Ottawa-based Trillion Resources (TSE) has acquired 13 prospecting licences in southwestern Botswana.
The area comprises 11,357 sq. km in the Kalahari district and can be explored for gold, base metals, platinum group metals and uranium. The licences are valid from March 1, 1994, to February 28, 1997, with half the ground renewable for a further two years.
The subsurface of the area is obscured by sand of the Kalahari Desert. Limited boreholes and aeromagnetic surveys indicate that the underlying geology consists of Transvaal sediments, Kenya volcanics and granitic basement rocks. These geological sequences may contain Upper Witwatersrand sediments which host the prolific Witwatersrand gold fields of South Africa. The area licensed by Trillion adjoins concessions held by Anglo American and Chase Resources.
In other news, Trillion plans to raise $7 million through a private placement of 2 million special warrants at $3.50 a piece. Proceeds will be used to explore and develop its 50%-owned Jena mine in Zimbabwe, as well as to acquire other gold properties in Africa.
Regulators have yet to approve the deal, under which each special warrant would be exchangeable into one common share.
Meanwhile, Trillion has concluded a joint venture with Falconbridge on nickel deposits in Ivory Coast. The junior is also exploring for gold and diamonds in Botswana, Tanzania and Ivory Coast.
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