Tando Resources clears final hurdle to complete SPD vanadium acquisition
Date: Aug 28, 2018
Vanadium explorer Tando Resources (ASX: TNO) has confirmed the final pre-condition to its 73.95% stake in the high-grade SPD vanadium project in South Africa has been satisfied and that the acquisition is now unconditional.
The company announced today it had received the green light to lock-in its stake from South African Reserve Bank.
It follows approval from Tando shareholders received at a general meeting last week.
In March, Tando entered into a binding heads of agreement to acquire 73.95% interest in South African company Vanadium Resources which holds the rights to the SPD project.
Completion of the acquisition is expected to occur imminently.
Maiden drilling to start this month
Progress at the SPD project continues to move at a steady pace for Tando.
In July, South Africa’s Department of Mineral Resources granted Tando a mining right for SPD, paving the way for the start of a $1.4 million maiden drilling program this month to convert the existing deposit to a JORC resource and establish the viability of a direct shipping ore operation.
Phase one drilling will comprise 18 holes for 1,650 metres at SPD, where there is currently a “foreign resource” of 513 million tonnes at a grade of 0.78% vanadium pentoxide defined under the SAMREC (South African Mineral Resource Committee) code.
