Base Titanium has won a fourth prospecting licence in Tanzania, increasing its potential investment decision in the country.
Previously, Tanzania had granted the company three prospecting licenses during the second quarter of last year year (April-June).
This 4th licence was in the first quarter of this year and the company has already started on-ground exploration
“Subject to the outcomes of assays, deeper drilling will be progressed utilising a recently acquired 15m auger rig,” the firm said in its latest operational update for Q1 2022. It has so far spent about KSh34.8 million in exploration activities.
In Kenya, the firm announced that it will extend its mining operations until June 2024, from an earlier date of November 2023.
The company had earlier indicated it would exhaust the current licensed area by October this year, before getting a nod last year to increase activities which pushed the timelines to November 2023.
Base which produces three key minerals at Kwale–Ilmenite, Rutile and Zircon has seven pending exploration licenses applications.