Exploration company Great Quest Fertilizer Ltd., Vancouver, B.C., announced on Dec. 22 that it has committed to purchasing and subscribing for up to 70% of the total issued and authorized ordinary shares of Belmont Mineral Exploration (PTY) Ltd., a Namibian private company. Great Quest expects to close the initial acquisition in early 2024.
Belmont holds 14 exclusive prospecting licenses covering 307,778 hectares of exploration licenses, including the Khorixas Gold Project, the Omatjete Gold and Lithium Project, and the Outjo Gold Project. The Khorixas Project is Belmont’s principal asset and upon closing of the transaction would be Great Quest’s principal asset.
To date, the company’s flagship assets have been in Mali, including the Sanoukou Gold Project in western Mali and the Tilemsi Phosphate Project (GM April 17, 2020) in northeastern Mali. However, Tilemsi is in a state of force majeure due to the geopolitical situation in northern Mali.
The United Nations was asked to withdraw its peacekeeping force last summer by the Mali government, which instead has allied with Russia’s mercenary Wagner Group. The UN has gradually left and is in the process of making its final exit. Tuareg separatists have fought to take the northern part of the country and violence has reportedly intensified. Great Quest said it is watching the situation prior to committing to any new work in the region.