Blaze Minerals Acquires Ugandan Critical Metals Projects

Blaze Minerals Limited announced on October 17 that it has signed a binding agreement with Gecko Minerals Limited to acquire stakeholder-ship in two of its critical metal projects in Uganda. The projects – Ntungamo and Mityana - hold significant potential for critical metals such as beryllium, rubidium, lithium, tin, and tantalite.

Gecko Minerals Limited is an Australian unlisted public company that holds a 60% interest in Gecko Minerals Uganda (GMU). As per the agreement, Blaze Minerals will acquire 60% of stake in GMU and will have the option of obtaining the remaining 40% within the next two years. As part of the consideration, Blaze will also issue $625 million paid shares to Gecko.

The acquisition aligns with Blaze Minerals' focus on critical metals and offers near-term opportunities for shareholders. The company plans to immediately initiate discussions with potential drilling contractors to commence exploration activities on these promising projects.

The Ntungamo Project covers an area of 60 sqkm and features multiple mapped pegmatites, including two prominent targets exceeding 140 meters in width. Recent rock chip samples from these targets have yielded encouraging grades of beryllium oxide (BeO), rubidium oxide (Rb2O), lithium oxide (Li2O), tin oxide (SnO2), and tantalite. Notably, the Ntungamo Project adjoins the Mwirasandu Tin Mine, Uganda's largest producing tin mine.

The geological setting of the Ntungamo Project comprises a series of metasediments intruded by late-stage LCT pegmatites, known for their enrichment in critical metals. Historical mining activities focused on tantalite and beryllium, and recent exploration campaigns have identified numerous pegmatites across the license area.

The Mityana Project spans 240 sqkm and surrounds a historical opencut tantalite mine. Rock chip samples from amblygonite boulders in waste piles from the mine have returned assays of up to 8.13% Li2O. This project features a historical tantalite mine and a 5-10 meter thick pegmatite. Rock chip samples from waste piles have revealed lithium-bearing minerals and tantalite.

Both projects have obtained all necessary environmental and regulatory approvals and are ready for drilling.

Mark Gasson, a seasoned geologist with over 35 years of experience in Africa, will oversee technical exploration activities, supported by experienced South African geologist Dylan le Roux and Gecko Uganda Director Allan Agumya.

Mathew Walker, Corporate Director of Blaze Minerals, commented, "This strategic acquisition aligns with our focus on critical metals and offers near-term excitement for our shareholders. With all preliminary exploration work and regulatory approvals in place, we are poised to commence a maiden drilling program."

Mark Gasson, Chairman of Gecko Minerals, expressed his enthusiasm for the collaboration with Blaze Minerals and the potential of the Ugandan projects. He highlighted the opportunity to discover world-class strategic mineral deposits in this relatively unexplored region.

The acquisition of these Ugandan projects positions Blaze Minerals to capitalize on the growing demand for critical metals and explore their potential for significant mineral discoveries.