Indiana Resources has announced a positive update on its due diligence activities for the proposed joint venture agreement with Altus Strategies for the Lakanfla and Tabakorole gold projects in Mali.
Mali: In March this year, Indiana Resources entered into a non-binding term sheet for a joint venture with Altus where Indiana will have the option to earn up to an 85% interest in Legend Mali Inc. a wholly owned subsidiary of Altus, which holds a 100% interest in the Lakanfla and Tabakorole gold projects
Altus has recently announced that is has defined a series of drill targets to test the potential of expanding the Tabakorole gold project located in the Massagui gold belt in Southern Mali, approximately 100km southwest of the multi-million ounce Morila gold mine.
Project on schedule
Multiple drill targets were identified following a detailed review of historical data for the Tabakorole gold project. The drill targets have the potential to expand the existing resource at the FT prospect, as well as outlining new prospects within the licence.
Previous drilling intersections at the FT prospect indicate a number of areas where high grade zones were present but not followed up with infill drilling by the previous operators. These drill holes were completed in 2010, while the previous mineral resource estimate was completed in 2007.
Indiana Resources is continuing its review of historic technical information provided by Altus for the Lakanfla and Takakorole gold projects and is due to complete this work shortly. Following the completion of this review the company will provide an update to the market in line with its schedule to complete due diligence by May 2019.