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Independent mineral exploration company, General Strategic Metals Inc. has entered into an option agreement with Frantier Mining Namibia, a private arm’s length company to acquire an 80 percent undivided interest in an application for an exclusive prospecting license covering approximately 93,801 hectares of land.
The license for the Property is located in central-north Namibia’s Otjozondjupa Region in the eastern part of the Northern Zone of the Damara Mobile Belt.
“The decision to expand our interest in EPL 11777 and enter into an additional option agreement reflects our strategy of building a position in prospective uranium exploration ground within the broader Engo Valley district of northwestern Namibia,” said Wayne Tisdale, President and CEO of General Strategic Metals.
The location is economically significant, as the Damara Mobile Belt hosts current major economic deposits of tin, uranium – both primary and secondary, gold and base metals.
Located within the Otjozondjupa region between the towns of Otjiwarongo to the south and Otavi to the north, the license is close to the two mining operations, Okoruso and Otjikoto.
In addition, it has a very good infrastructure, being on the main highway into southern Africa, served by the national railway line running parallel to the highway, and adequate power supplies serving the local towns and established mining operations.
Meanwhile, for the company to complete the transactions contemplated by the agreement is subject to both parties obtaining all requisite regulatory approvals, consents and acceptances relating to the execution and delivery and performance of the agreement.
