E-Tech Resources buys rare earth EPL in Namibia for N$2,8m


E-Tech Resources has acquired an 85% stake in exclusive prospecting licence (EPL) 8748 in the Erongo Region from an unnamed Namibia citizen for C$210 000 (N$2 814 000).

The deal was signed by E-Tech Resources' Namibia subsidiary E-Tech Kalapuse Mining (Pty) Ltd, according to a statement released on March 28.

E-Tech Resources paid C$30,000 cash with the letter of intent, and C$80,000 will be paid on completion of certain conditions, including submission of the application to transfer EPL. The balance of $100,000 will be paid upon completion of the transfer EPL 8748. 

The company has contracted Excel Dynamic Solutions, an independent consulting firm specialising in the natural resource sector, to apply for an environmental clearance certificate. 

During this period, E-Tech will conduct non-invasive exploration activities, including desktop interpretation of the government-flown airborne regional geophysical data and reconnaissance ground truthing and evaluation of anomalies. 

E-Tech Resources director Chris Drysdale said acquiring the complete Eureka Dome is a significant step forward. 

Drysdale also said in the past year, their drill program had successfully identified rare earth mineralisation in Zones 1 through 4 representing a footprint of approximately 1 km2. 

"Our team has used a combination of exploration methods to identify 17 more prospective targets, all located on EPL 6762. All these targets are hosted within the Eureka Dome structure, regarded as a critical component of the mineralisation model. 

"The acquisition of EPL 8748 adds the remaining portion of the highly prospective Eureka Dome to the Eureka project. Our field team looks forward to obtaining our ECC and identifying new drill targets for the Eureka project," he said. 

EPL 8748 is in the Erongo Mining Corridor of Namibia, which lies adjacent to, and surrounds E-Tech's 100% owned EPL 6762. 

The EPL that covers 165.2 km2 contains a significant portion of the prospective Eureka Dome, the geological feature hosting the mineralised REE-bearing carbonatites of which Zones 1 to 4 (~1 km2) on EPL 6762 form part. The Dome is ~12.5 km long and ~6 km wide, ~56 km2. About a third (~20.7 km2) of the Dome falls within the EPL 6762 boundary, whereas the remaining proportion (~35.3 km2) falls on the adjoining license EPL 8748.

E-Tech Resources Inc. is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia, located approximately 140 km east of the port of Walvis Bay. 



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