Australian mining firm MetalsGrove has signed a Binding Term Sheet for the acquisition of three gold permits in Ivory Coast Comprising the Vavoua, Vavoua West and Kounahiri West prospects, the acquisition signals the company’s entrance into the country.
Under the terms of the acquisition, MetalsGrove will take an 80% interest in Vavoua and 90% in both Vavoua West and Kounahiri West. The acquired licenses cover 950 km² and are located along the same geological trend as the 3.8 million-ounce Abujar Gold Mine.
“MetalsGrove is expanding its exploration footprint into Ivory Coast, a highly prospective region renowned for hosting multi-million-ounce gold deposits. With a favorable geological framework, highly anomalous gold results from neighboring projects and structural insights derived from aeromagnetic surveys, we are confident in the potential to identify significant gold deposits,” stated Lijun Yang, Managing Director and CEO, MetalsGrove.
Aeromagnetic surveys and ongoing artisanal mining activities indicate significant gold mineralization potential across the licenses. Looking ahead, MetalsGrove will commence exploration upon completion of the acquisition and the award of necessary permits.
