West African miner Fortune Silver Mines has taken an option over an 80% interest in five granted exploration permits that make up Australian junior Turaco Gold’s Tongon North project, in Cote d’Ivoire.
Under the option agreement, announced on Wednesday, Fortuna is to make an upfront cash payment to Turaco of $100 000 and must spend at least $3.5-million on the project within three years.
Turaco MD Justin Tremain explained that granting Fortuna an option over Tongon North was consistent with the company’s commitment and focus on the Afema gold project, in south-east Cote d’Ivoire.
He noted that Turaco was likely to further rationalise its northern Cote d’Ivoire projects, but that it would retain the Eburnea gold project, which includes the Satama greenfield gold discovery.
Last month, Turaco received Ministerial approval for the acquisition of an initial 51% interest in Afema from Endeavour Mining. Turaco has the right to increase its interest to 70%.