Namibia Critical Metals has sold 95% interest of its four gold prospective properties to Sylla Gold Corp for a cash payment of N$1.9 million (US$100.000) and 3 million shares at a deemed issuance price of $0.05 per common share.
Sylla Gold Corp. is a Canadian junior gold exploration company focused on acquiring gold properties in West Africa.
The properties – in Grootfontein, Erongo, Otjiwarongo and Kaoko – encompass 2,788 square kilometres.
Sylla will acquire a 95% interest in Namibia Critical Metals’ Namibian subsidiary that owns the property rights, title and interest.
The Grootfontein property, 80km northeast of B2Gold’s Otjikoto Gold Mine, has two EPLs, 6561 and 5992, covering 1,392 km².
The property is also about 20km northeast of Osino Resources’ Otjikoto East Project.
Namibia Critical Metals says the project area is considered prospective for gold based on the premise that extensions of the Okonguarri Formation, which hosts the Otjikoto and Navachab gold mines, trend through the area.
The Otjiwarongo property is under EPL 5847 and covers 150km², and the Erongo, within the Navachab-Ondundu gold trend, covers 263km². This property is about 20km from the Osino Resources Twin Hills project.
The last property in Kaoko is 983km² big and not yet licenced.
Sylla Gold CEO Regan Isenor said the licences were assembled in proximity and on strike of significant operating gold mines and recent discoveries in favourable geology conducive to mineralisation.
“The Central Namibian Gold Belt continues to produce world-class gold operations as well as new discoveries, and we’re looking forward to unlocking the value in these licences by applying some of the knowledge gained from the recent discoveries in the district,” Isenor said.
