NGX Limited (ASX: NGX) has announced a significant strategic move, securing a district-scale position in Namibia’s emerging Damara Gold Belt. The mineral exploration company, focused on identifying and developing valuable mineral resources, has obtained rights to acquire up to an 85% interest in seven Exploration Prospecting Licences (EPLs). This acquisition creates a substantial land package exceeding 1,300 square kilometres, situated in a region gaining recognition as Africa’s fastest-emerging gold province.
The newly acquired ground, known as the Erongo Gold Project, is located in close proximity to WIA Gold’s (ASX:WIA) Kokoseb gold deposit, which boasts a 3.78 million ounce gold resource. NGX’s consolidated package lies within the Pan-African Damara Belt, intersected by major lineaments, faults, and thrust structures known to host significant gold mineralisation in the area. Alongside this, NGX has also secured the right to acquire up to an 85% interest in the 194-square-kilometre Karas Copper Project, an EPL adjacent to Koryx Copper’s (TSXV:KRY) Haib deposit, a major copper-molybdenum-gold porphyry system.
To fund these expanded exploration activities and commitments across its new and existing projects in Namibia and Malawi, NGX has successfully completed a book build. The placement raised gross proceeds of A$3.6 million from sophisticated investors, with the issue of 60,000,000 shares at A$0.06 per share. A portion of these shares will be issued under existing placement capacity, with the remainder subject to shareholder approval. The company plans to expedite exploration activities across its consolidated landholding, focusing on the belt’s gold-endowed structural corridors and leveraging proven exploration methodologies.
