ASX-listed Exore Resources, formerly known as Novo Litio Limited, has begun work at its 80%-owned Côte d’Ivoire gold projects – a set of highly prospective gold exploration permits located in northern Côte d’Ivoire.
This follows the completion of the acquisition by Exore Resources of an 80% stake in the Cote d’Ivoire gold projects in August 2018 from ASX-listed Apollo Consolidated - to form an 80:20 joint venture.
The Côte d’Ivoire gold projects, located on the convergence of two of West Africa’s most prolific gold belts, the Tongon Gold Belt and the Syama Gold Belt which extend into northern Côte d’Ivoire from Burkina Faso and Mali respectively, comprise the granted Boundiali Permit (379 km2), granted Korhogo Permit (271 km2) and the Korhogo NE application (180 km2).
Exore will issue the 90 million shares to Apollo to acquire the 80% interest in the Côte d’Ivoire subsidiary company that holds a 100% interest in the Côte d’Ivoire gold projects - Aspire Nord Cote d’Ivoire SARL - once the two granted exploration permits due for renewal during November 2018 are received, while Apollo will retain a 20% interest free carried until ‘decision to mine’.
Exore has met with the Mines & Geology Department of the Ministry of Industry & Mines and is not expecting any issues obtaining the renewals.
Apollo has been exploring the Côte d’Ivoire gold projects through intermittent, campaign style programmes since the permits were granted at the end of 2014.
Apollo has collected approximately 4 000 soil samples across broad grids over discreet areas within the 830 km2 of tenure. Much of the prospective project area remains unsampled.
The limited sampling to date has already defined several large, coherent gold-in-soils anomalies, most of which remain open. Many of the anomalies have been confirmed with broad spaced air core drilling but only one prospect, the Antoinette Central Prospect within the northern Boundiali permit, has been tested with reverse circulation (RC) drilling.
Planned work programme
Exore is currently preparing land access and clearing to commence its exploration activities, with aircore drilling expected to commence later in October 2018.
Drilling will initially be undertaken on the +20 km Liberty structure within the Korhogo permit, followed by the first ever drilling on the Veronique prospect.
Exore is planning RC drilling to commence at the Antoinette prospect in November 2018, following renewal of permits by the Ministry of Industry & Mines, designed to define a maiden JORC-compliant mineral resource estimate.
Veronique soil anomaly extended
Recent further extensional and infill soil sampling at the Veronique prospect within the northern Boundiali permit has successfully expanded the area of gold-in-soils anomalism.
Results for a further 311 soil samples at Veronique have been received. The Veronique gold-in-soil anomaly now extends for over 8 km of NNE trending strike, with a width of up to 2.2 km.
The latest sampling extended the anomaly to the south with up to 508 ppb gold returned.
The Veronique anomaly was first identified in February 2018 when sampling by Apollo returned highly anomalous soil results often grading >200 ppb gold with up to 1 320 ppb gold.
The Veronique anomaly is still open and will be subject to further soil sampling to extend the anomaly, as part of a comprehensive surface sampling campaign across the entire 830 km2 project area.
First ever drilling at Veronique is planned before the end of the year.