Burey Gold has entered into an agreement with a Dubai-based private company Medidoc FZE, to acquire a 60% interest in the Tendao project.
The project consisting of five exploration permits covering 1 456 km2 of highly prospective ground in northeast DRC.
The Tendao project, located in the Haut Uele Province, borders Burey Gold’s Giro project to the west and gives Burey a substantial holding in the renowned Kilo-Moto greenstone belt.
The belt hosts Randgold Resources/AngloGold Ashanti’s 16 Moz Kibali gold deposits. The Kibali mine produced 642 720 oz of gold during its first full year of operation in 2015, which confirms a favourable mining environment, says Burey Gold chairman Klaus Eckhof .
He notes that the highly prospective acquisition would significantly increase Burey’s footprint to over 2 000 km2.
“In view of the extensive historical workings and the contiguous nature of the Tendao project area, Burey has had the project in its sights for some time and finally an opportunity has presented itself.
“Burey’s team is very excited about the opportunity and due diligence investigations will start immediately,” Eckhoff says.
He adds that historical colonial mining at surface indicates that there is more to uncover in this region and that the Burey team looks forward to work on this acquisition by assessing its potential from historical data and expand the operations and growth of Burey Gold.
Burey Gold successfully raised A$11.6 million via a placement to accelerate its exploration programme at the Giro gold project in July this year.