General Copper Gold Corp. has moved to secure an 80% interest in a 48,500-hectare exploration licence in Namibia, while launching a C$1.5 million capital raise to fund the acquisition and exploration programme.
The Canadian-listed explorer said it has signed an option agreement with Frantier Mining Namibia to acquire the stake in an exclusive prospecting licence application located in the Otjozondjupa Region, within the mineral-rich Damara Mobile Belt.
Under the terms of the agreement, General Copper will pay US$60,000 upfront and commit to US$450,000 in exploration spending over two years to earn the full 80% interest.
The company must spend US$150,000 in the first year to secure an initial 40% stake, followed by US$300,000 in the second year to earn an additional 40%.
The licence area lies between Otjiwarongo and Otavi, close to existing operations including the Otjikoto gold mine and Okoruso fluorspar mine. It is supported by established infrastructure, including highways, rail and power supply.
General Copper said the location within the Damara Belt is strategically significant, as the geological corridor hosts major deposits of uranium, tin, gold and base metals.
The acquisition remains subject to regulatory approvals and the successful completion of a proposed private placement.
The company plans to raise at least C$1.5 million through the issue of units priced at C$0.05 each, with each unit comprising a share and half a warrant exercisable at C$0.10 within 12 months.
Proceeds from the funding will be used to advance the Namibian project, support exploration at its Topley Richfield copper-gold property in Canada, and for general corporate purposes.
The company said failure to complete the financing or secure approvals would prevent it from exercising the option.
The option exercise is expected to close within 5 business days of receiving approvals and completing financing.
General Copper also announced the appointment of geologist Percy Clark to its board, strengthening its technical leadership as it expands its exploration footprint.
The move marks the company’s entry into Namibia, targeting one of southern Africa’s most prospective mineral belts as it seeks to build a diversified copper and gold exploration portfolio.
