Tanga Resources Ltd. said Aug. 15 that it signed a binding agreement to acquire all of the issued shares in Aloe Investments One Hundred and Ninety Two (Pty.) Ltd., for US$50,000.

Aloe Investments owns the Hagenhof copper-cobalt project in Namibia. The project is on a granted exploration license covering about 197 square kilometers and is drill-ready with multiple walk up drill targets identified.

The acquisition expands Tanga's presence in the African country and provides shareholders with greater exposure to copper and cobalt. The company has competed follow up soil sampling over Hagenhof as part of its initial due diligence, with results pending.

Tanga will immediately focus on the interpretation of the pending soil and rock chip results, in conjunction with the historical exploration data. Based on the outcome, the company will develop a follow up exploration program for Hagenhof, which is likely to include reverse circulation drilling.

Additionally, the company noted that preparations are underway to begin a follow up reverse circulation drill program at the Joumbira zinc project.