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22/06/2024
Mining News

Sylla Gold Corp Secures 95% ownership of Namibia Critical Metals’ gold prospective properties

Namibia Critical Metals’ has finalized the sale of a 95% interest in its four gold prospective properties to Sylla Gold Corp. The deal includes 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, a Canadian junior gold exploration company with a focus on acquiring gold properties in West Africa, is set to acquire the majority stake in Namibia Critical Metals’ Namibian subsidiary holding property rights, title, and interest in the Grootfontein, Erongo, Otjiwarongo, and Kaoko properties, covering a total of 2,788 square kilometers.

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Among these properties, the Grootfontein property stands out, located 80km northeast of B2Gold’s Otjikoto Gold Mine, with two EPLs, 6561 and 5992, covering 1,392 km². Positioned about 20km northeast of Osino Resources’ Otjikoto East Project, the Grootfontein property is deemed prospective for gold, with geological features extending from the Okonguarri Formation, which hosts the Otjikoto and Navachab gold mines.

The Otjiwarongo property, spanning 150km² under EPL 5847, and the Erongo property, covering 263km² within the Navachab-Ondundu gold trend, are also part of the deal. The Kaoko property, encompassing 983km², is currently unlicensed.

Regan Isenor, CEO of Sylla Gold, expressed optimism about the strategic acquisition, emphasizing the licenses’ proximity to significant operating gold mines and recent discoveries, as well as the favorable geology conducive to mineralization within the Central Namibian Gold Belt. Isenor highlighted the potential for unlocking substantial value in these licenses by applying knowledge gained from recent discoveries in the district.

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