TSX-listed Namibia Rare Earths has announced it has completed the acquisition of a portfolio of critical metal properties from Gecko Namibia.
Namibia Rare Earths has also announced that it has closed a $550,000 private placement.
The shares of Namibia Rare Earths are expected to recommence trading on the TSXV on 26 February 2018.
This transaction provides Namibia Rare Earths with a highly prospective, diversified portfolio of critical metals and at the same time has secured a highly experienced strategic partner.
Gecko Namibia and its subsidiaries are substantial participants in the Namibian resource sector with a proven track record in the mining industry.
The portfolio of properties acquired from Gecko Namibia will expand Namibia Rare Earths’ commodity base from solely heavy rare earths to a variety of highly critical commodities including cobalt, copper, zinc, lithium, graphite, tantalum, niobium, nickel, and gold.
Ground holdings in Namibia will increase from 221 km2 (Lofdal) to over 6,850 km2.
Proceeds from the private placement will fund the initial exploration program on the Kunene cobalt-copper project in northern Namibia which is contiguous with a significant new discovery of stratabound cobalt mineralization that is being drilled off by Celsius Resources.
Namibia Rare Earths’ exploration program on its properties will focus on confirming cobalt mineralization in areas of demonstrated potential from historic regional soil geo-chemical surveys to develop drill targets for subsequent follow-up.
Namibia Rare Earths has immediate access to over 12 000 soil samples collected from previous work over 2,142 km2 which will be systematically analysed for cobalt.
Provision has also been made for a rock sampling program on the Warmbad lithium project in southern Namibia.
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