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In a move to enter into an option agreement to acquire an 80% undivided interest in an exploration licence application, General Copper Gold’s licence will be covering approximately 48,500 hectares in central-north Namibia’s Otjozondjupa region, targeting a geological setting that hosts significant existing deposits of tin, uranium, gold and base metals.
The licence area sits within the eastern part of the Northern zone of the Damara Mobile Belt, a province widely recognised for its economic mineral endowment and supported by established infrastructure including a main highway, national railway line and adequate power supply serving local towns and existing mining operations. Under the terms of the agreement with private company Frantier Mining Namibia, General Copper must complete due diligence and make an initial cash payment of $60,000, then spend a minimum of $150,000 in exploration during the first year to earn a 40% interest and a further $300,000 in the second year to earn an additional 40%. To support the transaction, the company plans to complete a private placement for gross proceeds of not less than C$1.5 million.
General Copper has also announced the appointment of Percy Clark to its board, subject to Canadian Securities Exchange approval. Clark is a professional geologist with experience at IAMGOLD’s Cote Gold project in Ontario, where he contributed to the 2017 feasibility study. He is currently President and CEO of Clark Exploration in Thunder Bay. The Namibia entry represents an early-stage but strategically well-positioned bet on a jurisdiction whose geological track record and infrastructure advantages make it one of the more compelling exploration addresses in southern Africa for General Copper.
