Canadian junior miner Glacier Lake Resources announces that it has entered into two separate agreements — the first a Property Option and Joint Venture Agreement and the second a Share Purchase Agreement to acquire controlling interests in five Exclusive Prospecting Licences (EPLs) located in the Erongo Region of Namibia.
The five EPLs cover approximately 610 square kilometres in one of Namibia’s most established uranium districts, in proximity to the Rössing Uranium Mine, the Husab Uranium Mine, and the Langer Heinrich Uranium Mine.
Under the first agreement with Pointe Noire Investments CC of Walvis Bay, Glacier Lake may earn up to a 75% undivided interest in EPL 9727 and EPL 8208. EPL 9727 covers about 12,081 hectares and is located roughly 15 kilometres east of Husab and 25 kilometres southeast of Rössing.
EPL 8208 covers about 7,842 hectares and lies north of Langer Heinrich, approximately 100 kilometres east of the Port of Walvis Bay.
To earn its interest in these two licences, the company must incur at least C$3 million (approximately N$59 million) in exploration, environmental, technical and administrative expenditures by 30 June 2028.
It must also make staged cash payments of C$100,000 (about N$2.0 million) within 10 business days of the agreement and C$150,000 (about N$3.0 million) within 90 business days, bringing the total upfront cash consideration to C$250,000 (approximately N$4.9 million).
The second agreement involves the acquisition of 100% of Ictus Resources Inc., which holds a Property Option and Joint Venture Agreement over EPL 9872, EPL 9873 and EPL 8617.
EPL 9872 covers approximately 11,078 hectares, EPL 9873 covers 19,482 hectares and adjoins EPL 9872, while EPL 8617 covers approximately 10,497 hectares and is located east of the Rössing Mine.
To exercise the option over these three licences, Glacier Lake must incur exploration and related expenditures of at least C$2 million (approximately N$39 million) by 15 June 2028, including a minimum of C$500,000 (about N$9.8 million) by 15 December 2026.
No separate upfront cash payment has been disclosed for these licences, with consideration structured around work commitments.
Historical records referenced by the company indicate that EPL 9727 hosts intrusive-related and surficial uranium mineralisation, including alaskitic intrusions within schistose host rocks and calcrete development in palaeochannel systems.
Historical radiometric surveys on EPL 8208 reportedly identified anomalous uranium responses over river sediments, with uranium values up to 260 g/t U₃O₈ reported in localised zones.
Historic drilling in palaeovalley systems reportedly intersected uranium mineralisation in isolated zones, with grades reported at less than 100 g/t U₃O₈.
EPL 9872 and EPL 9873 lie within the central zone of the Damara Orogenic Belt, where historical reports describe uranium-bearing intrusive outcrops and calcrete-style mineralisation similar to other deposits in the region.
EPL 8617 is also reported to host intrusive-related uranium mineralisation associated with alaskitic bodies.
The company also referenced a historical report dated 8 August 1980 covering ground in the broader area east of Rössing, which outlined an inferred resource of 35 million tonnes at an average grade of 120 ppm U₃O₈, based on percussion drilling conducted on a 250-metre grid.
Glacier Lake stated that this estimate is historical in nature, does not comply with NI 43-101 standards and has not been independently verified by a qualified person, and is therefore not being treated as a current mineral resource.
Alongside the Namibian transaction, Glacier Lake announced its intention to change its name to Skeleton Coast Uranium Corp., subject to regulatory approval, and to consolidate its common shares on a one-for-three basis.
The company also intends to complete a non-brokered private placement of up to 37,037,037 post-consolidation units at C$0.135 per unit, for gross proceeds of up to C$5 million (approximately N$98 million).
Each unit will consist of one common share and one-half of one common share purchase warrant. Each full warrant will entitle the holder to acquire one additional share at C$0.20 (about N$3.9) for a period of 24 months from the closing date.
Net proceeds from the financing are expected to fund exploration and related work on the Erongo EPLs, as well as general working capital.
The Option Agreements, proposed name change, share consolidation and financing remain subject to approval by the TSX Venture Exchange.
