Canada-based exploration company Glacier Lake Resources on Wednesday announced that it would buy a palladium-rich project near Vryburg, in South Africa’s North West province.
The TSX-V-listed junior said it entered into an agreement with African Thunder Platinum and Fanosi Holdings to acquire a controlling interest in Stella Platinum and Greenstone Platinum. Collectively, these two entities control the prospecting rights for the Kalahari platinum project (KalPlats).
The historical mineral estimate across the known deposits of KalPlats contain measured and indicated resources totalling 69.91-million tons, grading 1.48 g/t 3E (platinum, palladium and gold) and inferred mineral resources of 56.68-million tons, grading 1.62 g/t 3E.
Glacier said that while it was not treating the historical estimate, published by Coffey Mining Consultants in 2014, as current, it believed the work conducted by Coffey was reliable.
To acquire the interest in KalPlats, Glacier Lake would make a cash payment to the equivalent of 50% of the proceeds realised by Glacier from the sale of debt or equity securities up to C$15-million.
It would also issue the vendors such number of units of the company as is equivalent to nineteen and nine-tenths of the issued and outstanding common share capital of Glacier Lake.