Dalaroo Metals (ASX:DAL) has picked up a gold project in West African nation Ivory Coast via a binding agreement with a second party to acquire an 80% interest in the Bondoukou Gold Project (BGP) as gold prices remain elevated above US$5,000/oz.
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Regarded as “highly prospective” and boasting over 9km of strike on-site straddling greenstone belt geology, the company’s geotechs are understandably bullish on the new acquisition.
Goldridge Resources SARL is the entity in question with whom Dalaroo enters into a JV access agreement on Wednesday, gaining access to a fully granted mining lease some 35km NW of Endeavour’s 4.5Moz Tanda gold deposit tapping the same greenstone belt formation as the BGP.
Targeting orogenic gold, the company will first be sniffing out existing artisanal workings on-site hoping to find initial legwork already done for them. An in-country team of geotechs have been mobilised to site with field mapping the first order of affairs.
That hunt for orogenic gold is within the realm of definite reality: the Birimian terrane on which the BGP sits is home to “many of West Africa’s major orgenic gold deposits,” with numerous greenstone belts and large-scale shear zones being present – all geological formations which are typically associated with gold mineralisation in the right conditions.
As for financial conditions of the deal, Dalaroo is giving Goldridge 9M ordinary shares and 3M options to acquire shares at 10cps before 3 years from data of issue; on top of that, Goldridge will receive A$100K in cash and Dalaroo will also pay a resource definition royalty of US$1.67/oz.
“We are particularly excited by the quality of the project and the compelling commercial terms we have secured,” DAL CEO John Morgan said.
“The free carry through to feasibility and minimal upfront cash outlay provide an exceptional platform to aggressively pursue exploration while maintaining strong capital discipline and protecting shareholder value.”
DAL last traded at 6.5cps.
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