- Antler Gold Inc. (ANTL) and its Namibian subsidiary will acquire 90 per cent of the Onkoshi Gold Project
- Antler will pay a total of $220,000 payable upon the achievement of certain milestones
- Environmental work and interpretation of available historical work will begin immediately
- Numerous historical gold anomalies were not followed up with additional exploration work
- Antler Gold Inc. (ANTL) is unchanged trading at $0.11 per share as of 1:57 p.m. ET
Antler Gold Inc. (ANTL) and its Namibian subsidiary have agreed to acquire 90 per cent of the Onkoshi Gold Project.
The terms of the agreement require Antler Namibia to pay $30,000 on signing and $50,000 during the issuance of an Environmental Clearance Certificate (ECC) and successful transfer of the Project EPL to Antler.
In addition, Antler Namibia must pay a further $20,000 one year from the date of ECC issuance and must issue the vendor or its nominee $100,000 of Antler common shares.
A finder’s fee of $20,000 will be paid to an arm’s length party who introduced the project to Antler.
Antler plans to immediately commence environmental work as well as compile and interpret all available historical work to plan an exploration program for the project.
The Onkoshi Gold Project was previously known as the Erindi and Vredelus Projects and has had a significant amount of historical work performed on it in the past.
Exploration potential on the project has been identified based on the initial review of data. Limited historical work over the strike extents of both the historical Erindi and Vredelus Prospects which are contained within EPL 7464 offer immediate exploration targets.
Numerous substantial gold anomalies discovered during historical sampling campaigns were not followed up with any additional exploration work.
Antler Gold Inc. (ANTL) is unchanged trading at $0.11 per share as of 1:57 p.m. ET.