Closing of EPL 5718
EPL 5718 covers an area of 200km2 and is located immediately adjacent to and south of Desert Lion’s existing EPL 5439 and contains several priority structural targets that are considered to host Lithium – Caesium – Tantalum (“LCT“) type pegmatites.
As part of the Transfer Agreement, Desert Lion paid approximately C$130,000 cash and 80,906 common shares of the Company, of which C$30,000 was paid in cash on execution of the Transfer Agreement. An additional cash payment of approximately C$100,000 was paid upon completion of the transfer to Desert Lion.
Desert Lion is currently in the process of completing the acquisition of an additional EPL, EPL 5555 that covers an area of 553 km2. EPL 5555 is located adjacent to and immediately west of EPL 5439 and is known to contain several LCT type pegmatite occurrences and workings.
Both EPL’s are largely underexplored with respect to LCT type pegmatite mineralization, and contain host Pan African age (500Ma) syn and post tectonic granites that are considered to be sources of LCT type pegmatites. Abundant late stage pegmatites have been mapped intruding both EPLs; these are thought to have been emplaced during the end of phases of granite intrusion and are therefore considered highly prospective.
The acquisition of EPL 5718 and pending acquisition of EPL 5555 will increase the Company’s ground holding in this prospective part of the southern pegmatite field in Namibia’s Erongo Region. Upon closing of the acquisition of EPL 5555, the Company’s ground holdings in Namibia will cover a total of 1,054km2.
“We are excited to have acquired EPL 5718,” commented Tim Johnston, CEO of Desert Lion Energy Inc. “This EPL represents significant optionality for our organic growth profile, which we plan on testing as we move forward with our 2019 exploration program.”
Mining License Share Issuance
Following the issuance of the Phase 2 Mining License (ML204), announced August 27, 2018, the Company has fulfilled the requirement of issue of 476,190 common shares to Desert Lion’s local partner group, Huni Holdings (Pty) Ltd.
In accordance with applicable securities laws, the issuances of common shares described herein are subject to TSXV approval and will be subject to a hold period of four months and one day from the date of completion of settlement.
Source: Company Press Release
