Nemex Resources (ASX: NXR) will acquire a large gold and base metal project portfolio in Côte d’Ivoire.
Key to the deal is the Côte d’Ivoire is underlain by Birimian rocks that host so many gold discoveries and deposits in West Africa, yet the country has not been the subject of systematic mineral exploration.
At the Alepe Licence, the 33 kilometre of shear structures are along-strike of the 17 million once Ahafo Gold deposit owned by Newmont Mining Corp (NYSE: NEM).
In regards to the remaining two licenses, at Dabakala geology is dominated by thrust faulting and alteration of host rocks, which is prospective for gold. At Abengourou, soil sampling is to begin where a previous explorer reported significant soil anomaly.
In total the licenses cover around 1186 square kilometres, while Nemex also lodging applications for a further three licences.
Nemex is focussed on West Africa
Nemex took a decision about two years ago to focus its attention on the discovery and development of mineral deposits in West Africa.
The company said that the granting of these licences will not detract from Nemex’s wish to develop the Télimélé DSO Iron Project in west Guinea, into an operating mine.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.