, pollution,
responsible sourcing, hu man rights, labour standards, and more. Their global standard and
certification program will ensure businesses and consumers can be confident that the steel they
use has been sourced and produced responsibly at every stage. Additionally, ResponsibleSteel
is working with the mining sector, to recognize various sustainability programs and to create a
common platform for engaging with stakeholders.
James M. Bruchs, Tsodilo's Chairman and CEO commented , "Tsodilo adopted the
International Finance Corporation 's (IFC) Environmental, Health and Safety Guidelines for
Mining when IFC became a shareholder more than a decade ago and we have worked diligently
to advance the XIF project within those guidelines. Becoming a member of ResponsibleSteel
furthers our goal of becoming the supplier of an ultra -high grade +67% Fe product to the
industry and doing what we can to reduce greenhouse gas emissions (GHG) by becoming part
of the "green steel" movement".
Annie Heaton, CEO of ResponsibleSteel said, “We are delighted to welcome Tsodilo
Resources as a ResponsibleSteel member. As the decarbonisation challenge for steel tilts the
focus towards the best sustainability opportunities the upstream value chain has t o offer,
innovative mining companies like Tsodilo are positioned to play a vital role in the journey
towards net zero. By joining ResponsibleSteel, our mining members make a commitment to
the highest social and environmental goals. Tsodilo is laying down an important foundation
stone today, to be a force for good in the steel value chain, and we look forward to working
with them closely.”
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 reso urce. 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 i nformational 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 Company'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.
This press release may contain forward -looking statements. All statements, other than
statements of historical fact, that address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future (includin g, without limitation,
statements pertaining to the use of proceeds, the impact of strategic partnerships and
statements that describe the Company's future plans, objectives or goals) are forward-looking
statements. These forward-looking statements reflect the current expectations or beliefs of the
Company based on information currently available to the Company. Forward -looking
statements are subject to a number of risks and uncertainties that may cause the actual results
of the Company to differ materially from those discussed in the forward - looking statements,
and even if such actual results are realized or substantially realized, there 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, changes in equity markets, changes in general economic conditions, market
volatility, political developments in Botswana and surrounding countries, chang es to
regulations affecting the Company's activities, uncertainties relating to the availability and
costs of financing needed in the future, exploration and development risks, the uncertainties
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
made and, except as may be required by applicable securities laws, the Company disclaims
any intent or obligation to update any forwar d-looking statement, whether as a result of new
information, future events or results or otherwise. Although the Company 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 the inherent uncertainty therein.
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 -
looking statements and, even if such actual results are realized or substantially realized, there
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
as a result of new information, future events or results or otherwise. Although the Company
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.
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term
is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of
this news release. This news release may contain assumptions, estimates, and other forward -
looking statements regarding future events. Such forward-looking statements involve inherent
risks and uncertainties and are subject to factors, many of which are beyond the Company's
control, which may cause actual results or performance to differ materially from those
currently anticipated in such statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
James M. Bruchs Chairman and Chief Executive Officer [email protected]
Head Office Telephone +1 416 800 4214 Facsimile + 1 416 987 4369
Website http://www.TsodiloResources.com