TSODILO RESOURCES LIMITED UPDATE: Legal Action Against Botswana Ministry of Minerals & Energy
Tsodilo Resources Limited provided a corporate update regarding its legal action against the Botswana Ministry of Minerals & Energy. The company has updated its litigation landing page with the Respondent's Answering Affidavit filed on February 24, 2023, and its Replying Affidavit and Notice to Produce Documents filed on March 10, 2023. Since filing the complaint on October 31, 2022, Tsodilo has seen a significant demand for litigation-related documents, prompting the establishment of a regularly updated records page. The Xaudum Iron Formation (XIF) project in Botswana contains a CIM compliant Inferred Mineral Resource Estimate of 441 million tonnes at an average grade of 29.4% Fe.
- Established a CIM compliant Inferred Mineral Resource Estimate of 441 million tonnes at 29.4% Fe.
- Demand for litigation documentation indicates strong stakeholder interest.
- Ongoing legal proceedings may distract from operational focus and resource allocation.
TORONTO, ON / ACCESSWIRE / March 13, 2023 / Tsodilo Resources Limited ("Tsodilo" or the "Company") (TSXV:TSD)(OTCQB:TSDRF)(FSE:TZO) wishes to provide a corporate update with respect to its legal action Botswana Ministry of Minerals & Energy (MME).
The litigation landing page has been update adding the Respondent's Answering Affidavit filed on February 24, 2023, as well as the Company's Replying Affidavit and Notice to Produce Documents filed on March 10, 2023.
Since the filing of the complaint against MME on October 31, 2022 (see, Tsodilo Resources Ltd. - News Releases), there has been an overwhelming request for proceeding filings and related documentation pertinent to the matter. 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. - MME 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 and0.3% 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 9/14/2014 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.
An informational presentation of the project outlining more information can be found on the Company's website at https://www.tsodiloresources.com/i/pdf/Tsodilo-Iron-Project-Overview_May-2021_Website.pdf .
More 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 diamond and metals exploration company engaged in the search for economic diamond, metal deposits and industrial stone at its Bosoto (Pty) Limited ("Bosoto"), Gcwihaba Resources (Pty) Limited ("Gcwihaba") and Newdico (Pty) Ltd. ("Newdico") projects in Botswana. The Company has a
FOR FURTHER INFORMATION, PLEASE CONTACT:
| James M. Bruchs | Chairman and Chief Executive Officer | JBruchs@TsodiloResources.com |
| Telephone +1 416 800 2124 | Facsimile + 1 416 987 4369 | |
| Website | www.TsodiloResources.com |
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 (including, 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, changes 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 risks 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 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 the inherent uncertainty therein.
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, 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 infrastructure 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.
SOURCE: Tsodilo Resources Limited
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