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Mariana Resources targets Ivory Coast for next big gold find

Friday, October 7, 2016 0:17
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Gold explorer Mariana Resources Ltd (LON:MARL CVE:MRA) has snapped up an 80% stake in Awalé Resources, a fellow gold explorer based in the Ivory Coast.

Awale has substantial exploration acreage in three contiguous exploration licences in the eastern border area of Bondoukou and another four applications outstanding there and in another part of the country, Abengouro.

Glen Parsons, Mariana’s chief executive, said Awale operates in one of the most exciting gold jurisdictions in West Africa. 

“The ability to advance Awalé’s current granted licenses around Bondoukou in a cost effective manner is seen as a priority and one that is anticipated can deliver immediate success.”

Awalé’s local knowledge, presence and solid foundation provide an excellent platform to build a potentially successful regional gold exploration and development company, he said.

An exploration programme on Awale’s acreage has already been budgeted for.

The initial focus will be on the Bondoukou Est concession, where high grade gold mineralization (up to 36 g/t Au from initial surface sampling) occurs within a sheeted quartz vein complex.

This area is one the largest known prospective underexplored greenstone belts in West Africa, said Mariana,

The Boundoukou concessions lie along the southwestern extension of the Birimian-age Bole-Nangodi greenstone belt in adjacent Ghana, where a number of similar geological-type gold deposits have already been discovered.

Mariana has already proven its exploration credentials with the discovery of the potentially huge Hot Maden prospect in Turkey, where a preliminary economic assessment is due very soon, and in the Santa Cruz province of Argentina where it originally started.

The consideration for Awale is an initial US$544,000 in shares, loans and repayments of a further US$$145,000 and a bonus of up to US$3.5mln depending on how much gold is found.

The deal has been structured so that Mariana will take an 80% stake in Awale Holdco, the parent of Awale.

Story by ProactiveInvestors


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