NEW YORK, NY - (NewMediaWire) - July 5, 2023 - CGrowth Capital Inc. (OTC: CGRA) is pleased to announce the publication of a high-level preliminary report of its exploration efforts in the company’s recently acquired lithium tenements in the Hombolo region of Tanzania. This preliminary report reveals promising indications of significant lithium mineralization along with key geological sequences and notable results obtained from rock chip sampling, confirming the presence of valuable lithium resources.
The report offers a concise overview of the initial exploration conducted at the Mohanga Lithium tenement situated in Makulu Village, Bahi and Dodoma Urban districts of the Dodoma region in Central Tanzania. Additionally, it presents a comprehensive account of the mining licenses secured, encompassing 17 prospecting licenses and a total of 37 primary mining licenses. The report also includes a detailed depiction of the project areas' locations and provides precise information on the acquired mining licenses.
The primary sources of lithium in the acquired project area are based on the preliminary analysis of two minerals found within the pegmatites: lepidolite, a lithium-bearing mica, and spodumene, a lithium-bearing pyroxene. The project area yielded a series of promising results with the preliminary analysis including several notable findings. For example, rock chip sampling taken across the project area have returned multiple values of over 1.5% Li2O, with particularly encouraging results such as 3.3% Li2O, 2.6% Li2O, and 2.3% Li2O also recorded from this high-level preliminary exploration.
A mineralized zone of significant interest has also been identified following this early-stage exploration. This zone has been recorded as a significant lithium-rich area and is characterized by high-grade mineralization that extends up to 30 meters in thickness. This mineralized zone spans a minimum strike length of 150 meters, indicating the existence of substantially valuable lithium resources within the area. Overall, the exploration efforts have shown promising indications of significant lithium mineralization within the project area, including high-grade zones and multiple pegmatite occurrences.
“The preliminary findings from our exploration efforts are extremely encouraging. The high-grade mineralization and multiple pegmatite occurrences demonstrate the substantial potential for significant lithium resources in the region. This confirms our long-held belief in the potential of our lithium tenements, and we are extremely excited about the future prospects and the value this holds for our committed shareholders,” commented Mitchell Smith, CEO of CGrowth Capital Inc.
“The presence of significant lithium mineralization underscores the value of our investment and the potential it holds for our shareholders. We are actively working on a more comprehensive report that will offer more detailed geological surveys and that will provide a comprehensive analysis of the lithium mineralization potential in the project area. This upcoming report will provide stakeholders with a deeper understanding of the significant lithium resources along with the opportunities they undeniably represent,” commented Nicolas Link, Chairman of CGrowth Capital Inc.
“Taking these exciting developments into account and with a strong focus on maximizing value for our shareholders, it is imperative to provide clarity regarding the name 'Hombolo' at this juncture. It is important to note that 'Hombolo' is not exclusively associated with a singular mine or company. Rather, it encompasses an extensive and expansive region offering a diverse range of mining opportunities, attracting several of the world's largest mining companies who are actively engaged within its boundaries. To address the prevailing confusion surrounding the current name of our mining operation, we are pleased to announce the decision to rename the project as the 'Nkole-Hombolo Lithium Project'. This strategic move stems from the widespread misconception that 'Hombolo' refers to a single mine or is exclusively associated with one company. By adopting the name 'Nkole-Hombolo Lithium Project’ we aim to dispel this misunderstanding and provide a clear representation of our project's location within the expansive Hombolo region,’’ concluded Link.
CGrowth Capital Inc. looks forward to updating shareholders on significant progress in the Sports division of the company and will be issuing a press release later this week to that effect.
For regular CGrowth Capital (CGRA) updates, you are invited to view the company’s website and/or to follow the company’s Twitter account:
Holding Website: https://cgrowthcapital.com
Mining Website: http://cgra-mining.com
Link to Report: https://rb.gy/2q01a
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
View the original release on www.newmediawire.com