Canadian company continues gold search in northern Namibia

Canadian company continues gold search in northern Namibia

Canada-listed Antler Gold Incorporated has started exploration in north-central Namibia.

The company recently raised N$9,4 million to fund its gold exploration projects in Namibia and Zambia.

Chief executive Christopher Drysdale, who is currently visiting Namibia to oversee the company’s projects, says the project is located within Namibia’s renowned ‘gold corridor’, in which significant ventures such as B2Gold’s Otjikoto Mine, as well as the Ondundu and Eureka gold projects of Osino Resources are also found.

The Paresis project was conceptually put together in December 2021, and its licence was issued in November, with a full environmental compliance certificate.

“People are already on site, having started on 12 February. We have two geoscientists and their teams of five to six each,” Drysdale says.

He says the project, located between Otjiwarongo and Outjo, is in an area with a complexity deformation and magnetic history that provides structural complexity and lithological variations, which present potential for both intrusion-related and orogenic-style deposits.

In line with Antler’s core strategy, Drysdale says while the company does not have partners on its Paresis project, it has other projects in Namibia, like the Erongo gold project and the Okoshi gold project, where it has partners.

The company, however, intends to find a suitable partner to conduct the Paresis project through an earn-in or similar agreement, aimed at maximising future discovery benefits for shareholders.

Drysdale says he has had fruitful meetings with authorities, including the Namibia Investment Promotion and Development Board (NIPDB), which had given them the platform to talk to policymakers and all stakeholders, including the Chamber of Mines.

“These two organisations have been transformational and give foreign investors confidence in what we are doing in the country,” he says, adding he is the only foreigner as the company is employing Namibian teams to explore local resources.

The exploration programme will be rolled out in phases, starting with geological mapping and grab rock chop sampling as phase one, followed by a geological sampling programme in the second phase, depending on initial rock chop assay results.

The licence area includes prospective lithological units like the Okonguarri and Karibib formations of the Swakop group of rocks.

Despite soil and calcrete coverage, the Okonguarri formation is significant as a hosting stratigraphic unit at the Otjikoto gold mine and the Eureka gold project.

The Karibib formation shows potential as a host to gold mineralisation, with occurrences like Omguati, Goldkuppe and Erindi, as well as established mines like the Navachab gold mine and the Arandis formation.

The company, which is involved in project generation, is also pursuing new regional opportunities across southern Africa.

“We are active in Zambia and Namibia, and we also have small projects in Botswana and Zimbabwe,” Drysdale says, adding that the regional head office are in Namibia.

He says the company closed a brokered private placement financing in December, raising gross proceeds of about N$9,4 million from the sale of 10 million units of the company, priced at about N$0,94 per unit, announced on 14 November 2023.

“Each unit consists of one common share of Antler and one common share purchase warrant. Each warrant is exercisable to purchase one common share at a price of N$1,88 per share for a period of 36 months from the closing date of financing,” he says.

The net proceeds are designed for the continued development of Antler’s exploration activities in Namibia and Zambia, where initial findings have been constructive.

Since being founded in 2016, the company has grown a portfolio of assets, diversified by commodity and jurisdiction.
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