Blaze Minerals to acquire Gecko Minerals Uganda
Blaze Minerals has signed a binding agreement to acquire a 60% interest in Gecko Minerals Uganda, which owns the Ntungamo and Mityana Projects, both rich in critical metals such as beryllium, rubidium, lithium, tin, and tantalite.
This strategic acquisition positions Blaze to tap into the growing demand for these vital resources. Blaze will obtain Gecko Uganda’s shares and has the option to acquire the remaining 40% within two years for $750,000 or convert it into a 2% net smelter royalty.
Deal details
As part of the deal, Blaze will issue 625 million fully paid ordinary shares to Gecko. Of these, 520 million will be distributed to Gecko shareholders, and Gecko will retain 105 million. Once the transaction is finalized, Blaze plans to initiate discussions with potential drilling contractors, with all necessary exploration work and approvals already in place for the maiden drilling program.
The Ntungamo Project, covering 60km², hosts extensive pegmatites with two measuring over 140m wide and open in all directions. It has three granted exploration licenses, while the Mityana Project has one granted exploration license. Blaze’s corporate director, Mathew Walker, emphasized the acquisition’s alignment with their focus on critical metals, promising near-term developments for shareholders.
