This time last month, the company announced an agreement to acquire 100% of Coldstone Investments, which has the rights to earn a majority stake in the Joumbira zinc project in Namibia.
Tanga will be able to earn 80% of the project, with Namibian government-backed Epangelo Mining as its partner.
Until the acquisition, Tanga had been focused on the Hanang gold project in Tanzania.
CEO Matt Bowles only joined the company in early July – the same day as Tanzania unveiled new mining laws and forced the company into a temporary suspension.
The subsequent lack of market love for Tanzania-focused players kicked off the search for another project and Bowles said Joumbira had stood out.
Historical results from Joumbira include 14m at 9.5% zinc, 8.2% lead and 70.8 grams per tonne silver from 39m, with most previous exploration undertaken in the 1970s.
“It’s laid dormant for a while,” Bowles told MNN.
The project is two hours from Namibian capital Windhoek via a sealed road and has rail, power and an airstrip nearby.
Joumbira covers 210.sq.km within the Central Damaran Orogenic belt, which hosts other major gold and base metals deposits, and is drill ready.
The company is planning to hit the ground in Namibia next month after shareholders approve the deal at the end of January.
The deal allowed Tanga to raise $1.16 million at 1c per share, something which it had found tough previously.
“It’s challenging trying to raise money on Tanzania,” Bowles said.
“The sentiment for Tanzania is a struggle at the moment.”
Tanga will continue to advance Hanang.
“We certainly haven’t turned our back on gold,” Bowles said.
“But [the acquisition] gives you the oxygen to be able to advance the Tanzania work without being in the spotlight.”
The Joumbira buy comes at a good time for zinc, with the metal again rising to a decade high this week.
Bowles will be heading to Cape Town next month to present at the 121 Conference.
“It’s quite exciting to have a new project to talk about,” he said.
Tanga shares last traded at 1.3c, valuing the company at just under $7.6 million.