Tan Range eyes Wyldsdale prospect

Vancouver-based Tan Range Exploration (TNX-A) plans to purchase the Wyldsdale gold prospect in southern Africa from JCI of South Africa.

The prospect occupies a portion of a 100-sq.-km prospecting licence in the Barberton Greenstone belt in northwestern Swaziland, near the border with South Africa. Under the deal with JCI, Tan Range would acquire the rights to this property in exchange for 3 million shares.

Previous work outlined four gold areas. Based on 22 diamond drill holes and nine percussion holes, indicated resources within one of these were calculated at 4.2 million tonnes grading 3.65 grams gold per tonne, which includes both oxide and sulphide material. A further resource of 2 million tonnes grading 3 grams gold was outlined in one zone, while 1.6 million tonnes of 1.65 grams gold were calculated in another.

If a production decision is made, Tan Range would be required to pay JCI an additional $2.5 million in cash or issue shares valued at $3.1 million.

JCI is Tan Range’s largest shareholder, with 15.2% of the issued share capital of the company. The two are joint-Venture partners on several advance-staged exploration gold projects in Africa, including Itetemia in the Lake Victoria gold belt of Tanzania, as well as Chetina in Zambia.