Antler Gold Announces Option Agreement for the Erongo Gold Project in Namibia
Halifax, Nova Scotia – (Newsfile Corp. – May 23, 2024) – Antler Gold Inc. (“Antler” or the “Company”) (TSX-V:ANTL) is pleased to announce that its subsidiary, Antler Gold Namibia (Pty) Ltd (“Antler Nam”), has signed a binding Letter Of Intent (“LOI”) with Fortress Asset Management LLC (“Fortress” or the “Optionee”), an arms-length private company. Pursuant to the Agreement, the Optionee will be granted the right to acquire up to 100% interest in the Company’s Erongo Central Gold Project (the “Project”) over a three-year period for total consideration of US$ 5.5 million and incurring US$ 6.0 million of exploration expenditures and issuing Antler a 2% net smelter return (“NSR”) across the entire Project.
The Erongo Gold Project comprises four active Exclusive Prospecting Licenses (EPLs 6162, 7261, 6408, 8010) and one application (EPL 9534) totalling 19,514.44 hectares (~195 km2) in the South Central Zone of the Damara Belt, and is strategically located in a mining district contiguous to the 3.2 Moz Twin Hills Gold Project (Osino Resources-Yintai Gold Corp.) and QKR’s Navachab Gold Mine. This potential has been confirmed through initial exploration completed by Antler from 2021, targeting the Kranzberg Gold Trend, a structurally controlled, metasediment-hosted hydrothermal gold system. Best historical rock chip assay results of high-grade gold include 80 g/t Au, 6 g/t Au, 5.4 g/t Au, and 4.45 g/t Au from showings occurring within the Project area. Antler’s work includes:
