TMS 3.70% 2.8¢ tennant minerals limited

Ann: Blina exercises Option to Acquire Madacu Resources, page-2

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    BLINA EXERCISES OPTION TO ACQUIRE
    MADACU RESOURCES
    On 22 February 2019 Blina Minerals NL (Blina or the Company) exercised
    the option to acquire 100% of in the shares of Madacu Resources Pty Ltd
    (Madacu) pursuant a Heads of Agreement that was announced to the ASX
    on 15 November 2018. Blina has conducted extensive technical and
    commercial due diligence and is satisfied that the transaction can now
    proceed. Madacu holds a binding earn-in and share sale term sheet with
    the local Malagasy company Mada Hanra SARL that has tenements
    covering numerous scattered copper occurrences.
    Under the terms of the Agreement Blina has reimbursed the $200,000 for
    field expenses incurred by Madacu and will issue 180 million fully paid
    ordinary shares in the Company to the shareholders of Madacu.
    The Consideration Shares will be issued out of the Company’s placement
    capacity pursuant to ASX Listing Rule 7.1. The parties are working toward
    settlement of the transaction.
    The Maintirano Copper Project, a strategic landholding of 1,757 square
    kilometres in western Madagascar. To date, 30 known copper
    occurrences have been investigated and results have been announced to
    the ASX in 2 releases on 15 November 2018 and 24 January 2019 as well
    as the December 2018 Quarterly Report released on 31 January 2019.
    In the latest campaign 15 more remote copper occurrences were visited
    and 59 samples collected and assayed. The chemical analyses received in
    December 2018 returned high-grade values with 1 sample registering
    37.5% copper and 33ppm silver, and a total of 8 samples registering in
    excess of 5% copper. High grade samples seem to coincide with steeply
    dipping veins which contain secondary copper carbonates, chalcocite and
    cuprite. Samples with more than 15% copper content were collected from
    3 different geographical locations over 10km distances away from each
    other, supporting the theory of a large-scale system.
    Now is the wet season at Maintirano and the project area is inaccessible.
    Blina will commence geological and geophysical survey in third quarter
    2019, or once access is available.
 
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