Newton Gold (TSX: V.NWG, Stock Forum) Tuesday announced that it has signed a letter of intent with a private company to acquire a 100% undivided interest in the 137 square kilometre Pugu Hills kaolin clay property in Tanzania, this according to a company news release.
The company said the Pugu Hills property is believed to contain one of the largest kaolin deposits in Africa with numerous historic, non 43-101 compliant, resources estimating greater than two billion metric tonnes of kaolin.
Kaolin clay is an essential ingredient in the manufacture of china and porcelain and is commonly used in the making of paper, rubber, and paint.