ASX listed Amani Gold has signed a MoU with Bon Génie N. Mining to acquire 10 highly prospective gold exploration permits for the Gada gold project in the DRC.
This acquisition will be via Amani Gold's 85.7% interest in BN Mining. BN Mining has an option agreement with La Société Minière De Kilo-Moto SA (SOKIMO) over 10 permits for Gada, located in north-east DRC within the Niangara, Dungu and Rungu territories of the Haut Uele Province.
Amani Gold views Gada as offering a significant material opportunity for value enhancement to the company.
Given the location, geology and scale of the tenement package, as well as the early stage scouting carried out across the project, it is clear that the package is highly prospective for large gold mineralisation.
Local artisanal gold mining has been undertaken for many years within shallow pits of depth to generally less than 10 m.
Amani Gold intends to conduct a modern exploratory study and targeting programme to determine potential target areas for systematic exploration work.
Major gold producer in the DRC
Amani Gold’s technical director Grant Thomas commented: “Subject to positive due diligence, Gadacan be a great addition to Amani Gold. We know the geology, mineralisation and have proven at Giro, that we know how to explore and discover gold deposits in this part of the DRC.
"The acquisition of this package would see the company as one of the major gold tenement holders in DRC in a proven gold producing region nearby to the 600,000 oz per annum gold mine at Kibali.
“We have our teams ready to start sampling and mapping at Gada. The year ahead will see Amani primarily drill deeper at Kebigada, and then complete follow-up exploration drill testing of several of the best prospects defined at Gada."
Completion of acquisition is subject to satisfactory legal and technical due diligence.
In addition, the company will be responsible to fund and manage all gold exploration including completion of a DFS within three years after the signing of Definitive Agreement and all other operating expenditure, including annual license fees.
A two-year extension can be secured for delivery of the Detailed Feasibility Study after due assessment.