Join our daily newsletter At The Bell to receive exclusive market insights
- African Gold (A1G) launches a drilling program on the Syama Shear Zone joint venture project in southwestern Mali
- African Gold’s joint venture partner, Resolute Mining (RSG), has begun aircore drilling to test for mineralisation within the saprolite in the project area
- African Gold Managing Director Phillip Gallagher says the company is pleased to see the speed and enthusiasm with which Resolute has begun exploration at Syama
- Under its current JV agreement, African Gold can maintain a “meaningful” interest in Syama, with the option to participate in the future development of the project
- African Gold is up 8.24 per cent to 9.2 cents and Resolute Mining is down 3 per cent to 24 cents at 3:22 pm AEDT
African Gold (A1G) has launched a drilling program on the Syama Shear Zone joint venture project in southwestern Mali.
African Gold’s joint venture partner, Resolute Mining (RSG), began aircore (AC) drilling to test for mineralisation within the saprolite in the project area.
The company will also complete bottom-of-the-hole multi-element geochemistry to allow for further refining of the geological map of the area and the definition of potentially prospective lithological contacts.
African Gold said any anomalies identified from the drilling campaign would be followed up with reverse circulation (RC) drilling, while further exploration targets would be tested with AC drilling.
African Gold’s Syama project is contiguous to Resolute’s Syama mining permit and lies just 10 kilometres from the 8.7-million-ounce Syama gold mine.
Under the companies’ JV deal, Resolute can earn up to an 80 per cent interest in the project via the completion of an agreed minimum exploration program in two years and the subsequent completion of a feasibility study over an eight-year period.
African Gold Managing Director Phillip Gallagher said the company was pleased to see the speed and enthusiasm with which Resolute had begun exploration at Syama.
“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,” Mr Gallagher said.
“While Resolute is conducting exploration on the Syama Project, African Gold continues to focus its efforts on its flagship Didievi gold project in Cote d’Ivoire, its Senegal-Mali Shear Zone projects in Northern Mali and the recent pegmatite discovery on the Agboville Project in Cote d’Ivoire.”
African Gold was up 8.24 per cent to 9.2 cents and Resolute Mining was down 3 per cent to 24 cents at 3:22 pm AEDT.
