Blaze Minerals Limited (ASX: BLZ), a mineral exploration company focused on identifying and developing high-margin, high-grade, and high-value ore deposits, seeks opportunities in highly prospective regions. The company today announced a binding agreement to acquire up to a 90% interest in two high-grade tungsten projects in Uganda: the Bahati Project (EL00778) and the Buyaga Project (EL00780). These acquisitions mark a strategic expansion into a region known for historical tungsten production.
The Bahati Project is located within the prolific Karagwe-Ankole Belt and includes three historical tungsten mines, notably the Bahati mine, which previously produced approximately 270 tons of wolfram at grades between 1.0% and 2.2% WO3. Recent due diligence yielded exceptionally high-grade channel samples from historical workings, including 1.0 metre at 20.78% WO3 and 0.8 metres at 20.22% WO3, as well as a grab sample grading 56.23% WO3. The Buyaga Project comprises a significant 250 square kilometre landholding surrounding the excised historical Buyaga mine, an area that has yet to undergo modern exploration. Executive Director Mathew Walker stated, “This is a transformational acquisition for the Company, providing direct exposure to an advanced exploration opportunity in a stable, friendly mining jurisdiction.”
To finance the acquisition and forthcoming exploration, Blaze has received firm commitments for a $2,250,000 capital raising through a placement of 4,500,000,000 shares at $0.0005 each. This placement will occur in two tranches, with the second tranche contingent on shareholder approval. Proceeds will fund acquisition payments, exploration on the Ugandan and existing projects, placement costs, and general working capital. Furthermore, the company plans to seek shareholder approval for a 20:1 capital consolidation concurrently with the Tranche Two approval.
