THE BOURSE WHISPERER: Oddly-named Select Vaccines has signed a binding Heads of Agreement with Mauritius-based explorer Indigo Metals to acquire 100 per cent of the issued capital of two wholly owned Mauritian entities and their subsidiaries.
Select will acquire 100 per cent of the issued capital of Panama Resources and Shira Resources and their two Tanzanian subsidiaries, IBIS Resources and WTF Resources.
According to Select Vaccines the combined entities own approximately 5,412 square kilometres of prospective and potentially large-scale coal and uranium projects located in the United Republic of Tanzania, East Africa.
The combined landholding consists of thirty-two prospecting licenses, of which 16 have been granted, with the remaining 16 currently under application.
General overview map of the Indigo Metals licences (in red) in
relation to historically known coal occurrences and four competitor
company’s licences. Source: Select Vaccines company announcement
Although it may not sound like a resources-focused enterprise Select Vaccines claims an experienced board with African coal experience, including Gary Seabrooke and Mark Titchener who were involved with the acquisition and early development of the Riversdale Mining coal discoveries in Tete, Mozambique.
Through the acquisitions the company will acquire four Tanzanian projects.
The first is the 142.5sqkm Mhuhkuru project, located in the Ruvuma region of the Songea district, 90 kilometres South West of Songea in Southern Tanzania.
The land holding is situated approximately 25km south of the Mhukuru Coalfield in the far west portion of the SW Selous Basin.
The Rukwa Basin project is located in the Sumbawanga Region, Rukwa District of SW Tanzania, approximately 35km North East of Sumbawanga town and 20km West of Lake Rukwa.
The project covers a massive surface area of 2189sqkm in relatively unexplored terrain.
The Ruhuhu project is located 90km North West of the town of Songea, in the Ruhuhu basin.
The project covers a total area of 307sqkm in the Ruhuhu Basin, which Select said is known to contain eleven coalfields.
Selects said the Ruhuhu Basin is the largest Karoo Supergroup basin in SW Tanzania and covers a total area of 2200sqkm.
The Selous project covers an area of 2,774sqkm over greenfields terrain.
Select said much of this terrain is thought to be composed of the prospective Karoo stratigraphy covered by a thin veneer of younger Cainozoic sediments.
All four projects are located in a region that hosts significant other projects.