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Altona Secures Option Deal for Copper-Silver Asset in Botswana
Altona Secures Option Deal for Copper-Silver Asset in Botswana

Altona Secures Option Deal for Copper-Silver Asset in Botswana

  • 11-Apr-2024 2:30 PM
  • Journalist: Sasha Fernandes

Altona Rare Earths has solidified its intentions in the mining sector by entering a binding option agreement to procure a substantial stake in the Sesana copper and silver asset, nestled in the heart of Botswana's Kalahari Copper Belt. Positioned within prospecting licence (PL) 2329/2023, the Sesana site holds strategic significance due to its proximity to prolific copper-silver deposits and its adjacency to active exploration areas.

The agreement with Ignate African Mining grants Altona the opportunity to secure up to an 85% ownership interest in Sesana. The financial terms include a payment of $110,000 in cash along with $250,000 worth of shares. Furthermore, the deal encompasses phased technical and exploration expenditure commitments, underscoring Altona's commitment to thorough assessment and development.

The allure of Sesana lies not only in its geographical location but also in recent interpretations of airborne geophysical data, which have unveiled promising geological formations conducive to copper-silver mineralization across the expansive 274km² tenement. Such insights lay the groundwork for Altona's forthcoming exploration endeavors.

Altona has outlined an ambitious exploration strategy slated to commence in 2024. Leveraging a blend of geochemical and geophysical exploration techniques, the company aims to evaluate Sesana's potential thoroughly. With the tenement license valid until March 31, 2026, and renewable twice for up to two years each, Altona anticipates a robust exploration phase to uncover the site's full mineralization potential.

Expressing enthusiasm for the venture, Altona CEO Cedric Simonet emphasized the strategic importance of Sesana within an emerging copper province. He highlighted Botswana's reputation as a premier mining destination and underscored the untapped opportunities awaiting exploration. Simonet further underscored the alignment of the Sesana acquisition with Altona's broader portfolio diversification strategy, noting its synergy with the recently acquired Kabompo South critical raw materials project in Zambia. These strategic moves are poised to augment Altona's flagship Monte Muambe rare earths project in Mozambique, enhancing the company's resource base and generating value at a relatively low cost.

Altona, a company specializing in the exploration and development of Critical Raw Materials across Africa, is publicly listed on the Main Market of the London Stock Exchange under the ticker "REE."

Critical Raw Materials, a group encompassing 17 chemical elements, play pivotal roles in the global shift from carbon-based to renewable energies, as well as in defense and communication sectors.

At present, Altona is actively advancing its flagship project, Monte Muambe, situated in Northwest Mozambique. Acquired in June 2021, the project has undergone significant progress, with over 7,800 meters drilled to date. Notably, a maiden JORC Mineral Resource Estimate has been established, indicating 13.6 million tons at 2.42% TREO (Total Rare Earth Oxide). A comprehensive Competent Person Report, inclusive of a Scoping Study for Monte Muambe, was released on October 18, 2023.

Currently, the project is in the Prefeasibility Study phase, prioritizing metallurgical testing and refining processes to optimize future operations.

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