Glacier Lake secures 5 Namibian uranium licences
Canadian junior miner Glacier Lake Resources has announced two significant agreements to acquire controlling interests in five Exclusive Prospecting Licences (EPLs) in the Erongo Region.
The deal covers approximately 610 square kilometres in one of the world’s most established uranium districts, situated near the Rössing, Husab, and Langer Heinrich mines.
Under the first agreement with Pointe Noire Investments CC, Glacier Lake can earn up to a 75% interest in EPL 9727 and EPL 8208. To secure this interest, the company said it must incur at least C$3 million (approximately N$59 million) in exploration and administrative expenditures by 30 June 2028.
Additionally, staged cash payments totalling C$250,000 (roughly N$4.9 million) are required. The second agreement involves the acquisition of Ictus Resources Inc., which holds options over EPL 9872, EPL 9873, and EPL 8617. For these licences, Glacier Lake said it must commit to C$2 million (approximately N$39 million) in work expenditures by 15 June 2028, with a minimum of C$500,000 (about N$9.8 million) to be spent by December 2026.
Historical records cited by the company indicate that the licences host both intrusive-related and surficial uranium mineralisation. EPL 9727 features alaskitic intrusions and calcrete development in palaeochannel systems, while previous surveys on EPL 8208 identified uranium values up to 260 g/t U3O8 (yellow cake) in localised zones. EPL 8617 is reported to host mineralisation associated with alaskitic bodies similar to those found at the Rössing mine.
The company said it is also evaluating historical reports from 1980 that outlined an inferred resource of 35 million tonnes at 120 parts per million 3O8 in the broader area east of Rössing. However, Glacier Lake said this estimate is historical and has not been verified under current NI 43-101 standards.
To reflect its new focus, Glacier Lake announced its intention to rebrand as Skeleton Coast Uranium Corp., subject to regulatory approval. The company said it also plans to consolidate its common shares on a one-for-three basis. To fund the exploration of these Erongo licences, the company intends to complete a private placement to raise C$5 million (approximately N$98 million). Glacier Lake said the net proceeds will be used for exploration work and general working capital. All agreements and corporate changes remain subject to approval by the Toronto Stock Exchange Venture Exchange.
