February 01, 2011 Tsodilo Resources Limited Awarded Key Radioactive Minerals Exploration Licenses in Botswana
TORONTO, CANADA - Tsodilo Resources Limited (TSX Venture Exchange: TSD) ("Tsodilo" or the "Company") is pleased to report that the Minister, Ministry of Minerals, Energy and Water Resources has now granted six (6) Radioactive Minerals -- Prospecting License ("PL") Nos. 045-50/2011 to the Company's local, wholly-owned operating subsidiary Gcwihaba Resources (Pty) Ltd. ("Gcwihaba"). These license areas are situated in the Ngamiland District in northwest Botswana and are contiguous to radioactive licenses awarded Gcwihaba in 2010. The details of the Company's license blocks can be viewed on the Company's website at: http://www.tsodiloresources.com/i/maps/Radioactive_PLs_01_31_2011.jpg
The company is reviewing the exploration results from Union Carbide Exploration Corporation which had secured many prospecting licenses in west and northwest Botswana for uranium. Their exploration program in northwest Botswana (Ngamiland) started in 1977 and continued until 1980, and of particular interest are their findings of anomalous uranium within what they called the Xaudum and Chaudum paleo-drainages covered by their 1979 and 1980 Prospecting Licenses 4/79, 5/79, 3/80, 4/80 and 5/80. High counts of uranium in both calcrete and water samples and anomalous counts of vanadium from the water samples were obtained. Up to 30 meter thick valley calcrete (the target calcrete) were drilled with geochemical anomalous concentration of uranium in certain trap environments. However, at the time, no ore-bodies were delineated, but Union Carbide concluded "that there is definitely uranium in the system as is evident by some very high uranium contents in the water samples" (Union Carbide Final report 1980 by DJ Jack).
The Company's strategy is two-fold: First to conduct a geomorphological study of the area using remote sensing techniques. This is to be linked to buried paleo-channels of Tertiary age that have been identified by geophysicist Scott Hogg (2005) while interpreting the most recent government Airborne Magnetic data in the search for kimberlites on overlapping Newdico (Pty) Ltd. diamond prospecting licenses. Secondly, recent diamond core drilling conducted by Gcwihaba on overlapping base metal licenses have returned anomalous uranium and vanadium assay results in some of the Proterozoic metasedimentary units underlying the Kalahari Group sediments. The results from reconnaissance drilling are particular encouraging as assay results of up to 90ppm Uranium are reported. The link between these anomalous metasedimentary rocks and the surface uranium anomalies in the Kalahari calcretes is yet to be established.
The presence of the layered and massive magnetite units associated with the Xaudum Magnetic Anomaly in the northern part of the license area and the copper and gold showings east of the banded magnetite associated with meta-basic rocks (epidote-scapolite-albite amphibolite) on the central part of the area indicates that the mineralization model of Ngamiland is highly likely associated with an Iron Oxide Copper Gold ore deposit (IOCG), also referred to as the Ngamiland IOCG. IOCG type deposits encompass a wide spectrum of ore bodies, often polymetallic and of significant size, which may notably produce iron, copper, gold, silver, uranium, manganese, nickel, PGE, cobalt and REE, all of which have been identified in the Ngamiland IOCG. The best known IOCG deposit is Olympic Dam in Western Australia, one of the largest known deposits in the world, and also affiliated with this group is the Bayan Obo deposit in China, currently the world's largest REE producer. IOCG deposits typically contain an iron-oxide nucleus of magnetite and/or hematite.
The Company will conduct a workshop on February 9, 2011 from 3 -- 5:00 PM entitled The Geological and Mineralization of the Ngamiland Metals Project at the AEON center at the University of Cape Town. To date, Base and Precious Metals, Rare Earth Element Minerals (REE), Radioactive Minerals, and Platinum Group Metals (PGM's) have all been identified in this new metals province. The workshop is open to the public and will be held during the week that the Mining Indaba is held in Cape Town, South Africa. The Mining Indaba attracts mining analysts, fund managers, investment specialists and financiers from around the world and sets a perfect background for the workshop. AEON is located at Building 32, Ring Road, University of Cape Town, Upper Campus, Rondebosch, Cape Town. Directions to the AEON facility can be found at http://www.aeon.uct.ac.za/content/pdf/directions.pdf. Interested parties can contact the Company at: info@TsodiloResources.com for further information.
About Tsodilo Resources Limited: Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic kimberlites and metal deposits at its Newdico (Pty) Limited ("Newdico") and Gcwihaba Resources (Pty) Limited ("Gcwihaba") projects in northwest Botswana. The Company has an 96% stake in Newdico (3,940 km² under Precious Stone - diamond licenses) while Trans Hex Group, a South African diamond mining and marketing company, holds the remaining 4%. The Gcwihaba project area (5,870 km² under Precious Stone - diamond licenses; 12,810 km² Metal (base, precious, platinum group, and rare earth elements) licenses; and, 7,000 km² under Radioactive Minerals licenses) is 100% held by the Company. Tsodilo manages the exploration of both the Newdico and Gcwihaba license areas. Overall supervision of the Company's exploration program is the responsibility of Dr. Mike de Wit, President and COO of the Company and a "qualified person" as such term is defined in National Instrument 43-101. Dr. de Wit has reviewed the information contained herein and approved the contents of this Press Release.
The Company has offices in Toronto, Canada and Gaborone and Maun, Botswana. Please visit the Company's website, www.TsodiloResources.com, for additional information and background on our projects.
National Instrument 43-101 - Standards of Disclosure for Mineral Projects, Form 43-101F1 and Companion Policy 43-101CP requires that the following disclosure be made: All references contained herein with respect to the potential quantity and grade derived by any method is at this stage of development conceptual in nature. At the present time, there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.
This press release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the development of the Company's projects) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, changes in equity markets, political developments in Botswana and surrounding countries, changes to regulations affecting the Company's activities, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting exploration results and the other risks involved in the mineral exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release. This news release may contain assumptions, estimates, and other forward-looking statements regarding future events. Such forward-looking statements involve inherent risks and uncertainties and are subject to factors, many of which are beyond the Company's control, which may cause actual results or performance to differ materially from those currently anticipated in such statements.