The owners of the Kalahari palladium/platinum (KalPlats) project that TSX-V-listed Glacier Lake Resources has its eye on, has given the Canadian junior more time to complete the transaction.
Glacier Lake said on Monday that the outside date for its acquisition of KalPlats, near Vryburg in the North West province of South Africa, had been extended to the end of October.
The company in November last year announced that it would buy a controlling interest in KalPlats from African Thunder Platinum and Fanosi Holdings. The outside date for completing the transaction had been moved several times.
Glacier Lake said that it still had to complete a C$15-million financing and that it needed regulatory approvals for the transaction. The company has not yet determined the final terms for the financing.
KalPlats is a palladium-rich project located about 350 km west of Johannesburg. The most recent mineral resource estimate on platinum, palladium and gold mineralisation, including a 3E grade, was published by Coffey Mining Consultants Limited in 2014, as part of an independent technical report for African Thunder Platinum. The historical mineral estimate across the known deposits contained measured and indicated resources totalling 69.91-million tonnes, grading 1.48 g/t 3E and inferred mineral resources of 56.68-million tonnes, grading 1.62 g/t 3E.