Canadian exploration company Glacier Lake Resources has extended the outside date for its acquisition of the Kalahari palladium/platinum project (KalPlats), in the Vryburg district of North West, South Africa, to the end of April.
The company in November announced that it would buy controlling interest in the KalPlats project from African Thunder Platinum and Fanosi Holdings.
Glacier Lake explained that it was working with the owners of the prospecting right to secure the necessary consent from the Department of Mineral Resources and Energy.
Other conditions include the company completing a financing of at least C$15-million and the approval of the TSX-V. Glacier noted that it had not yet determined the final terms for the concurrent 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 totaling 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.
Glacier Lake cautioned that it was not treating the historical estimate as current and had not completed sufficient work to classify the historical estimate as a current mineral resource.