E-Tech Resources updates Eureka Project, Namibia
E-Tech Resources Inc. [TSXV: REE; FSE: K2i] provided an update on recent developments at its Eureka Project in Namibia.
The company has submitted the transfer of Exclusive Prospecting Licence (EPL 8748) to a newly formed Namibian project-level entity (NewCo), owned 85% by E-Tech and 15% by local Namibian partners. The licence transfer fulfills a key condition of the Purchase Agreement detailed in the news release dated March 28, 2023, consolidating project ownership and establishing a structure to advance future exploration and development activities.
In parallel, the company has successfully amended the terms of EPL 8748 to include nuclear fuels as a designated commodity. This important milestone allows E-Tech to broaden its exploration mandate to include uranium and thorium, complementing the existing rare earth element (REE) resource base and targets, and enhancing the long-term value potential of the Eureka Project.
Christopher Drysdale, E-Tech Resources Interim CEO and Director commented, “The submission of the licence transfer represents a procedural but important step toward completing the agreed ownership structure for EPL 8748. Coupled with the amendment to include nuclear fuels, we have positioned the Eureka Project to advance under a framework that supports both our established rare earth resources and the evaluation of additional critical minerals.”
The company plans to advance targeted exploration programs aimed at defining new critical mineral prospects while continuing to expand and de-risk its established REE resource base.
E-Tech is a rare earth exploration and development company focused on developing its Eureka Rare Earths Project in Namibia. The Eureka Project is located approximately 250 km north-west of Namibia’s capital city Windhoek and 140 km east of Namibia’s main industrial port Walvis Bay. The project is situated next to the national B1 highway in the Erongo Region of Namibia.
The Eureka deposit lies in the Southern Central Zone of the Neoproterozoic Damara Belt within Exclusive Prospecting License (EPL) number EPL 6762, which covers farms Eureka 99 and Sukses 90. E-Tech has also entered a definitive agreement to acquire an 85% interest in the permit EPL 8748 which lies adjacent to and surrounds the company’s EPL 6762.