logo-loader
MiningGold & silver
viewCradle Arc PLC

Cradle Arc signs joint venture deal with Indiana Resources to advance Kossanto West

The deal will allow Cradle Arc to focus on the Mowana copper mine

1536561481_shutterstock_132708305.jpg
All costs up to prefeasibility at Kossanto West will now be funded by Cradle Arc's joint venture partner

Cradle Arc Plc (LON:CRA) has entered into a joint venture with Mukuyu Resources (Mali) LTD for the exploration and development of Cradle Arc's 137 square kilometre Kossanto West gold project in western Mali.

Mukuyu is a wholly owned subsidiary of Indiana Resources Limited (ASX:IDA).

WATCH: Cradle Arc PLC get ting to grips with issues at Mowana

Indiana will fund all costs up to and including the completion of a pre-feasibility study on the project.

On completion of a pre-feasibility study, Indiana Resources will hold a 65% participating interest and Cradle Arc will retain a 35% participating interest.

The initial work programme will include further geological mapping of Kossanto West, with potential follow up pitting and trenching activities and reconnaissance drilling.

"This agreement enables Cradle Arc to advance its highly prospective West African gold assets, whilst maintaining its primary strategic focus on the development of the Mowana copper mine,” said Kevin van Wouw, chief executive of Cradle Arc.

"The terms of the JV do not require Cradle Arc to fund exploration activities up to the PFS stage, such that accordingly there will be minimal impact on the company's balance sheet as we continue to focus on our core asset in Botswana.

"We are delighted to be working with Indiana Resources through their subsidiary, Mukuyu. Indiana Resources has a high-quality team in place and a complementary portfolio of assets in Mali."

 

 

 

Quick facts: Cradle Arc PLC

Price: 0 GBX

LSE:CRA
Market: LSE
Market Cap: £0.00
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Cradle Arc PLC named herein, including the promotion by the Company of Cradle Arc PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Cradle Arc PLC renews two prospecting licences 'with significant potential'

Kevin van Wouw, chief executive of Cradle Arc Plc (LON:CRA) tells Proactive's Andrew Scott they've renewed prospecting licences for an area north of its Mowana copper mine in Botswana. He says two renewals have been granted by the Botswana Ministry of Minerals, Energy and Water Resources...

on 21/9/18

2 min read