Australia-based exploration company Metals of Africa (MTA) has entered into a deal with Select Exploration (SLT) to acquire a portfolio of copper-gold exploration projects in Tanzania.

Under the terms of the deal, MTA will acquire 100% of five copper-gold exploration projects in Tanzania, subject to the completion of due diligence on or before 31 January this year.

The company noted that these projects have been identified on the basis of identified mineralisation at surface in conjunction with geological and geophysical prospectivity.

SLT recently reported the identification of outcropping copper sulphide mineralisation at the Godegode project and MTA intends to follow this up with on-ground exploration after the completion of the acquisition.

MTA is already active in Tanzania and believes that the acquisition of the SLT copper-gold projects would allow the company to optimise its resources, ensuring greater up-side potential for minimal additional cost.

MTA can acquire 100% equity in SLT’s copper-gold projects by issuing five million fully-paid ordinary MTA shares before 31 January this year.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The company has also entered into an option agreement to form a joint venture (JV) with SLT for a suite of exploration projects in Gabon.

MTA has the option to commit to the JV and provide SLT with five million options in MTA, as consideration for entering into the JV, up until 28 February.

The options will have a three-year life and an exercise price of 135% of the five day VWAP, prior to issue, the company said.

SLT currently has three project areas in Gabon, of which one was recently granted project and the other two are under application.