How Blaze Minerals’ $2.5M Bet on Congo’s Loulombo Could Unlock Base Metals Riches
Blaze Minerals has inked a binding deal to acquire a major interest in the Loulombo Base Metals Project in the Republic of Congo, backed by a $2.52 million capital raise to fund exploration and development.
- Acquisition of 80% interest in Loulombo Base Metals Project
- Project covers 195km² near Brazzaville with strong infrastructure
- Mimpala Target shows exceptional lead, vanadium, copper, and zinc grades
- Maiden drilling campaign planned for August 2025, pending approvals
- Capital raising of $2.52 million including director participation
Strategic Acquisition in a Promising Region
Blaze Minerals Limited (ASX – BLZ) has taken a significant step forward by entering into a binding agreement to acquire an 80% stake in the Loulombo Base Metals Project, located in the Republic of Congo. Spanning 195 square kilometres, the project is strategically positioned just 150 kilometres west of Brazzaville, benefiting from excellent infrastructure including a four-lane highway, nearby railway access, and connection to the national power grid. This acquisition places Blaze at the forefront of a potentially world-class base metals opportunity.
High-Grade Mineralisation at Mimpala Target
The jewel in the Loulombo Project’s crown is the Mimpala Target, which has already attracted artisanal mining activity since its discovery in 2022. Preliminary sampling results are striking, with rock-chip assays revealing lead concentrations as high as 60.5%, alongside significant vanadium, copper, and zinc. Channel sampling from artisanal pits further confirms substantial mineralisation, with intervals such as 10 metres at 14.9% lead and 3.5% vanadium. The mineralised zone is estimated to be over 30 metres thick and remains open in all directions, indicating considerable upside potential.
Drilling Plans and Regulatory Steps
Blaze is preparing to launch a maiden drilling campaign targeting at least 1,000 metres of strike and approximately 3,000 metres of drilling, scheduled to commence in August 2025, subject to regulatory approvals. The company has already engaged with potential drilling contractors and is finalising drillhole designs. Concurrently, Blaze is mobilising staff to the Congo to secure necessary permits and establish operational logistics, underscoring its commitment to advancing the project swiftly.
Capital Raising to Fuel Growth
To fund the acquisition and upcoming exploration activities, Blaze has secured firm commitments for a $2.42 million placement at $0.002 per share, with an additional $100,000 to be invested by Managing Director Mathew Walker, pending shareholder approval. The total $2.52 million raise will support acquisition payments, drilling and assay costs, further exploration in Uganda, and general working capital. The company has appointed CPS Capital Group as lead manager for the placement, which includes options issuance subject to shareholder approval.
Looking Ahead
The acquisition terms include initial and deferred payments totaling US$1.25 million plus success fees, with Blaze holding an 80% interest and the remaining 20% free-carried until a definitive feasibility study is delivered. The company also secures a first right of refusal on additional interests held by the vendor in the Congo. This deal, combined with the promising assay results and imminent drilling program, positions Blaze Minerals as a compelling base metals explorer with near-term catalysts.
Bottom Line?
Blaze Minerals’ bold move into the Congo’s base metals sector sets the stage for a pivotal exploration phase that could redefine its growth trajectory.
Questions in the middle?
- Will regulatory approvals and shareholder votes proceed smoothly to enable the planned drilling?
- How will the market respond to the dilution from the capital raising and new share issuance?
- What are the next steps if drilling confirms or exceeds current high-grade mineralisation estimates?
