Leviathan Metals (TSX-V:LVX) has entered into a purchase agreement with a private third-party regarding a prospecting licence situated in close proximity to the Central Project on the Kalahari Copper Belt in Botswana.
The licences cover 270km2, expanding the Central Project to 590km2. The acquisition adds a further 10km of interpreted D’Kar-Ngwako Pan Formation contact – and thus key target structure and stratigraphy – to Leviathan’s Central portfolio.
Under the agreement, the company will pay US$200,000 in cash upon the renewal and initiation of ownership transfer of the licence in favour of Innovation Surveyors.
Leviathan will also pay US$300,000 in cash and issue 991,666 shares in the company upon fulfilling closing conditions.
The Central Project has a measured and indicated resource of 94 million tonnes @ 1.8% copper and 22 grams per tonne silver, as well as an inferred resource of 188 million tonnes @ 1.6% copper and 20g/t silver.
Central displays similar large-scale geological characteristics to those observed at Khoemacau, making the property prospective for a tier one copper discovery.
Leviathan Metals is a dual-listed Canadian mineral explorer focused on critical and precious metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Leviathan Metals
