Antler Gold Inc. has closed the deal with Fortress Asset Management LLC over the 100% acquisition of the Erongo Central Gold Project.
The Erongo Central Gold Project comprises four active Exclusive Prospecting Licenses (EPLs 6162, 7261, 6408, 8010) and one application (EPL 9534) totalling 19,514.44 hectares (~195 km2) in the south Central Zone of the Damara Belt.
Initial exploration by Antler Gold since 2021 has confirmed the high potential for a structurally controlled, metasediment-hosted hydrothermal gold system.
The project hosts 30 km of prospective magnetic conductors yet to be systematically drilled.
Best historical rock chip assay results of high-grade gold include 80 g/t Au, 6 g/t Au, 5.4 g/t Au, and 4.45 g/t Au from showings occurring within the project area.
The companies signed a letter of intent on May 23, 2024, superseded by the definitive agreement signed on September 18, 2024.
Fortress Asset Management LLC has acquired up to 100% interest in the Erongo Central Gold Project over three years.
Under the terms of the definitive agreement, Fortress will provide a total consideration of US$5.5 million and an additional US$6 million for exploration expenditures on the project over the term of the Definitive Agreement.
Additionally, Antler will retain a 2% net smelter return royalty on the entirety of the project, with no buyback provisions.
Antler will act as the project operator during the term.
Antler Gold CEO Chris Drysdale said that finalizing this agreement would create significant shareholder value and position the company to benefit from both near-term exploration outcomes and long-term production potential.
“Our Project Generation team has been diligently working, and we are eager to apply the same approach to future projects,” Drysdale said.
