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Baobab was established in 2005 to acquire the Mozambican company Capitol Resources, which the Directors consider has a balanced portfolio of projects in Mozambique ranging from advanced resource definition drill targets to brownfield exploration, and greenfield prospects boasting an array of commodities.
Baobab Resources plc (BAO:AIM) is an AIM-listed company exploring for a variety of commodities in Mozambique. The company has a large land-holding covering six discrete project areas in the northern part of the country.
* Mundonguara copper mine
* Tete iron ore
* Changara base metals
* Bandire/Sussendenga gold
* Senga Senga gold
* Furancungo/Angonia base and precious metals
The two principal projects are the Mundonguara copper mine, where an initial resource has been declared, and the Tete iron ore project.
Mozambique is a country of abundant mineral wealth which has been hitherto under-exploited, good infrastructure and investor-friendly legislation which make it an attractive destination for mining companies.
Corporate Strategy
Baobab aims to discover and develop quality mineral deposits within Mozambique which the Directors believe will have potential to deliver shareholder value. Targeted commodities include base and precious metals and iron ore.
Corporate objectives include the advancement of the decommissioned Mundonguara copper/gold mine towards BFS and beyond. Concurrently the Company is rapidly assessing its portfolio of brownfields and greenfields prospects to ensure a pipeline of medium to longer term resource development projects and mining possibilities.
Where appropriate, the Company will seek to develop strategic alliances with suitably qualified partners to ensure maximum realization of the mineral wealth within its portfolio.
Fundamental to the Company’s strategy is its commitment to incorporate sustainable development practice and initiatives in all aspects of its operations in line with internationally accepted environmental and social guidelines.
Mundonguara Project - copper/gold/silver
The Manica Licence 1022L, is the company's most advanced exploration project area and includes the Mundonguara copper-gold mine (closed since 1989). A prime focus of the Company will be to define high grade copper resources, quantify the copper/gold oxide cap and determine the tenor and extent of potential lower grade haloes at Mundonguara, with the intention to return the mine to production in the near term.
The Company’s on-going exploration programme has included surface trenching and RC drilling at the Seymour prospect. Over the intrusive, trenching returned intersections of up to 20m grading 3.7% copper and 0.82 g/t gold from MTR001. These grades were confirmed by the RC drilling which returned best intercepts of 17m grading 2.1% copper from 13m in MRC032 and 3m grading 9.59 g/t gold from 103m in MRC031. For further details on the Company’s exploration successes in the Seymour area, please refer to previous AIM releases (22 October 2007, 10 December 2007 and 18 March 2008).
Bandire Project - gold
The Bandire gold workings are located to the south of Prospecting Licence 1021L, immediately outside the eastern boundary, but trending into Prospecting Licence 581L The gold mineralisation at Bandire, where an original small mine operated (in relation to which the Company has been unable to obtain any production data), has been opened up in extensive, shallow diggings by artisanal miners. This recent digging was stimulated by the results of exploration during 1997-1999 by Ashanti Exploration Ltd, whose programme culminated in the drilling of 11 reverse-circulation percussion holes. Perhaps the most important outcome of Ashanti’s extensive (12.5 kilometres by 8 kilometres) soil geochemical sampling (on a 200 metres by 800 metres grid) programme, was the identification of four gold anomalies outside the immediate Bandire area of workings. These anomalies are all located on Baobab’s Prospecting Licences.
Changara Project - base metals
The Changara Project Area has been identified as a potential host to Broken Hill-style base metal mineralisation.
The Changara Prospecting Licences cover an area of 525 square kilometres and predominantly contain lithologies of the Rushinga group. Rocks within the area are dominated by felsic gneisses and migmatites, however local marble and meta-arkose units offer opportunities for replacement mineralisation where fault structures provide access for hydrothermal solutions. In the northern third of the project area, there are some younger Cretaceous deposits which overlie Permian-aged Karoo sediments and volcanics. A small inlier of Chidue Formation carbonates occurs in this area and could be more extensive beneath the superficial cover providing further exploration targets for replacement style deposits.
Tete Mafic Complex
| Director | |
| Mr Jeremy Dowler | Non-executive Chairman |
| Mr Brett Townsend | Acting Managing Director |
| Mr Ben James | Technical Director |
| Mr Jonathan Beardsworth | Non-executive Director |
| Senior Management | |
| Ms. Susan Hunter | Joint Company Secretary |
| Mr Jon Crowe | Market Relations Consultant |
Company Address49 Phillimore Street
|
Additional Address/Key ContactPostal Address |
CapitalIssued ordinary shares; 85,078,502
|
Nominated BrokersWestwind Partners (UK) Limited | Nominated AdvisorsGrant Thornton Corporate Finance |
| African Minerals Limited | 11,425,000 | 13.43% |
| Pershing Nominees Limited | 9,282,728 | 10.91% |
| Robyn Jean Broadhurst + Alexander Irwin Crowe | 5,250,000 | 6.17% |
| Jeremy Bewick Dowler | 5,015,169 | 5.89% |
| Mineral Securities Ltd | 5,000,000 | 5.88% |
| Jim Nominees Limited | 4,253,195 | 5.00% |
| The Bank of New York (Nominees) Limited | 4,252,000 | 5.00% |
| Mr Robert Brown | 4,000,000 | 4.70% |
| Pershing Nominees Limited | 3,047,820 | 3.58% |
| 10 holders with 1% to 3% | 15,927,928 | 18.72% |
| 156 holders with less than 1% | 17,624,662 | 20.72% |
| This information was updated on 5 January 2009. |