By Staff Reporter
WINDHOEK, March 30 — E-Tech Resources, a rare earth exploration and development company, has announced its plan to acquire an 85% interest in exclusive prospecting license 8748 (EPL 8748), which is located in the Erongo Mining Corridor of Namibia. The area surrounds the company’s 100% owned exclusive prospecting license 6762 (EPL 6762) and contains a significant portion of the prospective Eureka Dome. The geological feature is host to the mineralized REE-bearing carbonatites of which Zones 1 to 4 (~1 km2) on EPL 6762 form part.
The agreement was signed on an arm’s length basis through E-Tech’s Namibian subsidiary, E-Tech Kalapuse Mining, for a cash consideration of $210,000 and the issuance of 1,200,000 common shares of E-Tech. The company will also engage an independent consulting firm to apply for an Environmental Clearance Certificate while conducting non-invasive exploration activities.
The Eureka Rare Earths Project is located in the Erongo Region of Namibia, next to the national B1 highway, approximately 250 km north-west of Namibia’s capital city, Windhoek, and 140 km east of Namibia’s main industrial port, Walvis Bay. The deposit is in the Southern Central Zone of the Neoproterozoic Damara Belt within EPL 6762. – Namibia Daily News
