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Taruga to acquire 65% stake in DRC lithium project

Taruga Gold Ltd.'s shares surged Oct. 5 after it announced a binding agreement to acquire up to a 65% interest in a project based in the Democratic Republic of the Congo that is prospective for lithium, tin and tantalite.

The project, also called permit ZRG0705, is owned by local company TIEX SA and covers 40.8 square kilometers.

ASX-listed Taruga is required to fund all exploration until it completes a definitive feasibility study within five years, while TIEX will convert ZRG0705 into a "Permis de Recherche" during a 90-day due diligence period.

The company plans to start reconnaissance exploration work during due diligence.

Taruga's shares were up by more than 66% at market close.