Titan Lithium Inc. (OTC Markets: CDSG) recently declared the successful transfer of complete ownership, totaling 100% interest, of the Titan 1 and Titan 2 Prospecting Licenses in Tanzania. This transfer has been completed into the entity's subsidiary, Kilimanjaro Lithium Ltd ("KLL").
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Mineral rights in Tanzania are detained under several types of licenses granted under the country’s comprehensive Mining Act. A Prospecting License (“PL”) permits the owner to conduct a wide range of exploration work held by exploration projects till receiving a mining license for exploitation.
The vendor finalized the transfer of 100% ownership for the two Prospecting Licenses, Titan 1 and Titan 2 (PL 12353/2023 and PL 12338/2023), into KLL on November 14, 2023. Subsequently, the transferred Prospecting Licenses were officially recorded in accordance with section 123(1) of the Mining Act in the central register on November 16th, 2023.
The two Prospecting Licenses (PLs), Titan 1 and Titan 2, are deemed promising for the exploration of sediment-hosted lithium-style mineralization. Tanzania, recognized for its abundance of mineral resources, encompasses various mineral types, including gold, iron ore, nickel, copper, cobalt, gemstones, industrial minerals, and rare earth minerals.
Tanzania stands as the fourth-largest gold producer in Africa and hosts advanced critical mineral projects like graphite, lithium, and the high-grade Kabanga deposit containing nickel, copper, and cobalt. As part of a Presidential initiative aimed at expediting the development of such deposits, Tanzania inked agreements totaling $667 million for graphite and rare earth projects with multiple Australian mining companies earlier this year.
Furthermore, in February 2023, electric vehicle (EV) manufacturer Tesla finalized an agreement to procure between 17,500 to 35,000 tons per annum of Anode Active Material (AAM) from a Tanzanian producer.
Working closely with the vendor we are very pleased to have the licenses fully transferred. Our next steps will include the commencement of work that will include a strategic drill campaign designed to produce a maiden mineral resource that we hope will elevate the projects significantly.
Harp Sangha, Chairman, China Dongsheng International Inc.
Source: https://titanlithiuminc.com/