Resource exploration and development company Altona Rare Earths has exercised its option to acquire the Sesana copper/silver project, in Botswana.

Further to the signature of a binding option agreement with Ignate African Minerals with respect to prospecting licence PL2329/2023 (the tenement) in Botswana, the company says it has notified Ignate of the exercise of the option, which allows Altona to acquire an interest of up to 85% in the tenement, in consideration for cash and Altona shares, as well as exploration expenditure commitments.

The tenement is located in the Kalahari Copper Belt, about 25 km from the low-cost Khoemacau copper/silver underground mine.

Altona notes that recent interpretation of regional airborne magnetic data shows that an estimated 10-km-long stretch of the contact between the D'Kar and Ngwako Pan formations is passing through the northern part of the tenement, along the eastern margin of a fold structure, which makes it a perfect setting for copper/silver mineralisation.

“Altona and Ignate are now preparing the final agreement, which is expected to be signed shortly. Activities pertaining to environmental and administrative processes in Botswana have started, and plans are being made to start exploration activities in due course,” says Altona.

BOARD CHANGES

Meanwhile, Audrey Mothupi will step down as a nonexecutive director of the company, effective August 1, after three years on the board.

"I would like to extend my personal thanks to Audrey for her very professional service to the board of Altona.

“Her experienced and thoughtful approach to all aspects of board work are impressive and her ability to build great working relationships with everyone made it a pleasure to work with her. I wish Audrey the best luck for the future and hope we can work together again,” says Altona chairperson Martin Wood.

Kristoffer Andersson has been appointed to the board as a nonexecutive director, effective August 1.

Altona notes that Andersson is an economist with extensive experience in the renewable energies, mining, commodity trading and natural resources sectors, as well as investment banking in emerging markets in Latin America and Africa.

He has served on the board of directors for both private and public companies across various industries, and co-founded Ashmont Resources Corp, a Canadian private company focusing on high-value mineral assets in Colombia.

Andersson is currently the CEO of Ironveld, a mining company and speciality metals producer based in South Africa, listed on the Aim market of the LSE.