The license is known as EPL 6162 which measures 105 square kilometers and is located within the Erongo region of central Namibia within the Navachab gold trend
Antler Gold Inc. (“Antler”) (TSXV: ANTL) is pleased to announce that it has entered into an agreement to acquire a gold exploration license in Namibia (the “Purchase Agreement”).
The license is known as EPL 6162 which measures 105 square kilometers and is located within the Erongo region of central Namibia within the Navachab gold trend. This highly prospective area hosts the nearby Historical Onguati mine, the QKR Namibia Navachab Gold Mine as well as the Goldkuppe and Karibib Regional projects of Osino Resources.
The geology of EPL 6162 is of Upper Damara aged sediments (Swakop Group) to the south as well as younger Triassic and Cretaceous sediments and volcanic units to the north. The North East (NE) trending carbonate rich lithologies on the EPL comprise the prospective Navachab – as well as Onguati Members of the Karibib Formation.
Pursuant to the Purchase Agreement, Antler may acquire a 100% interest in EPL 6162 by paying the vendor, who is an arm’s length party, a cash payment of C$2,000, issuing 10,000 common shares of Antler and C$2,500 of common shares of Antler based on the 10-day volume weighted average price per common share immediately prior to the date of the Purchase Agreement. Antler must also spend C$25,000 worth of exploration expenses on or before the EPL renewal date of March 31, 2020. Once the EPL is renewed, in order to acquire EPL 6162, Antler must make a further cash payment of C$5,000 and issue an additional 10,000 common shares of Antler and a further C$2,500 of common shares of Antler based on the 10-day volume weighted average price per common share immediately prior to the date of the EPL renewal. Antler must also spend a further C$50,000 in exploration expenditures on the EPL within one year of renewal.
The Purchase Agreement also provides Antler with a right of first refusal to acquire a 100% interest in any EPL acquired by the vendor within two years from the date of the Purchase Agreement. If Antler decides to acquire a new EPL from the vendor, in order to do so, Antler must make the cash payment of C$7,000, issue the same number of common shares of Antler as for EPL 6162 and make exploration expenditures of at least C$75,000 within one year of the vendor’s acquisition of the new EPL.
The Purchase Agreement is subject to a 14-day due diligence period and is conditional upon TSX Venture Exchange approval.
Source: Company Press Release