Development and exploration company OreCorp (ASX: ORR) has been granted a Special Mining Licence (SML) for the Nyanzaga Gold Project in Northwest Tanzania.
SMLs are granted for large-scale mining operations in which capital investment exceeds USD 100 million. They grant exclusive rights to the holder to conduct operations in the mining area for the minerals specified in the license.
The SML will be issued to the new joint venture company, named Sotta Mining Corporation Limited (Sotta), of which OreCorp holds an 84% interest through its subsidiary, Nyanzaga Mining Company Limited.
The Treasury Registrar holds the Government of Tanzania’s 16% free carried interest in accordance with The Mining Act [CAP. 123 R.E. 2019].
The SML will be issued directly to Sotta for an initial term of 15 years.
Nyanzaga Gold Project
Nyanzaga is a gold development project with a very large gold resource of 3.07 million ounces at a high grade of 4.03g/t gold.
Extensive drilling (2,665 drill holes for 276,911m of drilling) has defined this large resource and there is substantial potential for extensions of known mineralization both at depth and regionally.
The Project area is covered by 22 Prospecting licenses and applications covering a combined area of 210km2 in northwest Tanzania.
The Project is situated in