At present, the country’s sole gold mine is Mupane where work has been suspended since March due to financial constraints. North Arrow last week announced that it had successfully raised $2.2 million as part of earning a 60% equity interest in the Kraaipan Gold Project whose licences are held by Rockman Resources. The Kraaipan prospecting area is in the country’s south to south-east and measures 1,400 square kilometres covering the extension of goldfields that extend into South Africa. Under North Arrow’s agreement with Rockman, the Canadian firm can earn a 60% interest in the Kraaipan Gold Project by incurring $5 million in exploration expenditures over three years.
Under the deal, $1 million of this should be spent on exploration by no later than June 30, 2025, as a firm commitment, with an additional $2 million in exploration expenditure by no later than June 30, 2026. Another $2 million should be spent on exploration expenditures by no later than June 30, 2027. North Arrow raised the recent $2.2 million through a private placement involving the issuance of 11,000,000 units for $0.20 per unit. In a statement to investors, Ken Armstrong, the president and CEO of North Arrow, said with the closing of the financing, North Arrow is fully funded to advance its year-one plans to evaluate the underexplored, 60-kilometre northern extension of the Kraaipan Greenstone Belt in Botswana. He described Botswana as a top-tier jurisdiction for mining and exploration investment.
