Option Agreement for Copper Licencing in Botswana with Altona Rare Earths

Altona Rare Earths PLC, a resource exploration and development company focused on critical raw materials in Africa, has recently announced a significant milestone in its operations. The company has entered into a binding option agreement with Ignate African Mining P/L for the exploration of copper and silver on Prospecting Licence PL2329/2023 in Botswana, known as the Sesana project.

The Sesana project, located in the highly prospective Kalahari Copper Belt, is strategically positioned near major copper-silver discoveries. Recent airborne geophysical data interpretation has indicated potential geological structures for copper-silver mineralization within the project area. Botswana is renowned as one of the most attractive mining investment jurisdictions in Africa and globally.

The Tenement, with a surface area of approximately 274 km2, is valid for a variety of minerals, including copper, cobalt, gold, silver, and platinum group metals. Altona has secured an exclusive option to acquire up to 85% interest in the Tenement, with consideration payments totaling USD 110,000 in cash and USD 250,000 in company shares over four years.

The CEO of Altona, Cedric Simonet, expressed excitement about the acquisition, highlighting Botswana’s mining-friendly environment and the project’s potential. Initial exploration work will focus on geochemical and geophysical methods to identify potential mineral resources.

Altona’s diversification strategy includes acquiring critical raw material projects like the Sesana project in Botswana, alongside their flagship Monte Muambe rare earths project in Mozambique. The company aims to leverage these projects to generate news flow and drive growth in the resource sector.