Resource Mining Corporation Raises $1 Million for Nickel Exploration in Tanzania

Resource Mining Corporation Limited (ASX:RMI), a prominent battery minerals explorer, has successfully completed a placement involving 20 million new fully paid ordinary shares priced at AUD 0.05 each.

Commenting on the placement, Asimwe Kabunga, the Executive Chairman of Resource Mining Corporation, said: “The capital raisings ensure the Company is in a strong position to complete the exciting exploration programs currently in progress targeting sulphide nickel in Tanzania and lithium in Finland.”

In addition to the placement, the company has also embarked on a partially underwritten non-renounceable pro-rata entitlement offer.

This offer entails one new fully paid ordinary share for every 27.29 shares held, priced at AUD 0.05 per new share.

The goal is to raise an additional AUD 1 million before costs, with a potential issuance of up to 20 million new shares. Notably, Mr. Kabunga has committed to underwriting 50% of this entitlement offer, translating to AUD 0.5 million.

Resource Mining Corporation’s Tanzanian Projects

Resource Mining Corporation (ASX:RMI) has been actively involved in several exploration projects in Tanzania, primarily focusing on nickel occurrences in sulphides within known and prolific mafic and ultramafic intrusions.

1. Kabanga North Nickel Project: This project is strategically located along the strike from the Kabanga Nickel Project. The Kabanga Nickel Project is noteworthy for its estimated mineral resource of 58 million tonnes with a nickel grade of 2.62%. This project showcases the potential of the region for significant nickel deposits.
2. Kapalagulu Project: Spanning an impressive 32 km, this project involves a mapped mafic/ultramafic sequence. Historical reports from this area have indicated the presence of nickel, PGE (Platinum Group Elements), and copper anomalism, making it a site of significant interest for Resource Mining Corporation.
3. Southern Projects: This encompasses three distinct areas – Liparamba, Kitai, and Mbinga. These sites were previously explored by industry giants like BHP/Albidon and Jacana Resources. The historical exploration data from these areas further underscores the potential for nickel discoveries.