Leviathan Metals signs Purchase Agreement to acquire Kalahari Copper Belt Landholding, Botswana
Leviathan Metals Corp. [TSXV: LVX; OTCQB: LVXFF; FSE: 0GP; Germany] reported that it has entered into a Purchase Agreement with a private third party (the Vendor) in respect to a Prospecting License, situated in close proximity to its 100%-owned Central Project on the Kalahari Copper Belt (the KCB), Botswana.
The License covers approximately 270 km2, expanding the Project to a total area of 590 km2. This strategic acquisition adds a further ten kilometers of interpreted D’Kar-Ngwako Pan Formation contact and thus key target structure and stratigraphy to Leviathan’s Central portfolio, in the near vicinity of MMG’s Khoemacau group of deposits and discoveries.
Under the terms of the Agreement, Leviathan will acquire a 100% interest in the License by paying the Vendor US$ 200,000 in cash upon the renewal and initiation of ownership transfer of the License in favour of Innovation Surveyors (Pty) Ltd., a wholly-owned subsidiary of Leviathan, payment to the Vendor US$ 300,000 in cash, and issuance of 991,666 common shares in the company upon fulfilment of closing conditions, including the approval of the transfer by the relevant authorities in Botswana and the approval of the TSX Venture Exchange of the transactions contemplated by the Agreement, and grant in favour of the Vendor a 1.0% net smelter royalty in respect of the License., (which can be purchased and cancelled by Levithan for US$1,500,000).
The Central Project, now totalling 590 km2 directly adjoins MMG’s Khoemacau group of deposits and discoveries, (combined Measured and Indicated Mineral Resources of 94Mt at 1.8% Cu and 22 g/t Ag and Inferred Mineral Resources of 188Mt at 1.6% Cu and 20 g/t Ag) on the KCB which, together with the nearby Banana Zone, Zone 6 and Ophion (combined Measured and Indicated Mineral Resources of 33Mt at 1.4% Cu and 21 g/t Ag and Inferred Mineral Resources of 141Mt at 0.9% Cu and 10 g/t Ag) were acquired by MMG Ltd in 2023 for US$1.9 billion (the Adjacent Properties).
Central displays similar large-scale geological characteristics to those observed at Khoemacau, making the property prospective for a Tier 1 copper discovery. Specifically, all known KCB copper deposits – including those of Khoemacau – occur at or close to a well-understood stratigraphic contact (namely the interface between the D’Kar and Ngwako Pan Formations) on the flanks or hinges of kilometre-scale antiforms or “domes”, typically within secondary folds, shears or other structural trap-sites which focused the mineralizing fluids.
With the additional ground Central will boast over 30 km of this contact, mostly around the main domal structure referred to as the Hyena Hills dome, as supported by high resolution ground magnetic data collected in 2023 and 2024. The Hyena Hills dome is the next dome south from those hosting the Khoemacau deposits and discoveries; each of the other domes at Khoemacau hosts at least two copper deposits or discoveries.
Botswana is a politically stable pro-mining investment jurisdiction – ranked #2 in Africa by the Fraser Institute (2024), enjoying investor-friendly legislation, a highly proficient and well-educated workforce, and first world infrastructure – set up to support mining, which is a pivotal and widely-accepted national economic driver. The Kalahari Copper Belt is regarded by the USGS as one of the world’s most prospective areas for sediment-hosted copper deposits.
Leviathan Metals Corp. was previously known as Leviathan Gold Ltd.