Verity Resources has assumed full ownership of a portfolio of high-grade critical metals projects across 1,800 square kilometres in Botswana, following the acquisition of a 34% interest held by joint venture partner and government subsidiary BCL Investments.
The portfolio includes the Airstrip and Dibete copper-silver prospects, as well as the Maibele North copper-nickel-silver deposit, which has an inferred resource of 2.4 million tonnes grading 0.72% nickel and 0.21% copper, along with platinum group elements (PGE) and gold credits.
They sit within the Limpopo Mobile Belt, which is an Archean metamorphic terrain known for major nickel-copper deposits.
Upfront cash consideration
Verity completed the acquisition with an upfront cash consideration of approximately US$206,000 by wholly-owned subsidiary African Metals under a ++farm-in joint venture agreement++ signed with BCL in October.
It comes with more than US$4 million in historical exploration expenditure by BCL yet to be incorporated into the existing mineral resource estimate, enhancing the company’s flexibility to pursue future farm-ins, project financing, spin-outs, or asset sales.
Importantly, the deal increases Verity’s leverage to a supply a critical metals portfolio, including high-grade copper and silver, within an established mining district less than 50km from NexMetals Mining Corp’s 18 million tonne Selebi nickel-copper mine and smelter complex.
Large-scale high-grade assets
Verity director Patrick Volpe said the acquisition granted the company full control over a suite of large-scale and high-grade copper-silver-nickel assets.
“For a small upfront cash consideration, we have effectively secured the benefit of substantial historical investment and positioned ourselves to unlock the value of Maibele, Airstrip, Dibete, and the broader landholding in a way that best suits our shareholders,” he said.
“With a simplified ownership structure and no joint venture constraints, we can now aggressively advance discussions with strategic, funding and corporate partners to realise the full potential of these quality critical metals assets.”
NexMetals announced in July the receipt of a US$150 million Letter of Interest from the US Export-Import Bank to support its re-development of the Selebi and Selkirk mines.
