Aldoro Resources announces that it has signed a binding heads of agreement to acquire an 85% stake in mineral permits EPL 7373; EPL 7372; and EPL 7895, collectively known as the Kameelburg Project, in Namibia.
Aldoro Resources Chairman Troy Flannery commented: “ARN view this critical metals transaction as an excellent opportunity for the Company, as it increases our rare earths exposure in what appears to be an extremely large outcropping carbonatite deposit. We are comfortable with the project’s location in Namibia, which is ranked by the Fraser Institute as the 2nd most favourable jurisdiction (behind Morocco) on the Policy Perception Index (PPI) across the African continent.”
The Kameelburg Project is located approximately 300 kms north of Windhoek (capital of Namibia) and 60 kms southwest of Otiwarongo along well-maintained bitumen roads. The Industrial Port of Walvis Bay is 355 kms southwest of Kameelburg, which are connected by the TransNamib heavy haul freight railway (passing within 2 km of Kameelburg).
The Kameelburg Project covers the Cretaceous Kameelburg Carbonatite plug and associated radial dykes intruding precursor syenites in the older host Neoproterozoic marbles and schists. The plug is approximately 1.4km in diameter and rises up to 275m above the surrounding peneplain. The intrusion consists of an initial pre-curser phase of nepheline syenite/syenite followed by two sovite and three beforsite phases with remanent rafts of volcanic breccia and syenite, the vestiges of earlier intrusive phases. (Verwoerd,2008)
The country rock consists of marbles, quartzite’s, mica schists of the Damara Supergroup. Rare earth metals are known to occur in all three phases with higher concentrations in the more magnesium and iron rich before sites. Initial mineral investigations were conducted in the late 1960’s early 1970’s by AMCOR and the project lay dormant until 2012-2015 when it was investigated by a private company for REE and phosphates but low commodity prices during this period ended investigations.