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Blaze Minerals ( (AU:BLZ) ) has provided an update.
Blaze Minerals Limited has encountered a setback in its exploration activities at the Loulombo Project in the Republic of the Congo due to a dispute with its local business partner, Congo Shining SARL. The company has been informed that it allegedly failed to meet unspecified obligations, leading to concerns over the security of site personnel and equipment. As a result, the drilling contractor has demobilized personnel while the RC drill rig remains on site. Blaze Minerals is actively working with its local partner and legal counsel to resolve the situation and will provide further updates as events unfold.
More about Blaze Minerals
Blaze Minerals is a mineral exploration company focused on identifying and developing high-margin, high-grade, and high-value ore deposits in highly prospective regions. The company operates the Loulombo Project in the Republic of the Congo, which covers 195 square kilometers and includes the Mimpala Target, a potentially high-grade discovery. Additionally, Blaze Minerals has two projects in Uganda: the Ntungamo Project, adjacent to Uganda’s largest producing tin mine, and the Mityana Project, site of a historic open-cut tantalite mine.
Current Market Cap: A$5.75M
See more insights into BLZ stock on TipRanks’ Stock Analysis page.