Great Quest Fertilizer Expands Portfolio with Strategic Acquisition in Namibia's Damara Gold and Lithium Projects

VANCOUVER, British Columbia, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Great Quest Fertilizer Ltd. (TSX-V: GQ) (“Great Quest” or the “Company”) is pleased to announce that it has entered into an assignment and assumption agreement dated December 20, 2023 (the “Assignment Agreement”) with Sulliden Mining Capital Inc. (“Sulliden”) pursuant to which will become a party to a share purchase and subscription agreement (the “Purchase Agreement”). Pursuant to the Purchase Agreement, the Company has committed to purchasing and subscribing for up to 70% of the total issued and authorized ordinary shares of Belmont Mineral Exploration (PTY) Ltd. (“Belmont”), a Namibian private company, subject to the terms and conditions outlined in the Purchase Agreement (the “Transaction”).

Belmont holds, directly or through option agreements, 14 exclusive prospecting licenses covering 307,778 hectares of exploration licenses, including the Khorixas Gold Project (the “Khorixas Project”), the Omatjete Gold and Lithium Project, and the Outjo Gold Project (collectively, the “Projects”). The Khorixas Project is Belmont’s principal asset and upon closing of the Transaction would be Great Quest’s principal assets.

This strategic move is anticipated to provide Great Quest access to three distinct project areas with significant potential for gold and lithium deposits within Namibia.

Jed Richardson, Chief Executive Officer of Great Quest, remarked, “This transaction serves to objectively expand the focus of the Company to Namibia, a world recognised geopolitical jurisdiction where we can also leverage management experience and goodwill within the country. Great Quest is following closely on the recent announcement of the sale of Namibian gold explorer Osino Resources, with their highly anticipated Twin Hills project, to Dundee Precious Metals. Great Quest will prioritize the Khorixas Project but will also continue work at the Sanoukou Gold Project in Mali, and the Geulmim Gold project in Morocco.”

Khorixas Gold

The 168,759-hectare Khorixas Gold Project, situated approximately 350 km northeast of Walvis Bay within the Northern Zone of the Damara Orogenic Belt, is expected to open avenues for exploration in highly prolific gold and lithium deposits. Notable targets within this project include the Belmont, K17, and K15 areas, presenting promising opportunities for mineralization.