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- West African gold miner Manas Resources (MSR) is continuing to plod along as it builds up its core projects in Côte d’Ivoire
- The company spent around $720,000 on operating and exploration costs over the March quarter as it develops three core Ivorian projects — Mbengué, Eburnea and Tortiya
- This meant the company has just over $4.5 million left in the bank at the end of March, giving it around 18 months’ worth of funding at current spending levels
- A drilling program at the Mbengué meant Manas has completed the US$2 million (around A$2.6 million) spending requirement to earn a 70 per cent interest in a core permit at the project
- As such, Manas has officially formed a joint venture over the permit with Perseus Mining (PRU) subsidiary Occidental Gold
- Manas has retained its 80 per cent interest in the Eburnea project, while the company took on no exploration work at the Tortiya project over the quarter
- Shares in Manas Resources closed grey this afternoon at 0.6 cents each
West African gold miner Manas Resources (MSR) is continuing to plod along as it builds up its core projects in Côte d’Ivoire.
The company has varying interests in three core projects in the country — the Mbengué Gold Project (MGP), the Eburnea Gold Project (EGP) and the Tortiya Gold Project (TGP) — in various stages of development.
Over the March 2021 quarter, Manas spent around $720,000 on exploration, staff, equipment and other costs as it explores and develops these core projects.
This took the company’s cash balance to just over $4.5 million at the end of the quarter, meaning the company has around 18 months’ worth of funding available at current spending levels.
However, the quarterly spending has not been fruitless; Manas has returned some important results from drilling at its West African projects.
The Mbengué project
Results from a 2207-metre reverse circulation (RC) drilling program at three key prospects in the Mbengué project area included a 12-metre hit at 1.13 grams per tonne (g/t) of gold from 70 metres and a two-metre hit a 2.25 g/t of gold from 44 metres.
The prospects in question are the Le Vieux, Phew and Madala prospects.
Moreover, the drilling program at the MGP completed over the March quarter meant Manas has officially completed its US$2 million (around A$2.6 million) of spending required to earn a 70 per cent joint venture interest in a key exploration permit in the project area.
Manas said it’s earn-in partner, Occidental Gold, has acknowledged the US$2 million in spending and officially formed a contributing joint venture over the exploration permit.
Manas will manage the joint venture. Occidental is a subsidiary of fellow ASX-listed Perseus Mining (PRU).
This means at the MGP, Manas now owns 70 per cent of the Mbengué permit and 100 per cent of the Dielle Permit.
The Eburnea and Tortiya projects
Manas said it was introduced to the EGP by local Ivorian miner Perex.
Manas subsequently bought an 80 per cent operating interest in the project but gave Perex an option to buy 50 per cent of this interest in the JV back for no consideration. The Perex option expired in the March quarter unexercised, meaning Manas retains its 80 per cent interest in the project and remains its manager.
Manas has the option to buy another 10 per cent interest in the project for US$1 million (around A1.3 million) from Perex once it applies for a mining permit.
Meanwhile, Manas owns 100 per cent of the Tortiya project, but the company said no fieldwork was taken on at this project over the March quarter as the company awaits permitting grants.
Shares in Manas Resources closed grey this afternoon at 0.6 cents each. The company has a $10.77 million market cap.
