Cazaly Resources Ltd. acquired a four-month option to purchase an 85% equity interest in the copper-cobalt prospective Tsumkwe project in Namibia.
The company said Dec. 19 that it can acquire the project interest by paying US$650,000 in cash and issuing US$250,000 worth of shares.
The project covers an area of about 200 square kilometers, and comprises a single exploration license granted to a local company, Gemco Investments cc, in August for an initial three years.
Cazaly will free carry all Gemco expenditure over the project up to the finalization of a positive definitive feasibility study into mining on the project.
The company plans to start due diligence work on the project in 2018.