A 300 Meter Step-Out Hole KL23-29
Intercepted 15.1 Meters of Mineralization Grading 2.24% Nickel,
0.24% Copper, and 0.18% Cobalt
The Kabanga Camp and Special Mining Licence
Are Now Connected to the Tanzanian National Power Grid
Lifezone Metals Limited’s (NYSE: LZM) Chief Executive
Officer, Chris Showalter, is pleased to provide results from its
2023 Safari Link diamond drilling exploration program at its
Kabanga Nickel Project located in north-west Tanzania. The 2023
exploration drilling program was designed to test for a
continuation of the Tembo high-grade nickel mineralization into the
Safari Link area, which comprises 1.4 kilometers of strike length
north-east of the Tembo and the Safari zones.
Highlights:
- KL23-29: 15.1 meters grading 2.24% nickel, 0.24% copper,
and 0.18% cobalt, (2.83% nickel-equivalent). KL23-29 is located
approximately 300 meters north-east of existing Mineral Resources
at the Tembo Zone.
- KL23-27: 7.0 meters grading 2.84% nickel, 0.30% copper,
and 0.22% cobalt, (3.56% nickel-equivalent). KL23-27 is located
approximately 150 meters north-east of existing Mineral Resources
at the Tembo Zone.
- A total of 11 drillholes were completed at the Safari Link area
in 2023, of which 7 returned significant mineralized intercepts
(refer to Table 1 below).
- The Safari Link area spans the 1.4 kilometers strike length
north-east of the Tembo Zone, incorporating the Safari Zone.
Lifezone Metals’ geologists believe that the Safari Link area
represents the best opportunity for future resource addition.
Mr. Showalter stated: “Not only is our Kabanga Nickel Project
believed to be one of the world’s largest and highest-grade
undeveloped nickel sulfide deposits, but we have also continued to
show that there are new areas for nickel discovery and more
potential for resource addition. We have achieved significant
results from a limited drill program at Safari Link, and though it
is too early to know if any high-grade nickel mineralization from
Safari Link could be added into the Definitive Feasibility Study
expected by the end of Q3 2024, we believe that Safari Link
represents a near-term opportunity for resource and value
addition.”
“As a clear example of our progress towards project development,
and in partnership with the Government of Tanzania, we can announce
that the Kabanga Camp is now connected into the Tanzanian national
grid with a 33-kilovolt power line to the site. With Tanzania’s
commitment to increasing the supply of clean, green
hydroelectricity available on its national grid, we can expect
Kabanga Camp activities to be powered by renewable energy in the
near term.”
Safari Link Bridges the Gap Between Tembo and Safari
Zones
An exploration drilling program was developed for the zone
located north-east of the Tembo Zone (up to and including the
Safari Zone), known as Safari Link. Previous drilling in the Tembo
North and Safari zones showed the high potential for a continuation
of mineralization along this trend. The Safari Link drilling
program was designed to test for the presence of Tembo-style
mineralization, as signaled by airborne EM/magnetics and ground EM
coverage, which shows no significant gaps along strike to the
north-east of Tembo.
Eleven exploration diamond drillholes totaling 7,424 meters were
completed in 2023 at Safari Link. Seven of these holes returned
assay results with significant intercepts of nickel mineralization
located between 400 meters and 600 meters below surface.
Exploration drilling was undertaken to test the boundaries of
mineralization across the 1.0-kilometer gap between the Tembo and
Safari zones. Lifezone Metals ceased exploration drilling in
November 2023 after having successfully stepped out 300 meters
north-east of Tembo North. An additional 700 meters of strike
length remains unexplored by drilling to the north-east toward the
Safari Zone. The Safari Zone itself has a strike length of
approximately 400 meters (as indicated from 2007 borehole EM
surveys) and has five widely spaced drillholes, each with
mineralized intercepts.
Table 1: Assay results from exploration drilling at the
Safari Link area. Holes prefixed “KR07” were drilled in 2007 by a
previous project operator. Holes prefixed “KL22” and “KL23” were
drilled by Lifezone Metals in 2022 and 2023 respectively.
Drillhole
From (m)
To (m)
Width (m)
NiEq23* (%)
Ni (%)
Cu (%)
Co (%)
KR07-11
631.14
633.30
2.16
1.46
1.19
0.10
0.09
KR07-13
753.20
767.08
13.88
2.20
1.66
0.24
0.16
KR07-14D
725.63
738.50
12.87
2.09
1.59
0.24
0.15
KL22-21A
679.17
683.63
4.46
1.98
1.73
0.13
0.07
688.63
693.92
5.29
1.39
1.07
0.16
0.09
KL23-27
694.43
696.43
2.00
1.22
0.94
0.27
0.06
KL23-27
700.43
707.46
7.03
3.56
2.84
0.30
0.22
KL23-27A
678.06
680.29
2.23
1.86
1.51
0.13
0.11
KL23-28
No significant intercepts to
report. Interpreted to have been drilled above mineralized
zone.
KL23-29
707.44
722.51
15.07
2.83
2.24
0.24
0.18
KL23-29A
677.62
682.63
5.01
0.91
0.71
0.11
0.05
KL23-30
745.36
750.67
5.31
3.48
2.89
0.20
0.18
KL23-30A
733.20
743.51
10.31
1.19
0.99
0.13
0.05
KL23-31
No significant intercepts to
report. Interpreted to have been drilled above mineralized
zone.
KL23-32
No significant intercepts to
report. Interpreted to have been drilled below mineralized
zone.
KL23-33
No significant intercepts to
report. Interpreted to have been drilled below mineralized
zone.
KL23-34
543.74
546.96
3.22
1.59
1.32
0.09
0.09
* NiEq23% = Ni% + Cu% x 0.411 + Co% x 2.765. Sample selection
based on a cut-off of >0.58% NiEq
Kabanga Camp Now Connected to the Regional Power Grid
The Tanzania Electric Supply Company Limited (“TANESCO”) has
completed the construction of a 33-kilovolt power line connecting
the Kabanga Camp, located on the Special Mining Licence, to the
regional power grid. This significant milestone enables reliable
electricity at the Project, which will help to support early works
and reduce the overall carbon emissions profile by decreasing the
site’s reliance on diesel-electric generators for power. As a
result, the site is expected to reduce its diesel consumption by
17,670 liters per month. The new power line is expected to be
energized by the end of February.
Tanzania is focused on improving the reliability of its national
power grid and aims to become a net exporter of electricity
following the construction of new hydroelectric facilities,
including the 2.1-gigawatt Jules Nyerere hydroelectric dam and the
88-megawatt Kakono hydroelectric power plant.
Qualified Persons
The exploration results disclosed in this news release have been
prepared under the supervision of and approved by Sharron
Sylvester, BSc (Geol), RPGeo AIG (10125), Technical Director –
Geology at OreWin Pty Ltd. Ms. Sylvester is considered to be a
Qualified Person in accordance with the U.S. Securities and
Exchange Commission (US SEC) Regulation S-K subpart 1300 rules for
Property Disclosures for Mining Registrants (S-K 1300) and is
considered independent of Lifezone Metals.
If you would like to sign up for Lifezone Metals news alerts,
please register here.
About Lifezone Metals
At Lifezone Metals (NYSE: LZM), our mission is to provide
cleaner and more responsible metals production and recycling. Using
a scalable platform underpinned by our Hydromet Technology, we
offer lower energy, lower emission and lower cost metals production
compared to traditional smelting.
Our Kabanga Nickel Project in Tanzania is believed to be one of
the world's largest and highest-grade undeveloped nickel sulfide
deposits. By pairing with our Hydromet Technology, we are working
to unlock a new source of LME-grade nickel, copper and cobalt for
the global battery metals markets, and empower Tanzania to achieve
full in-country value creation and become the next premier source
of Class 1 nickel. A Definitive Feasibility Study for the project
is due for completion by Q3 2024.
Through our US-based, platinum, palladium and rhodium recycling
joint venture, we are working to demonstrate that our Hydromet
Technology can process and recover platinum group metals from
responsibly sourced spent automotive catalytic converters in a
cleaner and more efficient way than conventional smelting and
refining methods.
www.lifezonemetals.com
Forward-Looking Statements
Certain statements made herein are not historical facts but may
be considered “forward-looking statements” within the meaning of
the Securities Act of 1933, as amended, the Securities Exchange Act
of 1934, as amended and the “safe harbor” provisions under the
Private Securities Litigation Reform Act of 1995 regarding, amongst
other things, the plans, strategies, and prospects, both business
and financial, of Lifezone Metals Limited and its subsidiaries
and/or affiliates.
Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “expect,” “should,” “would,” “plan,”
“predict,” “potential,” “seem,” “seek,” “future,” “outlook” or the
negatives of these terms or variations of them or similar
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or trends or that are not statements of historical matters;
provided that the absence of these does not mean that a statement
is not forward-looking. These forward-looking statements include,
but are not limited to, statements regarding future events, the
estimated or anticipated future results of Lifezone Metals, future
opportunities for Lifezone Metals, including the efficacy of
Lifezone Metals’ hydrometallurgical technology (Hydromet
Technology) and the development of, and processing of mineral
resources at, the Kabanga Project, and other statements that are
not historical facts.
These statements are based on the current expectations of
Lifezone Metals’ management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on, by any investor as a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Lifezone Metals
and its subsidiaries. These statements are subject to a number of
risks and uncertainties regarding Lifezone Metals’ business, and
actual results may differ materially. These risks and uncertainties
include, but are not limited to: general economic, political and
business conditions, including but not limited to the economic and
operational disruptions; global inflation and cost increases for
materials and services; reliability of sampling; success of any
pilot work; capital and operating costs varying significantly from
estimates; delays in obtaining or failures to obtain required
governmental, environmental or other project approvals; changes in
government regulations, legislation and rates of taxation;
inflation; changes in exchange rates and the availability of
foreign exchange; fluctuations in commodity prices; delays in the
development of projects and other factors; the outcome of any legal
proceedings that may be instituted against the Lifezone Metals; our
ability to obtain additional capital, including use of the debt
market, future capital requirements and sources and uses of cash; ;
the risks related to the rollout of Lifezone Metals’ business, the
efficacy of the Hydromet Technology, and the timing of expected
business milestones; the acquisition of, maintenance of and
protection of intellectual property; Lifezone’s ability to achieve
projections and anticipate uncertainties relating to our business,
operations and financial performance, including: expectations with
respect to financial and business performance, financial
projections and business metrics and any underlying assumptions;
expectations regarding product and technology development and
pipeline; the effects of competition on Lifezone Metals’ business;
the ability of Lifezone Metals to execute its growth strategy,
manage growth profitably and retain its key employees; the ability
of Lifezone Metals to reach and maintain profitability; enhancing
future operating and financial results; complying with laws and
regulations applicable to Lifezone Metals’ business; Lifezone
Metals’ ability to continue to comply with applicable listing
standards of the NYSE; the ability of Lifezone Metals to maintain
the listing of its securities on a U.S. national securities
exchange; our ability to comply with applicable laws and
regulations; stay abreast of modified or new laws and regulations
applying to our business, including privacy regulation; and other
risks that will be detailed from time to time in filings with the
U.S. Securities and Exchange Commission (SEC).
The foregoing list of risk factors is not exhaustive. There may
be additional risks that Lifezone Metals presently does not know or
that Lifezone Metals currently believes are immaterial that could
also cause actual results to differ from those contained in
forward-looking statements. In addition, forward-looking statements
provide Lifezone Metals’ expectations, plans or forecasts of future
events and views as of the date of this communication. Lifezone
Metals anticipates that subsequent events and developments will
cause Lifezone Metals’ assessments to change. However, while
Lifezone Metals may elect to update these forward-looking
statements in the future, Lifezone Metals specifically disclaims
any obligation to do so.
These forward-looking statements should not be relied upon as
representing Lifezone Metals’ assessments as of any date subsequent
to the date of this communication. Accordingly, undue reliance
should not be placed upon the forward-looking statements. Nothing
herein should be regarded as a representation by any person that
the forward-looking statements set forth herein will be achieved or
that any of the contemplated results in such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements in this communication, which are based
upon information available to us as of the date they are made and
are qualified in their entirety by reference to the cautionary
statements herein. In all cases where historical performance is
presented, please note that past performance is not a credible
indicator of future results.
Except as otherwise required by applicable law, we disclaim any
obligation to publicly update or revise any forward-looking
statement to reflect changes in underlying assumptions or factors,
new information, data, or methods, future events, or other changes
after the date of this communication, except as required by
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version on businesswire.com: https://www.businesswire.com/news/home/20240129732614/en/
Investor Relations – North America Evan Young SVP:
Investor Relations & Capital Markets
evan.young@lifezonemetals.com
Media Enquiries David Petrie Manager: Corporate
Communications david.petrie@lifezonemetals.com
Investor Relations – Europe Ingo Hofmaier Chief Financial
Officer ingo.hofmaier@lifezonemetals.com
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