What's Happening?
Leviathan Metals has signed an agreement to acquire a prospecting licence in Botswana's Kalahari Copper Belt, expanding its Central Project by 270 square kilometers to a total of 590 square kilometers. The acquisition includes more than 10 kilometers of the
D’Kar-Ngwako Pan Formation contact, which is expected to enhance the company's copper target structures. The deal involves a combination of cash, shares, and a royalty payment. Leviathan will pay $200,000 initially, with an additional $300,000 and 991,666 common shares upon completion of certain conditions, including regulatory approvals. The vendor will also receive a 1% net smelter royalty, which Leviathan can repurchase for $1.5 million.
Why It's Important?
This acquisition strengthens Leviathan Metals' position in the Kalahari Copper Belt, a region identified by the US Geological Survey as a prime area for sediment-hosted copper deposits. The expansion increases the company's potential to tap into significant copper and silver resources, which are crucial for various industries, including electronics and renewable energy. The strategic location adjacent to MMG's Khoemacau deposits further enhances Leviathan's prospects for successful exploration and development. This move aligns with global trends of securing mineral resources to support technological advancements and energy transitions.
