E-Tech Resources Expands Mineral Landholdings at the Eureka REE Project
HALIFAX, NOVA SCOTIA – CNW – March 28, 2023 – E-Tech Resources Inc. (“E-Tech“ or the “Company“) (TSX-V:REE, FSE:K2I) is pleased to announce that it has entered into a definitive agreement (the “Purchase Agreement“) to acquire an 85% interest in exclusive prospecting license 8748 (“EPL 8748“). EPL 8748 is located in the Erongo Mining Corridor of Namibia which lies adjacent to, and surrounds the Company’s 100% owned exclusive prospecting license 6762 (“EPL 6762“). The Company has agreed to acquire an 85% interest in EPL 8748 from a Namibian citizen on an arm’s length basis (the “Vendor“) through its Namibian wholly owned subsidiary E-Tech Kalapuse Mining (Pty) Ltd. (the “Purchaser“).
EPL 8748 (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 (NE) and ~6 km wide (NW), ~56 km2. Approximately 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 (Figure 1).
Chris Drysdale, E-Tech Resources Inc. Director commented, “Acquiring the complete Eureka Dome is a significant step forward for E-Tech. In the past year our drill program has 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 to be 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”.
FIGURE 1: Overview satellite image of the EPL 6762 (black outline) and EPL 8748 (purple outline) showing the extent of the Eureka Dome (blue dashed outline).