CKR Carbon (TSXV: CKR) (FSE: CB81) (“CKR” or the “Company”) a graphite development company, is pleased to announce the acquisition of a further 11% interest in Exclusive Prospecting License 3895 which covers the Aukam vein graphite deposit in Southern Namibia. The Company now holds a 63% interest in Exclusive Prospecting License 3895.
The 63% interest was acquired by making exploration and development expenditures totalling US$1.1 million and making cash payments to Next Graphite Inc. (“Next”) of US$180,000 as called for in a binding Farm Out Agreement between Next and CKR.
Work carried out on the project by CKR since July 2015, has involved detailed and regional geological mapping, geophysical surveys, sampling and assaying of graphite veins and dump material, metallurgical test work, bulk sampling, underground drilling and environmental impact assessments.
Sheldon Inwentash, Executive Chairman of CKR Carbon, commented:
“The acquisition of the 63% interest in Aukam is a significant milestone for the company. We look forward to continuing to develop the project in co-operation with our joint venture partner.”