Sulliden Mining Capital Inc. Announces Agreement to Acquire Interest in Namibian Gold and Lithium Mining Project

TORONTO, July 10, 2023 (GLOBE NEWSWIRE) -- Sulliden Mining Capital Inc. (TSX: SMC) (“Sulliden” or the “Company”) is pleased to announce it has entered into a share purchase and subscription agreement dated July 9, 2023, pursuant to which the Company has agreed to purchase and subscribe for up to 70% of the total issued and authorised ordinary par value shares of a Namibian private company (“Privco”), subject to the terms and conditions set out in the agreement (the “Transaction”).

Privco holds, either directly or through option agreements, 14 exclusive prospecting licenses representing 307,778 hectares of exploration licenses, including the Khorixas Gold Project, the Omatjete Gold and Lithium Project, and the Outjo Gold Project (collectively, the “Damara Project”). The Damara Project is anticipated to provide Sulliden access to three distinct project areas that are highly prolific for gold and lithium deposits within Namibia.

Khorixas Gold
The 168,759-hectare Khorixas Gold Project is located approximately 350 km northeast of Walvis Bay within the Northern Zone of the Damara Orogenic Belt, a geological setting that hosts orogenic gold deposits such as QKR’s Navachab deposit, B2Gold’s Otjikoto deposit (see B2Gold’s website at https://www.b2gold.com/projects/producing/otjikoto/#updates), and Osino’s Twin Hill gold discovery (3.1 Moz – see Osino’s website at https://osinoresources.com/projects/twin-hills-discovery/).

The vendor has identified three exploration targets within the Khorixas Gold Project.

The Belmont target covers an area of 12 kilometres by 6 kilometres and is covered by 1 to 5-metre thick calcrete and scree cover. Gold mineralisation appears to be associated with sulphide-rich quartz veins in stacked shears associated with silicification and ankerite alteration. Previous exploration activities by the vendor included the collection of several visible gold samples that returned significant gold assays with the highest rock chip sample assaying 49.9 g/t of gold, as well as several areas with anomalous gold-in-soil samples, and a small maiden exploratory percussion drilling campaign to depths as deep as 50 m from surface. The reader is cautioned that the Company and the Qualified Person have not validated the analytical or assay results reported by the vendor, nor have they been able to confirm and validate any quality control/quality assurance procedures or processes used by the vendor when it reported its results from the Belmont target.