Sub-Sahara in JV for Tanzanian exploration
Perth-based Africa-focused explorer, Sub-Sahara Resources NL has formed a joint venture with unlisted Canadian company, Tanganyika Uranium Corp. to explore for uranium in Tanzania.Sub-Sahara has a 15 percent working interest in the joint venture with the remaining 85 percent held by Tanganyika. The Madaba-Mkuju Joint Venture holds 17 mineral licences covering 9,689sqkm of the Karoo sandstone (Selous Basin) in south-eastern Tanzania, about 225km from the port city of Dar es Salaam. The majority of the joint venture area was explored by German uranium explorer, Uranerzbergbau GMBH (Uranerz), between 1978 and 1981. Uranerz discovered significant roll-front style uranium mineralisation within the Karoo sandstones that form part of the Luwegu-Selous Basin. Based on this work, the JV partners have planned a two-stage, success-contingent work program, consisting of data compilation, airborne geophysics, ground geophysics, geological mapping, pitting, and drilling at a total estimated cost of CDN$2.7m over two years. Sub-Sahara is expected to contribute CDN$105,000 during the first year and CDN$300,000 during the second year as part of its JV commitments. The work program is expected to commence in the third quarter of 2007. Sub-Sahara Chief Executive Officer, Mike Griffiths said the work conducted by Uranerz suggested there was real potential for success on these licences. “Uranerz left these properties in the early 1980s when uranium was around US$7 per pound. It is now US$113 per pound, so conditions are much more favourable for commercial success,” Mr Griffiths said.