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Antler Gold Further Consolidates Landholdings at Erongo Project, Namibia
Halifax, Nova Scotia--(Newsfile Corp. - June 23, 2020) - Antler Gold Inc. (TSXV: ANTL) (" An...
About this update from Antler Gold, Inc.
[{"type":"text","content":"Antler Gold Further Consolidates Landholdings at Erongo Project, NamibiaHalifax, Nova Scotia--(Newsfile Corp. - June 23, 2020) - Antler Gold Inc. (TSXV: ANTL) (\"Antler\" or the \"Company\"), is pleased to announce the further consolidation of its land holdings for the Central Erongo Gold Project (\"the Project\") through the acquisition of the Exclusive Prospecting License EPL 6408, (the \"License\" or \"EPL\") from a Namibian citizen on an arm's length basis with no finders fees (the \"Vendor\") through its Namibian wholly owned subsidiary Antler Namibia (Pty) Ltd.. EPL 6408 lies adjacent to the northeast of EPL 7261 which Antler has under option and is underlaid by the Kranzberg Fault (see press releases dated May 7, 2020 and May 14, 2020). See map below for the location of EPL 6408 and Antler's other land holdings in the area.Figure 1To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/5124/58408_fc00400ec4fbe93e_002full.jpgEPL 6408 comprises 17.47km2 of prospective ground on the northern limb of the tightly folded syncline hosting the Twin Hills Project. The License features approximately 9 kilometers of prospective geological strike including 4 kilometers strike of a faulted Karibib - Kuiseb contact, meta- turbidite sediments in a tightly folded syncline and significant Quaternary cover with associated calcretes. Importantly, Target C2 extends from Antler's EPL 7261 uninterrupted into EPL 6408 and now encompasses a full 17.5 kilometers of prospective geological strike. See map below for the geological context of EPL 6408 in relation to Antler's Central Project.Figure 2To view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/5124/58408_fc00400ec4fbe93e_003full.jpgAcquisition TermsPursuant to the Purchase Agreement, Antler may acquire an 85% interest in EPL 6408 by paying the arm's length vendor a cash payment of N$6,500 upon signing of the Agreement and paying a further N$25,000 upon the satisfactory completion of a 21 day due diligence period and finally payment of N$25,000 or issuance of C$1,500 (at Antler's option) upon the successful transfer of the EPL into a subsidiary of Antler Namibia (Pty) Ltd. Upon earning the 85% interest, Antler and the Vendor will enter into a standard participating joint venture agreement which shall contain term...