THE BOURSE WHISPERER: Hemisphere Resources has acquired a 1,128 square kilometre contiguous exploration tenement in the Kagera region of North-Western Tanzania, East Africa.
The Katomatoma tenement area is located in North-Western Tanzania, approximately 20 kilometres west of Lake Victoria and extends westwards to within 30km East of the Rwandan border.
Location of the Katomatoma tenement area in North-Western Tanzania. Source: Company announcement
The company claimed that according to geological data and mineral occurrence observations made by the Tanzanian Geological Survey, as well as exploration by other companies in the area; the Katomatoma tenement area is considered to be prospective for copper, nickel, and cobalt.
The Katomatoma acquisition follows business development work conducted Hemisphere in both Australia and Tanzania.
“In recent months we have reassessed Hemisphere’s existing project portfolio, and considered a number of acquisition opportunities in both Australia and East Africa,” Hemisphere Resources managing director Jason Greive said in the company’s announcement to the Australian Securities Exchange.
“Following this review process we believe the Katomatoma tenement and Tanzania in general, presents an ideal entry point into East Africa and opportunity to exploit senior management’s extensive East African experience and networks.”
The company is now in the process of acquiring further geophysical data from the Tanzanian Geological Survey on Katomatoma and plans to commence comprehensive desktop studies to identify the key base metal target areas on the tenement prior to its first renewal in July 2012.
Hemisphere said it will continue to explore value accretion opportunities from its existing portfolio of iron projects in the Pilbara region of Western Australia, particularly in light of recent, positive conversations in the public domain in relation to open-access rail infrastructure in the region.