Acquisition of 51% of Minas do Lúrio Gold Project


Netoil Capital Ltd

Acquisition of Intra Minerals LTD

Oslo, Norway

2 November 2022.

Netoil Capital Ltd. (“NOC”) announces that it has reached agreement with Bluegreen Holding SA. (“BGH”) and Intra Minerales Ltd (“IML”) for the acquisition of 51% of shares in IML that holds 95 % interest in Minas de Lurio LDA (“MDL”) against the issue to BGH of 15,710,667 shares in NOC and the issue of 1,608,500 shares in NOC to each Benedikta Schall and Winston Theler, principals in IML as well as US$ 500,000 in cash. Further NOC commits to invest US$ 3.5 million towards the exploration program.  The agreement and share issue is conditional on NOC providing the funding agreed.

The Minas do Lurio license is located along the Lurio River in the Cabo Delgado Province of Mozambique. The mineral exploration License covers an area of 170Km2 where prospecting and exploration work discovered significant bedrock and alluvial gold resources.

The Minas do Lúrio Gold Project (exploration license 8416L) is currently held by Intra Minerals Ltd. The project represents a significant first-mover opportunity into a previously unrecognised gold mineralisation trend along the Neoproterozoic Lúrio Belt.

License 8416L is therefore considered to be a very prospective area for future gold resources and represents a favourable low cost and low stripping ratio open pit mining target. Additional drilling exploration and evaluation, along with geo-metallurgical and recovery studieswill be required to determine the full extent of the alluvial and bedrock mineralisation, and to produce a confirmed resource estimate of the identified targets for JORC certification.

The Minas do Lurio license is located along the Lurio River in the Cabo Delgado Province of Mozambique. The mineral exploration License covers an area of 170Km2 where prospecting and exploration work discovered significant bedrock and alluvial gold resources.

Netoil Capital has secured a 51% interest in this venture. The Minas do Lúrio Gold Project offers a low-risk investment opportunity into the development of a new previously unrecognised gold exploration and mining destination in north-eastern Mozambique. The project is based on the occurrence of surficial alluvial and eluvial gold and shallow bedrock mineralisation.

The project represents an ideal opportunity to fast-track low-cost production of alluvial gold using the company’s own processing plant for early cash generation while, ongoing exploration activities further define the resources of bedrock-hosted lode gold mineralisation targets.

The further exploration activity will be done in order to prepare a JORC report and to define optimal production of this most interesting asset.

Netoil Capital Ltd. (NOC) is an independent resource company, focussed on both oil and gas, and mineral extraction worldwide. NOC wants to invest in precious & base metals (gold, silver) and high-value minerals of the low emissions future which include indium, germanium, tantalum, platinum group of metals (ruthenium, platinum and palladium), tellurium, cobalt, lithium, gallium, rare earth elements (REE), iron ore, manganese, aluminium, nickel, lead and graphite – which are needed for the development of cleaner technologies as they are used in batteries, wind turbines, solar panels and electronics systems in all kinds of controls.

Technological innovations developed to support the energy transition, which make use of these various refined ores and metals:

  • electric vehicles: cobalt, copper, lanthanum, lithium, nickel, manganese, graphite, zinc;
  • fuel cells: platinum, palladium, rhodium;
  • wind energy technologies: copper, nickel, manganese, cobalt, chromium, molybdenum, zinc, silicon, neodymium, dysprosium, terbium;
  • aviation: titanium;
  • photovoltaic solar technologies: silicon, copper, cadmium, indium, gallium;
  • batteries: lithium, iron ore – Fe – and phosphate (LFP), cobalt, nickel, sodium.

Most of them require some Rare Earth elements: scandium, yttrium, lanthanum, cerium, praseodymium, neodymium, promethium, samarium, europium, gadolinium, terbium, dysprosium, holmium, erbium, thulium, ytterbium and lutetium.

NOC is led by an experienced, highly qualified team that brings a breadth of knowledge of the oil and gas and mineral extraction sectors, coupled with strong and durable relationships at a local level in its selected areas of operation.

For further information, please contact: Nils Trulsvik, CEO, tel: +47 416 08 667 – e-mail:

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