Amani Gold has successfully completed a bookbuild to raise US$3 million through the issue of 1.523 billion fully paid ordinary shares for gold exploration in the DRC.
DRC – Armani Gold will use the funds to advance the Giro Gold Project in the DRC. This includes diamond and augur scout drilling programmes, regional exploration and field costs, geophysics and mining studies, tenement renewal fees and to advance due diligence on the potential Gada acquisition plus for general working capital purposes.
Chairman Klaus Eckhof commented: “Amani Gold welcomes the support from new investors and existing shareholders. The company is embarking on a very exciting phase as we plan to accelerate drilling and exploration programmes across our highly attractive gold project portfolio.
In addition to drilling commencing and ramping up throughout the year we look forward to, subject to positive due diligence, adding the Gada Gold Project to the Amani Gold portfolio. 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 Amani as one of the major gold tenement holders in DRC in a proven gold producing region nearby to the 600,000oz per annum gold mine at Kibali.”
This year Amani will principally test for deeper high-grade mineralisation at Kebigada, complete infill drilling at Kebigada and reconnaissance drilling north of Douze Match using a combination of RC and diamond core drilling. Drilling at Giro Gold Project is expected to commence in June and consist of approximately 3,500 m.
If the Gada Gold Project is added to the potfolio, Amani expects to carry out an initial 1,500 m exploration drilling programme commencing in August.
Amani is considering purchasing and operating a combined RC/diamond core rig to carry out the majority of planned 2019 drilling. It is anticipated that an owner operated drill in the DRC will significantly reduce drill costs and aid logistical flexibility to exploration programmes.
The Giro Gold Project comprises of two permits covering 497 km2 in the Moto Greenstone Belt, DRC. Amani Gold has completed seven diamond core holes for 692m and 200 RC holds for 11,500 m in the drilling campaign which commenced in September 2017. Within the Project, Amani Gold is focusing on two key prospects, Kebigada and Douze.