Resolute takes a stake in African Gold project
PERTH (miningweekly.com) – Junior explorer African Gold has struck an earn-in agreement with gold miner Resolute Mining over the Syama shear zone project, in Mali.
Under the terms of the agreement, Resolute could earn up to an 80% interest in the project by spending $500 000 on an agreed-upon exploration programme over the next two years, starting a feasibility study within five years, and completing it within eight.
Resolute will be transferred the 80% ownership of the Syama project following a positive decision to mine, which must be made within 90 days following the completion of the feasibility study, African Gold reported on Wednesday.
Following a positive decision to mine from Resolute, African Gold can elect to contribute to the project development to maintain its equity or dilute to a 1.5% net smelter royalty.
“African Gold is pleased to enter into this agreement with Resolute Mining as they are the natural partners for our Syama shear zone gold project. Resolute’s Syama gold mine is a very large, operating gold mine that is contiguous to African Gold’s Syama shear zone project,” said African Gold MD Phillip Gallagher.
“The agreement allows African Gold to maintain a meaningful interest in the Syama project with the option to participate in the future development of the project, if it chooses to do so. In the short term, African Gold will focus its efforts on its flagship Didievi gold project in Cote d’Ivoire and its Senegal-Mali shear zone projects in northern Mali.”
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