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handeni gold inc (HNDI) Snapshot

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handeni gold inc (HNDI) Details

Handeni Gold Inc., an exploration stage company, engages in the acquisition and exploration of gold properties in Tanzania, Africa. It primarily holds a 100% interest in the Handeni Gold Project that consists of 4 prospecting licenses covering approximately 800 square kilometers located in the Handeni artisanal gold mining district, Tanga Province, Tanzania. The company was formerly known as Douglas Lake Minerals Inc. and changed its name to Handeni Gold Inc. in February 2012. Handeni Gold Inc. was founded in 2004 and is based in Dar es Salaam, Tanzania.

handeni gold inc (HNDI) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: --
Chief Financial Officer, Secretary, Treasurer...
Total Annual Compensation: $47.6K
Compensation as of Fiscal Year 2015.

handeni gold inc (HNDI) Key Developments

Handeni Gold Inc. Auditor Raises 'Going Concern' Doubt

Handeni Gold Inc. filed its Annual on Aug 20, 2015 for the period ending May 31, 2015. In this report its auditor, Manning Elliott, gave an unqualified opinion expressing doubt that the company can continue as a going concern.

Handeni Gold Inc. Settles Litigation with Ruby Creek Resources, Inc

Handeni Gold Inc. announced that on January 13, 2015, it reached a binding settlement of the New York litigation with Ruby Creek Resources, Inc. (RCR), and is currently waiting for RCR to finalize the formal settlement documentation. The settlement does not require any monetary payment by the Company to RCR. Under the terms of the settlement, the company will turn over its interest in Ruby Creek Resources (Tanzania) Limited and will return the 4,000,000 shares of restricted Ruby Creek common stock to RCR. Both sides have agreed to dismiss their respective claims, with prejudice, and the litigation is now concluded.

Handeni Gold Inc. Provides Update on Exploration Activities in United Republic of Tanzania

Handeni Gold Inc. provided update on exploration activities in the United Republic of Tanzania. During 2014, the company acquired 7 PL's (prospecting licenses) containing all of its targets following the relinquishing of 50% of its license areas in 2013 as required by Tanzanian regulations. The company now holds a total of approximately 412 km2 (52% of its previous license area). During October 2014, the company fulfilled the requirements for its licenses to be uploaded on the Topo Cadastral system of the Ministry of Minerals and Energy of Tanzania. This enables rigorous control and transparency of all aspects of licensing, reporting and renewal of properties. To date the company completed and is active with exploration programs on 13 of its initial 17 targets. As announced in April and May 2012 a total of 5,347 m was drilled and 5,485 gold assays conducted on the Magambazi East target (Target 1) and 5,944 samples taken on 4,988 m drilled on the Kwandege target (Target 2). Continued work on these mineralized zones, including multi-element XRF and ICP-AES analysis, structural interpretation of core and field data as well as additional soil assays, upgraded Kwandege to project status. A close-to-surface reverse circulation drilling program is planned to test the continuation of gold in all 3 dimensions. This will determine Kwandege's suitability as a potential open cast deposit. Six drill holes are planned for Magambazi East to test the company's revised structural model of this mineralization. The revised interpretation is based on detailed structural analyses as well as interpretation of assay data combined with 3,144 XRF analyses on the geochemistry of drill core from Magambazi East. In addition to the geological and geophysical maps produced using remote sensing techniques, a total of 143 km2 (35%) of the license area has been mapped in detail (1:2500 and 1:5000 scale). To date 22,833 soil samples have been taken, of which 5,122 were assayed for gold and 12,566 analysed by XRF. The remaining 5,145 samples are currently in the process of being analysed. Target 5 is now a fully-fledged drill target based on the geochemistry and geophysics results obtained. Nine hundred and thirty five (935) soil samples collected on Target 6 have been analysed by XRF and are being evaluated to select samples for gold assays. Target 7 (Mjembe) is set to achieve drill status pending the results of a trenching program. The combined result of the trenching program with the geophysics and geochemistry already interpreted will enable the siting of drill holes. Targets 8 and 10 have been mapped and sampled in detail and in the case of the latter XRF results were utilized to submit selected samples for gold assays, the results of which are pending. Mapping and XRF analyses on 793 samples from Target 15 (Dolly) have been completed. Mineralization and structural features on this anomaly show many similarities with that of Magambazi hill. In summary, of the 13 targets investigated or being investigated, four have achieved drill status (1, 2, 5 and 7), significant anomalous results have been achieved on 4 additional targets (8, 10, 15 and 16) currently being further explored, results on one is pending (target 6) and four proved to be unsuccessful (3, 4, 9 and 11). During January 2015 focus will shift to 4 targets on the Gole sheath fold, a structural feature of 11 km by 4.5 km (Targets 12, 13, 14 and 17) with geological and geophysical features rendering it similar to many Proterozoic base metal and gold deposits. The company expects to spend most of 2015 on investigating this highly promising feature on which gold anomalies have already been detected in soil samples.


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