TSX-listed Roxgold has entered an settlement with Newcrest West Africa to accumulate a portfolio of 11 exploration permits in Côte d’Ivoire.
These embrace the Séguéla gold challenge, for whole upfront consideration of US$20 million.
Highlights of the transaction
- Extremely potential exploration permits protecting 3,298 km2 within the enticing mining jurisdiction of Côte d’Ivoire with important scope to construct upon present information and high-quality exploration work accomplished up to now
- Close to-term growth potential on the flagship Séguéla challenge, which hosts the Antenna deposit and plenty of satellite tv for pc alternatives
- Séguéla’s Antenna deposit hosts a mineral useful resource containing an inferred useful resource of 5.8Mt at 2.Three g/t Au for 430 koz Au
- Acquisition price of $20 million upon closing with an extra fee of $10 million upon first gold manufacturing from the topic land package deal
- Addition to administration staff with the return of Paul Criddle to a full time government place
John Dorward, President and CEO of Roxgold feedback:
“Roxgold is worked up to accumulate Séguéla and the associated permits from Newcrest.
“This acquisition represents a significant addition to our progress pipeline, offering a key second asset, instant further useful resource upside and a big potential land package deal all in an accretive transaction for Roxgold shareholders.
“Hardly ever does such a big and thoroughly assembled land package deal grow to be obtainable from one of many world’s main gold producers and Séguéla is predicted to materially enhance Roxgold’s general useful resource stock, notably after we deliver the deposit as much as Nationwide Instrument 43-101 requirements later this yr.
“We additionally consider there may be substantial near-term exploration upside at this layer, and regionally, with the chance to considerably advance Séguéla within the close to time period.”
Paul Weedon, Vice President, Exploration provides:
“This acquisition offers Roxgold with a really enticing exploration portfolio that features extremely potential early stage alternatives in addition to a complicated stage exploration asset in Séguéla.
“Buying these property from Newcrest permits us to construct upon the prime quality exploration work they’ve accomplished up to now. We’re desperate to get to work on this portfolio to completely discover the potential upside we see at these property.”