Canadian gold miner Roxgold has completed the acquisition of a portfolio of 11 exploration permits as well as the Séguéla gold project in Côte d'Ivoire from Newcrest West Africa.
Côte d'Ivoire – The tenements are located across prospective Birimian greenstone belts in the established mining jurisdiction of Côte d'Ivoire and includes highly prospective early stage projects as well as advanced stage projects throughout Côte d'Ivoire.
To date, approximately US$21 million dollars has been invested in exploration and approximately 117 000 m of drilling has been completed on the tenements, allowing for significant scope to build upon existing data and exploration work completed to date.
"We are very pleased to complete this highly accretive transaction for a total upfront consideration of US$20 million, which delivers on creating long-term value for our shareholders,” says Roxgold President and CEO John Dorward.
The Séguéla gold project provides a second key asset with significant growth potential both in the near term through the near-surface Antenna deposit and attractive satellite opportunities as well as a highly prospective large land package.
Following the acquisition, Roxgold will immediately be commencing a drilling programme and a preliminary economic assessment study at Séguéla.
Roxgold vice president for exploration, Paul Weedon, says the acquisition will materially increase Roxgold's overall resource inventory, with work already underway to bring the deposit up to National Instrument 43-101 standards.
“We also believe there is substantial near-term exploration upside at this deposit, and regionally, with the opportunity to significantly advance Séguéla in the near term with an initial 28 000 m drilling programme to commence immediately.
Work is scheduled to start on the 24 April with 4 000 m of reverse circulation and diamond core drilling planned at Antenna to extend and infill the known mineralisation. Potential exists for additional ounces along strike and at depth.
Multiple priority exploration targets within 15 km of the Antenna deposit also have the potential to increase the mineralisation and enhance the potential economics of the Séguéla project by adding additional low-cost near surface ounces.
A 24 000 m aircore and select reverse circulation drilling programme is scheduled to start on 29 April testing the highest ranked of these targets based on early stage drilling by Newcrest Mining producing results ranging from trace to 14 m at 58.1 g/t of gold from 0 m, and including several high-grade intercepts from the nearby Boulder, Agouti, Ancien, Gabbro, P3 and Kwenko prospects.