Aldoro to acquire stake in Kameelburg Project in Namibia
Aldoro Resources has is set to acquire stake in Namibian heavy rare earth carbonatite project. The Australia-based firm confirmed it has inked binding heads of agreement with Logan Exploration and Investments CC and Okonde Mining and Exploration CC.
The deal makes Aldoro have an 85% stake in mineral permits EPL 7373; EPL 7372; and EPL 7895, collectively known as the Kameelburg Project, in Namibia. This increases the firm’s rare earths exposure. Aldoro will make an initial payment of A$41,000 upon signing the agreement, A$201,000 at completion, as well as issue 500,000 fully paid Aldoro ordinary shares.
Kameelburg Project
“We are comfortable with the project’s location in Namibia, which is ranked by the Fraser Institute as the second most favourable jurisdiction (behind Morocco) on the Policy Perception Index (PPI) across the African continent,” said Aldoro Resources chairman Troy Flannery.
Kameelburg Project comprises the Cretaceous Kameelburg Carbonatite plug and associated radial dykes that intrude precursor syenites in the older host Neoproterozoic marbles and schists. Aldoro plans to organise a due diligence sampling programme at the project. The firm will also carry out a desktop study and acquire historical datasets over the project area, in addition to launching an operating framework for Namibia.
