Since
Among the juniors receiving attention is
Analyst Robert van Doorn of Loewen, Ondaatje, McCutcheon recently described Tan Range as a “speculative buy” for its holdings in Tanzania, including the Itetemia project, a joint venture with Barrick.
The junior is currently trading at 36 cents in a 52-week range of 11 cents to 64 cents, and has 36.6 million shares outstanding (41.6 million fully diluted).
Tan Range’s main asset is the 136-sq-km Itetemia property, which is directly adjacent to Bulyanhulu, where mine planning is under way. In September, Barrick plans to start a 2,000-metre drill program at Itetemia, which will be followed up by a 6,000-metre program.
Tan Range’s work to date has focused on the Golden Horseshoe Reef, which has is now believed to have a strike length of 1,500 metres. The quartz-sulphide-rich reef has a true thickness of 4-8 metres averaging 4 grams gold per tonne, with a higher-grade central zone.
Barrick can earn up to a 60% interest in the property by arranging project financing. Assuming a sizable resource is outlined, processing would take place at its nearby Bulyanhulu mine.
Meanwhile, Tan Range has optioned its 100-sq.-km Geita East project to
Four other properties — Kabahelele, Luhala, Mnekezi and Mulehe — have been optioned to
“We are expecting to hear more from Tan Range, which has come back from near dead [10 cents per share],” van Doorn concludes. “All of sudden, there is a lot happening . . . “
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