Suche
 
Folgen Sie uns auf:

Antler Gold Announces Option Agreement with Prospect Resources Limited to Sell 51% Interest of Its Highly Prospective Kesya Rare Earth Project in Zambia

12.05.2023  |  Newsfile

Halifax, May 12, 2023 - Antler Gold Inc. (TSXV: ANTL) ("Antler" or the "Company") is pleased to announce that Antler and its subsidiary Antler Exploration Zambia Limited ("Antler Exploration") have entered into an option agreement (the "Option Agreement") with Prospect Resources Ltd. (ASX: PSC) (FSE: 5E8) ("Prospect" or the "Partner") pursuant to which Prospect has an option to acquire 51% interest in Antler Exploration, which holds the Kesya Rare Earth Project ("Project") located in southern Zambia.

Deal Highlights:

  • Prospect has up to two years to acquire a 51% interest in Antler Exploration which holds the Kesya Rare Earth Project via a total combined counterparty consideration and project expenditure payments amounting to US$3.05 million.
  • Phase 1 commitment by Prospect is two cash payments of an aggregate of US$150,000 and US$350,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of the completion of Phase 1.
  • Phase 2 option commitment by Prospect is a cash payment of US$150,000 and US$750,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of electing to proceed to Phase 2.
  • The final phase commitment by Prospect is a cash payment of US$150,000 as well as an issuance of US$500,000 worth of Prospect common shares at the end of the 2 year option period which will then earn Prospect 51% of Antler Exploration.

Project Highlights:

  • The Project covers a Large-Scale Exploration License Application where geological mapping and surface sampling conducted by Antler Exploration has identified a large, rare earth-element enriched carbonatite.
  • Rock chip samples assayed by Antler Exploration outline very encouraging total rare earth element oxide (TREO) mineralisation contained within monazite and bastnaesite with low levels of uranium and thorium.
  • The Kesya rock chip results provide highly anomalous surface values in rare earth elements with the highest grab sample to date assaying 6559 ppm (0.66%) TREO.
  • The grab samples are enriched in neodymium (Nd) and praseodymium (Pr) oxides which average 29% of the TREO content and makes this a very encouraging basket distribution.
  • Keysa's large amount of carbonatite outcrop allows for easy drill targeting offering prospectivity to rapidly delineate a mineral resource and make a significant new rare earth element discovery in Zambia.
  • Antler Exploration along with its partner Prospect are preparing for an initial 1,500m diamond drilling program to test the subsurface expression and depth extent of the mapped and sampled rare earth element enriched carbonatite.

Christopher Drysdale, CEO of Antler commented:

"We are extremely excited to announce this agreement with Prospect. It's a testament to our commitment to strategic partnerships with highly credible organizations that share our vision for value creation. Prospect has an outstanding track record, which is demonstrated by their successful advancement of the Arcadia lithium project in Zimbabwe. This agreement represents a significant milestone for Antler Gold as it underscores our ability to identify promising mineral prospects across Africa and align ourselves with top-tier companies. Not only does this partnership enable us to leverage Prospect's industry-leading expertise, but it also establishes a solid foundation for potential future collaborations, while maintaining significant exposure to the highly promising Kesya REE project."

Prospect's Managing Director and CEO, Sam Hosack, commented:

"The Option Agreement we have struck in relation to the highly prospective Kesya REE Project in Zambia is another significant milestone, which extends our reach further into the battery and electrification mineral sector in Africa, in line with our strategic objectives. Kesya has all the ingredients of a world-class, rare earth enriched, carbonatite-hosted system, having also returned significant values of the high-value REEs, neodymium and praseodymium, over a broad surface area of the Project. Zambia is a leading jurisdiction to explore and develop mining operations in subSaharan Africa, having a long-standing history in the resources sector, particularly for copper. This includes excellent infrastructure and strong support from both the government and community, with major companies like Barrick Gold and First Quantum Minerals already calling it home. We are delighted to have reached this agreement with Antler, which is an established and respected Canadian exploration and development company focussed on its flagship Erongo and Onkoshi Gold Projects, located in central Namibia. The Kesya REE Project offers excellent potential to deliver a significant new, highvalue rare earths discovery, with defined existing drilling targets and a well-established operating environment. Subject to the satisfaction of all relevant conditions precedent, this is a high-quality greenfield exploration play for Prospect."

Introduction and deal terms:

The Kesya carbonatite was first identified in 1961 by Bailey in the Kafue district in southern Zambia. An initial mapping campaign by Antler demonstrated that it is enriched with rare earth elements and warrants further exploration and drilling.

The Option Agreement is among Prospect, Antler and a subsidiary of Antler, Antler Exploration. Subject to satisfaction of certain conditions precedent, Prospect will have the right to earn a 51% interest in Antler Exploration over a two-phased earn-in arrangement over two years for total consideration of US$3.05 million, which includes consideration payments to Antler and in-ground project expenditure.

Prospect will pay an initial non-refundable cash payment to Antler of US$50,000 on signing. Following satisfaction of the conditions precedent under Phase 1, Prospect will pay Antler a further US$100,000 in cash, and commit to spend US$350,000 on the Project within one year (subject to certain extensions permitted under the Option Agreement). Prospect will also issue to Antler US$500,000 worth of Prospect common shares at the completion of Phase 1 (the value of the common shares will be set at the price of Prospect shares at the time of signing, based on previous 10-day VWAP).

After completion of Phase 1, Prospect can elect to proceed to Phase 2 or terminate the Option Agreement (and in this case Prospect will hold no interest in Antler Exploration).

If Prospect proceeds to Phase 2, it is required to pay Antler a further US$150,000 in cash and issue US$500,000 worth of Prospect common shares (the value of the common shares will be set at the price of Prospect shares as at the time of election to proceed to Phase 2, based on previous 10-day VWAP), and it will have the right, but not the obligation, to spend a further US$750,000 on the Project within one year from completion of Phase 1 (subject to certain extensions permitted under the Option Agreement).

If Phase 2 is completed, Prospect will be entitled to exercise a call option to acquire 51% of the issued and outstanding shares of Antler Exploration. To exercise the option, Prospect must make a final payment to Antler of US$150,000 cash and issue US$500,000 worth of Prospect common shares (the value of the common shares will be set at the price of Prospect shares as at the time of the exercise of the call option, based on previous 10-day VWAP).

Prospect will consult with Antler in relation to the work program and budget but will ultimately determine and manage all exploration activities in relation to the Project.

Upon completion of the acquisition, Antler Exploration will be governed by a shareholders agreement ("Shareholders Agreement") among its shareholders. Prospect and Antler Exploration have agreed on the key terms of the Shareholder Agreement, with a full form Shareholder Agreement to be entered into in due course. Development funds for the Project are to be contributed by shareholders of Antler Exploration on a pro-rata basis. If a party does not contribute its pro rata share, its shareholding will be diluted via a prescribed formula. Neither party can be diluted below a 15% interest, from which point such interest shall be free-carried through to the completion of a JORC-Code reportable or NI 43-101 compliant Feasibility Study. The shareholder can then elect to convert its free carried interest to a 2% NSR or equivalent ("Royalty") and the other shareholder has a right but not the obligation to purchase one half of the Royalty for US$5,000,000.

Proposed Exploration Programme

There has been no historic drilling done on the Kesya carbonatite and the subsurface beneath the extent of the mapped carbonatite complex and the depth extension is yet to be tested. Antler along with Prospect is designing a preliminary 1,500 metre diamond drilling programme at the project. (Figure.1) The aim is to evaluate the continuity of the identified surface REE mineralisation to depth. The initial exploration plan will be to drill twenty (20) 75m deep holes along the carbonatite as well as its contacts with the country rock by using a heli-man portable drill rig and pending all environmental and statutory approvals.

Project Location and Background

Figure 1.) Proposed Diamond Drill hole location plan for initial 1500m drilling.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/165868_4cd2c3cab446ab43_002full.jpg

The Kesya REE Project, comprises a single, large-scale exploration license (LEL) application covering 1053.13 hectares and is located near the town of Kafue in southern Zambia in the Kafue Gorge. This license is located approximately 90 km via a tarred road traveling south of the capital city of Lusaka and has water and power infrastructure nearby. Once the LEL is granted, Antler's wholly owned Zambian subsidiary, Antler Exploration Zambia Limited will own 95% of the Kesya REE Project. The remaining 5% of the Project has local ownership.

Figure 2.) Map of the location of the Kesya carbonatite located south of the capital city Lusaka.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/165868_4cd2c3cab446ab43_004full.jpg

Project Geology

The Kesya Carbonatite intruded into gneisses of the Paleoproterozoic Basement Complex rock sequences near the intersection of the mid-Zambezi-Luangwa Rift Valley and the Kesya Rift.

The Kesya Carbonatite is divided into two major rock types: Firstly, a coarse-grained carbonatite with scattered country rock xenoliths: This carbonatite is mostly composed of coarse sövite with small amounts of chlorite. The second rock type is a carbonatite breccia, which surrounds the main intrusion.

The major minerals identified are magnetite, quartz, apatite, Fe-rich phlogopite, monazite, thorite, Ti-oxides, Fe-sulphides, calcite, ilmenite, and the REE-bearing mineral bastnaesite. Dating of apatite in samples from the carbonatite indicate that it is of Neoproterozoic age (Kesya is ca. 535±16 Ma).

Figure 3.) Map of the grab sample locations with associated TREO assay values.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/165868_4cd2c3cab446ab43_006full.jpg

The carbonatite forms a central topographic high surrounded by deeply incised valleys along its margins where weathering processes are more intense.

Field investigations by Antler, and petrological (Scanning Electron Microscope (SEM)) studies completed during 2021 demonstrated that the rare earth mineralisation at Kesya is hosted mainly in monazite (a REE phosphate mineral) and bastnaesite (a REE fluoro-carbonate mineral).

Figure 4.) View of the Kesya carbonatite (Looking towards the East from the Western edge of the Kafue Gorge)

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/165868_4cd2c3cab446ab43_008full.jpg

Rare Earth Element Mineralisation

Antler Gold has completed mapping and sampling campaigns at Kesya in 2021, which involved reconnaissance work across the carbonatite complex and the collection of 51 rock chip grab samples taken on the license.

Figure 6; below shows a small selection of these rock chip grab samples along with their sample ID's O6530 (A), O6537 (B), O6514 (C) and O6551 (D).

The rock chip samples collected by Antler at Kesya proved to be strongly and consistently mineralised with REE, with an average of 1280 ppm (0.13%) Total Rare Earth Oxide (TREO) content, peaking at 6559 ppm (0.66%) TREO.

Encouragingly, these samples also show consistently high contents of neodymium- and praseodymium oxide - key primary materials in the manufacture of strong permanent magnets for powerful motors, used in such devices as large, wind turbines, increasingly utilised in the global renewable energy sector.

Neodymium and praseodymium oxides average 29% of the Total Rare Earth Oxide (TREO) content of the rock chip samples collected from Kesya (Figure 5).



Figure 5.) Pie Chart showing average grades of Individual REO's from the Kesya sampling campaign.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/165868_antler5en.jpg



Figure 6.) Images of rock chip grab samples from field mapping at Kesya.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/5124/165868_antler6en.jpg

Summary of most recent grab assay results

Y2O3 La2O3 Ce2O3 Pr2O3 Nd2O3 Sm2O3 Eu2O3 Gd2O3 Tb2O3 Dy2O3 Ho2O3 Er2O3 Tm2O3 Yb2O3 Lu2O3 TREO
Grab Sample TREO % X Y ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm ppm
ZED001 0.146 654528 8243994 99 199 423 83 428 95 20 61 7 27 4 8 1 5 1 1459
ZED003 0.03 654528 8243994 19 44 117 17 78 16 3 10 1 5 1 2 0 1 0 315
ZED004 0.117 654453 8243961 53 181 457 63 296 53 10 28 3 13 2 5 1 4 1 1169
ZED005 0.125 654603 8243960 66 186 477 67 322 57 11 31 3 15 2 6 1 4 1 1249
ZED006 0.122 654528 8243938 62 186 463 66 311 58 12 33 4 15 2 5 1 4 1 1223
O6501 0.127 655936 8242155 130 186 454 62 285 50 9 35 4 23 4 12 2 12 2 1272
O6503 0.097 655859 8242297 48 147 370 52 247 43 8 26 3 12 2 4 1 3 1 968
O6504 0.202 655543 8242438 94 335 805 109 488 81 15 50 6 23 3 8 1 5 1 2025
O6505 0.089 655536 8242197 42 149 341 46 213 39 9 26 3 11 2 4 0 3 0 888
O6506 0.168 655642 8241806 75 251 657 92 435 75 15 44 5 19 3 6 1 4 1 1683
O6510 0.103 655936 8242316 98 133 358 51 248 50 9 37 4 20 3 8 1 6 1 1029
O6511 0.132 655805 8242525 63 198 506 72 343 59 12 35 4 16 2 5 1 4 1 1320
O6512 0.125 655779 8242562 57 204 491 67 304 54 10 32 3 15 2 5 1 4 1 1251
O6513 0.100 655738 8242593 56 158 388 53 244 42 9 26 3 13 2 5 1 3 1 1003
O6514 0.143 655734 8242626 91 195 522 76 374 72 12 47 5 22 3 7 1 4 1 1432
O6515 0.083 655864 8242675 56 127 313 43 197 35 7 22 3 12 2 4 1 3 0 825
O6520 0.077 655916 8243505 42 118 299 41 191 32 7 20 2 9 1 3 0 3 0 771
O6521 0.097 655865 8243435 47 145 374 53 252 43 10 26 3 11 2 4 0 2 0 971
O6522 0.076 655805 8243283 46 111 285 41 194 36 7 22 2 10 2 4 0 3 0 762
O6523 0.061 655832 8243239 48 83 219 31 149 29 7 20 2 10 1 3 0 2 0 606
O6524 0.094 655748 8243220 46 151 369 51 234 39 8 23 3 10 2 4 0 3 0 944
O6525 0.119 655611 8243079 52 184 463 65 307 50 10 30 3 13 2 5 1 4 1 1188
O6526 0.250 655013 8242769 75 551 1059 125 513 76 16 43 4 17 3 6 1 5 1 2495
O6527 0.105 655125 8242566 52 162 403 56 260 50 10 30 3 14 2 5 1 3 1 1051
O6528 0.089 655446 8242604 44 137 347 48 220 39 7 24 3 11 2 4 0 3 0 891
O6529 0.088 655449 8242692 50 142 340 46 211 35 8 24 3 12 2 4 0 3 0 879
O6530 0.656 655533 8242712 179 1048 2624 372 1750 283 64 156 14 46 6 11 1 5 1 6559
O6531 0.109 655601 8242698 72 143 394 58 282 55 11 39 4 18 3 7 1 4 1 1092
O6532 0.095 655691 8242655 43 151 374 51 232 40 7 24 3 11 2 4 0 3 0 945
O6533 0.148 655143 8242801 67 284 620 77 318 48 10 29 3 13 2 5 1 4 1 1482
O6534 0.138 655216 8242642 66 289 577 67 273 42 9 26 3 13 2 6 1 5 1 1379
O6535 0.107 655234 8243119 60 160 409 57 268 46 9 30 3 14 2 5 1 4 1 1068
O6536 0.129 655080 8242895 70 197 486 69 323 58 13 37 4 18 3 6 1 4 1 1287
O6537 0.467 655062 8242800 74 1105 2085 235 925 122 23 65 6 19 2 5 1 3 1 4670
O6538 0.106 654502 8244494 75 157 397 56 253 48 9 31 3 16 3 6 1 4 1 1060
O6539 0.129 654520 8244485 135 155 426 67 318 69 12 52 6 28 4 11 1 7 1 1294
O6540 0.056 654498 8243994 32 77 206 31 147 29 6 18 2 7 1 2 0 2 0 560
O6541 0.050 654431 8244012 53 68 182 25 110 21 4 15 2 10 2 4 1 3 1 500
O6542 0.070 654338 8243916 41 107 275 38 169 31 6 18 2 9 1 3 0 3 0 704
O6543 0.086 654521 8243704 42 136 341 48 212 36 7 21 2 9 1 3 0 3 0 863
O6544 0.068 654482 8243699 43 102 255 37 169 30 6 19 2 9 1 3 0 2 0 681
O6545 0.118 654427 8243732 51 182 465 66 296 52 9 31 3 12 2 4 0 3 0 1177
O6546 0.061 654427 8243868 32 93 240 33 148 27 5 16 2 7 1 3 0 2 0 609
O6547 0.081 654499 8243866 63 116 298 42 192 38 8 25 3 13 2 5 1 4 1 812
O6548 0.074 654520 8243772 44 111 283 40 180 33 6 21 2 10 1 4 0 3 0 739
O6549 0.080 654580 8243745 50 120 303 43 198 37 7 23 2 11 2 4 1 3 0 804
O6550 0.074 654892 8243002 50 120 287 38 168 31 7 20 2 10 2 4 0 3 0 742
O6551 0.264 654977 8242880 53 585 1195 139 516 70 16 35 3 13 2 4 1 3 0 2636
O6553 0.189 654238 8243786 56 291 751 110 503 88 18 48 4 13 2 4 0 2 0 1890
O6554 0.139 654101 8243771 44 220 558 78 355 61 12 33 3 12 2 4 0 2 0 1386
O6555 0.069 654095 8243877 34 111 269 38 164 29 5 18 2 8 1 3 0 3 0 686

During the mapping campaign undertaken by Antler Gold, 51 rock chip grab samples were taken from in-situ outcrop at the Kesya REE Project. Sample sizes were 1-3 kg and taken to fairly represent the lithology recorded at each sample site.

In addition to the rock chip samples, an extra 15% of QAQC materials (2 x blanks, 2 x each of CRM AMIS0185, AMIS0304, AMIS0356 and 2 x duplicate field samples) were added to the batch of samples dispatched for assaying to comply with QAQC regulations.

All samples were shipped to Namibia and prepared by crushing and milling at Activation Laboratories Ltd (ACTLABS) in Windhoek.

Pulped samples were then exported to ACTLABS in Ancaster, ON, Canada, for Code 8 - REE analysis, which is a lithium metaborate/tetraborate fusion with subsequent analysis by ICP-OES and ICP-MS.

Qualified Person

The technical and scientific information in this presentation has been reviewed and approved by Oliver Tors, B.Sc (Hons)., Exploration Manager of the Company, who is registered Professional Natural Scientist with the (SACNASP) South African Council for Natural Scientific Professions (Pr. Sci. Nat. No. 120660) who is a Qualified Person as defined by NI 43-101. Mr. Tors is an employee of Antler Gold Inc. and is not independent of the Company under NI 43-101.

About Antler Gold Inc.

Antler Gold Inc. (TSXV: ANTL) is a Canadian listed mineral exploration company focused on the acquisition and exploration of mineral projects in Africa's Top-Ranked Jurisdictions, with exposure to both gold and REE. Antler's total license position now comprises 6 projects for a total landholding of approximately 584,347 ha. The Company continues to assess new regional opportunities with the aim of building a risk diversified business model, which allows the company to generate short and long- term income whilst providing stakeholders with exposure to potential multiple returns that are generated from the discovery process.

About Prospect Resources Limited (ASX: PSC) (FSE: 5E8)

Prospect Resources Ltd. (ASX: PSC) (FSE:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zimbabwe and the broader sub-Saharan African region.

Cautionary Statements

This press release may contain forward-looking information, such as statements regarding the completion of the transactions subject to the Option Agreement and future plans and objectives of Antler and its subsidiary, Antler Exploration in relation to the Project. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of the transactions contemplated by the Option Agreement. Actual results may differ materially from results suggested in any forward-looking information. Antler assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by Antler with Canadian securities regulators, copies of which are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact Chris Drysdale, CEO of Antler Gold Inc. at +264 81 220 2439 or Daniel Whittaker, Executive Chairman of Antler Gold Inc., at (902) 488-4700.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/165868


Bewerten 
A A A
PDF Versenden Drucken

Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!




Mineninfo
Antler Gold Inc.
Bergbau
A2DQ48
CA03718X1042
Minenprofile
Alle Angaben ohne Gewähr! Copyright © by GoldSeiten.de 1999-2024.
Die Reproduktion, Modifikation oder Verwendung der Inhalte ganz oder teilweise ohne schriftliche Genehmigung ist untersagt!

"Wir weisen Sie ausdrücklich auf unser virtuelles Hausrecht hin!"