Antler Gold Further Consolidates Landholdings at Erongo Project, Namibia
Antler Gold Further Consolidates Landholdings at
Erongo Project, Namibia
Halifax, Nova Scotia--(Newsfile Corp. - June 23, 2020) -
Antler Gold Inc. (TSXV: ANTL)
("
Antler
" or the "
Company
"), is
pleased to announce the further consolidation of its land holdings for the Central Erongo Gold Project ("
the Project
") through the
acquisition of the Exclusive Prospecting License EPL 6408, (the "
License
" or "
EPL
") from a Namibian citizen on an arm's
length basis with no finders fees (the "
Vendor
") through its Namibian wholly owned subsidiary Antler Namibia (Pty) Ltd.. EPL
6408 lies adjacent to the northeast of EPL 7261 which Antler has under option and is underlaid by the Kranzberg Fault (see
press releases dated May 7, 2020 and May 14, 2020). See map below for the location of EPL 6408 and Antler's other land
holdings in the area.
Figure 1
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EPL 6408 comprises 17.47km
2
of prospective ground on the northern limb of the tightly folded syncline hosting the Twin Hills
Project. The License features approximately 9 kilometers of prospective geological strike including 4 kilometers strike of a
faulted Karibib - Kuiseb contact, meta- turbidite sediments in a tightly folded syncline and significant Quaternary cover with
associated calcretes. Importantly, Target C2 extends from Antler's EPL 7261 uninterrupted into EPL 6408 and now
encompasses a full 17.5 kilometers of prospective geological strike. See map below for the geological context of EPL 6408 in
relation to Antler's Central Project.
Figure 2
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Acquisition Terms
Pursuant to the Purchase Agreement, Antler may acquire an 85% interest in EPL 6408 by paying the arm's length vendor a cash
payment of N$6,500 upon signing of the Agreement and paying a further N$25,000 upon the satisfactory completion of a 21 day
due diligence period and finally payment of N$25,000 or issuance of C$1,500 (at Antler's option) upon the successful transfer of
the EPL into a subsidiary of Antler Namibia (Pty) Ltd. Upon earning the 85% interest, Antler and the Vendor will enter into a
standard participating joint venture agreement which shall contain terms providing that if the Vendor's interest is reduced to less
than 10%, its interest will automatically be converted into a 5% free carried interest which can be purchased by Antler at any time
for the payment of C$25,000 or the issuance of C$25,000 of Antler common shares. The decision to pay cash or issue shares
will be at Antler's option.
The Purchase Agreement is conditional upon TSX Venture Exchange approval.
Qualified Person
Peter Hollick, Pr.Sci.Nat., consulting geologist, is the qualified person as defined by NI 43-101 guidelines and has reviewed and
approved this release.
About Antler Gold Inc.
Antler Gold Inc. (TSXV: ANTL) is a Canadian company, focused on the acquisition and exploration of gold projects in Namibia.
Antler's Erongo Gold Project covers areas of the Navachab-Damara Belt, which is highly prospective for gold, and overlies
similar lithologies and structures as the known Namibian Gold mines (QKR's Navachab and B2 Golds' Otjikoto) as well as the
recent Twin Hills discovery. Antler's total license position now comprises five licenses (
EPL 5455, 6162, 7261, 6550 and 6408
)
under option and a further five (
EPL 7854, 7930, 7960, 8010
and
8042
) under application, for a total landholding of
approximately 85,341ha (853.41km
2
). Antler is currently focusing its efforts on advancing its Erongo Gold Project, which is
located approximately 130 km north-west of Namibia's capital city Windhoek and benefits from Namibia's well-established
infrastructure of paved highways, railway, power and water. Namibia is mining-friendly and lauded as one of the continent's most
politically and socially stable jurisdictions. Antler continues to evaluate new ground with a view to expanding its Namibian
portfolio.
Further details are available on the Company's website at
www.antlergold.com
Cautionary Statements
This press release may contain forward-looking information, such as statements regarding the completion of the transaction,
including acquisition of EPL 6408 or any other EPLs in Namibia by Antler and future plans and objectives of Antler. This
information is based on current expectations and assumptions (including assumptions in connection with the continuance of the
applicable company as a going concern and general economic and market conditions) that are subject to significant risks and
uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of the
transaction. Actual results may differ materially from results suggested in any forward-looking information. Antler assumes no
obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from
those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information
identifying risks and uncertainties is contained in filings made by Antler with Canadian securities regulators, copies of which are
available at
www.sedar.com
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact
Daniel Whittaker, President and CEO of Antler Gold Inc., at (902) 488-4700.
Or
Christopher Drysdale, Corporate Development of Antler Gold Inc., at +27 72-507-7560
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/58408