Broadway acquires 85% stake in land package with four EPLs in Namibia

4 June 2019 (Last Updated June 4th, 2019 11:05)

Canadian mining exploration company Broadway Gold Mining has acquired an 85% interest in a land package in Namibia.

Canadian mining exploration company Broadway Gold Mining has acquired an 85% interest in a land package in Namibia.

The acquisition is part of the company’s strategy to expand its effort in identifying rich deposits.

The Tsumeb mining camp is known to host both high-grade polymetallic deposits and stratabound copper/silver/cobalt deposits. It also features deposits of gold, vanadium, germanium and uranium.

Broadway executive chairman Duane Parnham said: “Namibia is a mineral-rich country with world-class base-metal and uranium deposits. Broadway’s management team has successfully worked in the country for over 19 years and delivered a number of unique opportunities to shareholders during this time.

“We believe our access to the Tsumeb mining camp will give us another opportunity to show that we can upgrade a promising project to development or alternatively attract a major partner like Kennecott, a division of Rio Tinto, at our Madison copper project located south-east of Butte, Montana.”

Broadway has purchased four exploration prospecting licences (EPLs) in the land package, namely 6074, 6075, 6257 and 6999. The mineralisation of these licences stretches over a total strike length of 30km west of Tsumeb.

Covering approximately 56.3km², these licences feature ten former vanadium mines and prospects besides three former copper mines.

“Namibia is a mineral-rich country with world-class base-metal and uranium deposits.”

Located around 35km east, the four EPL licences surround the Abenab and Christina mines, as well as the Tsumeb camp.

Broadway has signed licence transfer agreements with three Namibian corporations to purchase an undivided 85% interest for $50,000 in cash and through issuance of three-million common shares.

However, the agreements are subject to TSX venture exchange approval and transfer of the 85% interest in the EPLs into a Namibian corporation, which is fully controlled by Broadway.