Blaze Minerals Limited (ASX: BLZ) has signed a binding agreement to acquire up to a 90% stake in three base and precious minerals exploration projects in Botswana for about $1.6mn.
The projects, the Perth-based firm said in a release on March 11, cover 1,585 square kilometres of three granted prospecting licences and an additional 3,366 square kilometres of seven prospecting licence applications.
They lie within and close to a “world-class” geological corridor, the Kalahari Copper Belt, the Limpopo Mobile Belt, and the Molopo Farms Complex in the southern African nation.
Blaze recently commissioned a desktop review of regional geophysics data, which showed 13 priority and 8 more secondary targets.
Blaze will pay the seller in consideration for a 70% shareholding interest in B&J Geoconsultants, $40,000 on completion and $50,000 12 months after completion. The company has an option to acquire a larger stake by paying $500,000 two years after completion in consideration for an additional 10% shareholding in B&J Geoconsultants, which will increase its overall stake to 80%. It will pay $1mn more three years after completion for 10% shares in B&J Geoconsultants, expanding its interest to 90%.
Blaze has already started community engagement in the relevant tenement areas, with field personnel set to mobilise to the site next week to commence field activities. The activities will include geological mapping, rock-chip sampling and broad-spaced soil sampling.
“The acquisition of these three projects provides a substantial footprint within and adjacent to a world-class geological corridor,” Blaze MD Mathew Walker said.
“The desktop review of regional geophysics recently commissioned by the company has provided some standout targets for immediate attention. We are excited to be back in the field with activities to commence next week.”
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