Independent mineral exploration company General Copper Gold has entered into an option agreement with private arm’s length company Frantier Mining Namibia, granting General Copper the sole, exclusive and irrevocable option to acquire an 80% undivided interest in an application for an exclusive prospecting licence covering about 48 500 ha of land in Namibia.

The licence area is located in central-north Namibia’s Otjozondjupa region in the eastern part of the Northern zone of the Damara Mobile Belt.

This location is considered to be economically significant, as the Damara Mobile Belt hosts current major economic deposits of tin, uranium (both primary and secondary), gold and base metals.

It has good infrastructure, being on the main highway into the rest of Southern Africa, is served by the national railway line running parallel to the highway and has adequate power supplies serving the local towns and established mining operations in the vicinity, the company points out.

Under the terms of the agreement, General Copper must, on completion of normal and reasonable due diligence, on the closing date, make a cash payment to the optionor of $60 000.

Moreover, it must expend, during the first year from the closing date, a minimum of $150 000 in exploration expenditures on the property to earn an initial 40% interest in the licence and the property.

The company must also expend, during the second year from the closing date, a minimum of $300 000 in exploration expenditures on the property to earn an additional 40% interest in the licence and the property.

The obligation of the company to complete the transactions contemplated by the agreement is subject to both it and the optionor obtaining all requisite regulatory approvals, consents and acceptances (including by the Canadian Securities Exchange, or CSE) relating to the execution and delivery and performance of the agreement; and General Copper completing a private placement financing.

General Copper plans to complete a private placement for gross proceeds of not less than C$1.5-million.

The company also announced that, subject to the approval of the CSE, Percy Clark has been appointed to the board.

Clark is a professional geologist registered with the Association of Professional Geoscientists of Ontario.

After university, he worked as a geologist with IAMGOLD at its Cote Gold project in Gogama, Ontario.

At IAMGOLD, he was part of the exploration team and worked on the feasibility study conducted in 2017.

At present, he is president and CEO of Clark Exploration in Thunder Bay, Ontario.

In addition to Clark, the board also comprises Michael Curtis, Garry Clark and James Newall.