Australia-listed Turaco Gold on Tuesday announced the sale of its 35% interest in the Boundiali North permit, in Cote d’Ivoire, to a drilling company established by the founder and former MD of Tietto Minerals.
Turaco said it would sell its shareholding in DS Resources Joint Venture Company (DSRJV), which holds the Boundiali North permit covering 260 km2, to Plusor Global.
Plusor Global was established by Caigen Wang, who has extensive experience operating in Cote d’Ivoire and diamond drilling.
As consideration for the interest in DSRJV, Plusor will complete 3 500 m of diamond core drilling at no cost to Turaco within a project in Cote d’Ivoire within 12 months. Based on Turaco’s most recent diamond core drilling programme, it estimates the value of the drilling to be A$700 000 to A$800 000.
Turaco’s shareholding in DSRJV was the subject of a dispute with the other 65% shareholder. The dispute existed at the time of Turaco acquiring the portfolio of projects from Resolute Mining in 2021.