Altona Rare Earths plc has signed a final agreement for the Sesana copper project within prospecting licence PL2329/2023 in the Kalahari copper belt, Botswana.
PERMITTING
The deal allows the company to acquire up to 85% in the tenement currently owned by Ignate African Minerals (Pty) Ltd.
Altona will make payments in three tranches over four years totalling US$110,000 in cash and $250,000 in new Altona shares, with phased exploration, technical and expenditure commitments.
The agreement is subject to conditions precedents including the transfer of the licence to Botswana-registered Sesana Copper (Pty) Ltd, of which Altona holds 51% and Ignate 49%.
The company said that Sesana was currently undergoing environmental permitting processes ahead of ground exploration.
Airborne magnetic data shows that a 10km long stretch of the contact between the D’Kar and Ngwako Pan formations contact passes through the northern part of the tenement, along the eastern margin of a fold structure, making it a “perfect setting for copper-silver mineralisation”.
Altona plans high-resolution geophysical surveys to identify the “most promising” drilling targets along the D’Kar / Ngwako Pan formations contact, followed by drilling.
The company’s other assets are the Kabompo South copper project in Zambia and its flagship Monte Muambe rare earths-fluorspar project in northwest Mozambique.