NEW YORK, NY –
CGRA is pleased to share the results of a comprehensive desktop research and reconnaissance survey undertaken by Metminec (Pty) Ltd on behalf of CGRA Mining Inc. This study was aimed at generating potential follow-up targets for lithium exploration and future drilling endeavours on several prospecting tenements owned by the company. As part of this extensive research project, a 7-day reconnaissance survey was conducted on site by Metminec (Pty) Ltd to record detailed field observations on the proposed lithium prospecting sites and licenced locations awarded to CGRA Mining Inc. in the Hombolo, Haneti, Kondoa and Singida areas.
Overall, the study successfully pinpointed several promising sites for lithium exploration within the explored tenements owned by CGRA Mining Inc. Notably, the study identified a significant mineral cluster in the western part of the tenements in the Hombolo region, extending through the Hombolo Lithium Block. This area aligns with the historic Hombolo-Msangani belt, known for its lithium deposits, suggesting high potential for new discoveries within the newly awarded prospecting licenses recently issued to CGRA Mining Inc. by the Ministry of Minerals and the Mining Commission of the United Republic of Tanzania.
For investors, this means that specific tenements owned by the company within the Hombolo region, notably PL/11955/2022, a portion of PL/17271/2021, and PL/19510/2022, have been identified as sites with lithium deposits. These areas are not only confirmed to have lithium, but they also exhibit a high potential for containing significant lithium deposits. These areas also show high occurrences of lithium-bearing minerals and have favorable terrain and proximity to known pegmatite locations. Additionally, one of these concessions is adjacent to the Auroch Lithium Exploration Project Block, part of the Hombolo Lithium Block, adding to its potential value for the company and shareholders. To view the outcome of the full desktop study and reconnaissance survey, we invite shareholders to visit the investor section on the CGRA Mining website. This extensive study offers a thorough overview of the methodologies applied in the geological exploration, an in-depth analysis of the project area, comprehensive results from specific target locations, and a rigorous validation of these findings.
‘‘The release of today’s thorough desktop research and reconnaissance survey marks a significant milestone for CGRA and our shareholders. The report not only represents the first formal documentation of our findings but also provides independent validation of the existence of lithium deposits within the tenements we have acquired, in tandem with the prospecting licenses granted to us by the Tanzanian authorities specifically for these properties. The full report, available on the CGRA Mining website, has been independently verified by competent persons in accordance with the industry standards of JORC, SAMREC, and ISO N143-101 which we believe will instil further confidence among our shareholders regarding the authenticity and significance of these findings,’’ commented Nicolas Link, Chairman of CGrowth Capital Inc.
In the December 8th, 2023 press release, CGrowth Capital Inc. referenced the Titan 1 and Titan 2 deposits located in the Kilimanjaro region. The company would like to clarify this statement and confirm that the exploration of these projects is being conducted by China Dongsheng International Inc., through its wholly owned subsidiary, Titan Lithium Inc.
Certain information set forth in this press release contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects, and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. The Securities and Exchange Commission (“SEC”) has provided guidance to issuers regarding the use of social media to disclose material non-public information. In this regard, investors and others should note that we announce material financial information via official Press Releases, in addition to SEC filings, press releases, Questions & Answers sessions, public conference calls and webcasts also may take time from time to time. We use these channels as well as social media to communicate with the public about our company, our services, and other issues. It is possible that the information we post on social media could be deemed to be material information. Therefore, in light of the SEC’s guidance, we encourage investors, the media, and others interested in our company to review the information we post on the following social & media channels: Twitter: @CGRAOTC