TSXV-listed Algold Resources has received consent from the Mauritanian government and a granting of a mining license for the corporation's Tijirit project.This important decision from the Mauritanian Ministry of Oil, Energy and Mines in favour of Algold Resources will be formalised by decree by the Mauritanian Council of Ministers.
Under the terms of the mining license grant, Algold Resources will deliver a feasibility study by December 2018.
“Mauritania is a country with many mining investment opportunities and economic, social and political conditions that are conducive to the pursuit of development of a sector considered strategic by the Mauritanian government,” states Mauritanian Minister of Oil, Energy and Mines of Mauritania, Dr Mohamed Abdel Vetah.
“The government has instituted a mining policy aimed at a mutually beneficial balance, while safeguarding the interests of the nation and investors,” he continues.
“This milestone is a significant achievement for both Mauritania and Algold Resources and is important to our growth plan for Tijirit, as well as for the development of other deposits over the license area, which extends over 300 km2," says Algold Resources CEO, François Auclair.
“We are grateful for the Government of Mauritania's vital, ongoing support of our corporation as demonstrated by the formal consent to issue a 30-year mining license,” adds Auclair.
Algold Resources acquired the Tijirit project in April 2016 and immediately commenced a major exploration programme, under which it completed 20 000 m of drilling (phases I and II).
The drilling allowed Algold Resources to highlight a high-grade gold deposit with significant upside potential.
An initial resource calculation completed in March 2017 by SGS Geostat estimated an inferred gold resource of 602 130 oz at an average grade of 2.29 g/t Au.
Algold Resources completed metallurgical test work on the Tijirit project which indicated recovery of up to 97% by gravity and cyanidation of the Eleonore-type mineralisation.
The corporation further completed an environmental impact assessment study, which was filed with the ministry in December 2016.
Subsequently, the ministry issued a favourable opinion to Algold Resources as of February 2017.
Algold Resources’ phase III 25 000-m drilling program, which commenced on February 1, 2017, is ongoing with the objective to further delineate the high-grade gold deposit at Tijirit.
Feature image credit: Algold Resources