THE OFFER BACKGROUND
Haskalah Investment Ltd has been awarded an Exploration License EL27763 by the Mining and Cadastral Office of the Federal Ministry of Mines and Steel Development in Nigeria for the exploration of lead and zinc. The licence covers an area of 6 Km2 near Mavo Village, Wase (hereinafter referred to as Wase Hill) Plateau State.
THE GEO-TECHNICAL REPORT BY CHALLION INTEGRATED SERVICES LTD IN 2018 HAS INDICATED THE PRESENCE OF HIGH GRADE LEAD RESERVES OF ABOUT 4,548,651 METRIC TONS AT THE DEPOSIT WHILST DELINEATING SEVEN DRILLING PROSPECTS .
The Challion geological report observed evidence of lead deposits from artisanal miners operating on the site. Further evidence of lead ore deposits in the area comes from the active mining operation of various other Chinese producers on adjoining properties.
Ore grade samples from the site that were randomly selected and assayed contained between 54.35 and 65.42% Lead (Pb). Such high grades are designated Direct Shipping Ore (DSO) and can be exported as concentrates as is currently being done by Symbol Mining (ASX: SL1) –in their lead mining projects in the adjoining Bauchi State.
Based on the above indications the promoters of Wase Hill project believe there is a very high likelihood that a commercially viable quantity of lead ore exists at "the site".
The promoters are seeking to raise funds to undertake the following and have obtained a quote from RSC Mining & Mineral Exploration, Australia. RSC Mining & Mineral Exploration (RSC) have been chosen as they have a solid track record in completing code compliant resource reserve estimates for successful listings on various stock exchanges.
a. undertake a technical review of the Challion geo-technical preliminary investigations and all known studies of the target area by other studies and regional geological researchers,
b. establish a detailed work programme that will include geological field exploration studies, indicative resource estimation, a project valuation and a budget to commercially develop the project with indicative costing,
c. a drilling and other associated activities to confirm resource that satisfies an international code (JORC or NI 43-101) with a view to attracting international mining partners as property co-developers, and
d. Develop a mining plan and all associated reports to obtain a mining lease for
Wase Hill from the Mining Cadastre Office of Nigeria.