Project Overview and Highlights

The Musha and Ntunga Mines were operated successfully from the late 1920s through to 1985 by Minetain, Somuki and then SOMIRWA from open pit mines, and underground tunnels.

There was limited application of mechanised mining in Rwanda with disparate, non-commercial artisanal operations between 1985 and the issuance of licences to Piran Resources.

Piran Resources secured a 25-year mining licence for both the Musha and Ntunga concessions, a combined licence area of 4000 hectares with an additional ~2,000 hectares under an exploration licence.

The licences are situated in a region of well-known tin and tantalum mineralisation.

Historic Belgian mining records show grades up to 6% Sn within mineralised quartz veins.  Both the mining records and recent small-scale mining activities have provide invaluable information on product, grade, and mining potential.

An initial JORC resource of 10Mt was defined in Q1 2019.  Results showed significant value is available both in Musha and Ntunga, with the suggestion that the areas of mineralization identified to date are evidence of a single, much larger resource body.

The site has established infrastructure and is easily accessible via main roads.

Rwanda has an excellent business framework and a “pro-investment” regulatory environment.

High grade underground tin

>6,000m drilled at Musha Central in 2018, showed consistent high grades of Sn veins.

A JORC resource defined at Musha Central in Q1 2019: 0.5Mt @ 1.2% Sn.

The nuggety mineralisation and complex vein structure point to a combination of underground mine development and drilling to further define the resource.

Development is already underway at the first four trial mines with production set to rise in 2019 as stopes open up and the processing plant is optimised.

Targeting a large scale operation:  up to 400-500ktpa mined and processed from multiple underground access points for c 4,000 tpa tin production.


Growing the wider resource

>7,000m drilled in 2018 into a pegmatite target at Ntunga demonstrated good continuity of Sn-Ta mineralisation.

A JORC resource defined in Q1 2019:  9.2Mt at 0.25% Sn Eq.

The orebody is accessible from surface, but requires further infill and resource expansion drilling before assessing development potential.

Long term lithium upside – deeper drilling at Ntunga intersected unweathered pegmatite with high grade intersects such as:  79.5m @ 1.59% Li2O with 0.15% Sn & 0.01% Ta.