NGX secures rights to seven Namibian gold licences
Key points
- NGX has secured the rights to acquire up to an 85% interest in seven Namibian gold exploration licences spanning 1,300km2.
- The exploration entity raised $3.6 million in gross capital through a completed bookbuild to fund project commitments.
- The deal expands the exploration footprint of NGX across structural gold trends in central Namibia.
NGX (ASX:NGX) has secured rights to acquire up to an 85% interest in seven gold exploration prospecting licences spanning over 1,300km2 across Namibia.
The broad project acquisition establishes a significant district-scale land footprint adjacent to existing regional gold deposits.
The secondary terms include an additional option to acquire up to an 85% interest in the 194-square-kilometre Karas Copper Project.
Executive Director Peter Fox commented, "The quality of this ground, sitting alongside emerging discoveries such as WIA Gold's Kokoseb and hosting the same geological footprints and significant regional structures associated with the region's gold deposits, speaks to the calibre of the opportunity."
To finance the exploration activity, NGX completed a bookbuild raising gross proceeds of $3.6 million.
Following the announcement, the NGX share price was unchanged at $0.13.
The central Erongo Gold Project sits directly within a major structural corridor that hosts notable orogenic gold deposits.
Prior to this transaction, NGX focused primarily on graphite and uranium exploration assets located within Malawi and Namibia.
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