ASX listed Kasbah Resources has elected not to continue onto the next stage of its proposed farm-in agreement on a tin project in Uganda with Starfield Minerals Limited, following completion of an initial 6 month due diligence period.
The initial Memorandum of Understanding signed by both companies relates to the Kikagati Tin Project, which consists of 96km2 of exploration and mining licenses in south-western Uganda. However the one mining lease in the package was revoked by the Ugandan Geological Survey and Mines Department in October. Kasbah paid A$100,000 for exclusivity over the initial 6 month period but has declined the subsequent option of incrementally earning up to 51% ownership of the project by funding A$1 million of exploration.
Whilst Kasbah‘s Exploration Manager will continue to pursue local and regional tin and tungsten opportunities in Uganda, the company’s primary focus remains the progression of the Achmmach tin project in Morocco, which is currently at the project financing stage.