Antler Gold Inc. has announced that its wholly owned subsdiary, Antler Gold Namibia (Pty) Ltd. has entered into a binding agreement to acquire 90% of the Onkoshi Gold project in Namibia from an arm’s length vendor.
The project will be held in Antler’s project generation vehicle owned 87.5% by Antler and 12.5% by Sherpa Resource Holdings Ltd.
The Onkoshi Gold Project is located approximately 140 km northwest of Windhoek, was previously known as the Erindi and Vredelus projects, and has had a significant amount of historical work performed over it in the past.
Significant exploration potential exists on the project, including:
- Limited historical work over the strike extents of both the historical Erindi and Vredelus prospects offer immediate exploration targets.
- Numerous significant gold in rock and gold in soil anomalies discovered during historical sampling campaigns were not followed up with any additional exploration work.
- Historical analytical lower limits of detection for gold were in the order of 20 ppb, and thus potential gold mineralisation with a surface expression of less than 20 ppb would not have been delineated by the historical soil sampling campaigns.
- Mineralisation on the project has been shown to be conductive and magnetic, and is therefore suitable for detection by both magnetic and electrical geophysical survey techniques.
The terms of the agreement provide for Antler Namibia to pay CAN$30 000 on signing and CAN$50 000 upon the issuance of an Environmental Clearance Certificate (ECC) and successful transfer of the Project EPL to Antler. In addition, Antler Namibia must pay a further CAN$20 000 one year from the date of ECC issuance and Antler must issue the vendor or their nominee CAN$100 000 of Antler common shares based on the 10 day VWAP immediately prior to issuance. A finder’s fee of CAN$20 000 will be paid to an arm’s length party who introduced the project to Antler. The transaction is subject to TSXV approval.
Daniel Whittaker, President and CEO of Antler, comments:
“I’m pleased to announce the acquisition of the Onkoshi Gold Project by our project generator venture with Sherpa. We look forward to unlocking the potential of this project using techniques applied in and knowledge gained from recent other significant gold discoveries in Namibia. I want to thank everyone on our skilled team for their excellent work securing this project for the project generator.”
Read the article online at: https://www.globalminingreview.com/mining/18042022/antler-gold-acquires-interest-in-the-onkoshi-gold-project-in-namibia/