Metals of Africa finds partner for Gabon project
PERTH (miningweekly.com) – ASX-listed Metals of Africa has inked an option agreement with fellow-listed Zambezi Resources over the Kroussou zinc/lead project, in Gabon.
Under the agreement, Zambezi will have the ability to earn a 70% interest in the Kroussou project, paving the way for Metals of Africa to advance the project and realise its value.
Zambezi will spend an initial $250 000 on near-term drilling at the project, and should the junior elect to exercise its option prior to the end of July next year, it will pay Metals of Africa $250 000 in cash or shares as a reimbursement of costs and to secure its right to earn an initial 30% interest in the project by spending $1-million within 12 months of the exercise date.
A further 40% interest can be earned if Zambezi spends a further $3-million in the subsequent 24 months, and, upon Zambezi earning a 70% interest in the project, Metals of Africa will be free carried to completion of a prefeasibility study, and will have the option to contribute to a definitive feasibility study, or dilute its interest.
“We are excited by the opportunity to see the Kroussou project rapidly advance through our agreement with Zambezi. We have always recognised the Kroussou project's potential and Zambezi shares this view,” said Metals of Africa MD Cherie Leeden.
“While our focus is on our high-grade graphite projects in Mozambique, stakeholders will also benefit from continuing interest in the Kroussou project and the improving dynamics in the zinc sector.”
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