Polymetals Resources Ltd (ASX:POL) has progressed to early-stage mine acquisition discussions with an Australian-based company for the 100% purchase of the project.
The company has recently conducted a high-level review of an Australian polymetallic production asset, currently on care and maintenance.
In Guinea, POL has completed its aeromagnetic survey at the Mansala Gold Project, situated within the Siguiri Basin, with results expected within the month.
Meanwhile at the office, POL’s contract driller Sahara Natural Resources has agreed to subscribe for about 1.12 million shares in the company, in consideration for part-payment of its contract drilling fees.
Sahara is carrying out the auger drilling work at Polymetals’ Alahiné Project, also situated in Guinea’s Siguiri Basin.
“Potential discovery of a significant gold deposit”
Polymetals Resources CEO Alex Hanly said:“Polymetals is pleased with Sahara becoming a shareholder of the company.
“This is the first step of an ongoing relationship with a drilling company that has delivered successful drilling programs within Australia and for our peers within the Siguiri Basin.
“We look forward to continuing our relationship as Sahara will be a key service provider for Polymetals as we continue on our path to the potential discovery of a significant gold deposit.”
About Polymetals
Polymetals aims to become a gold production company, initially focusing on its two 100%-owned exploration licences within Guinea’s Siguiri Basin, totalling 112 square kilometres.
The Siguiri Basin hosts several large active gold mining operations and is notable for its significant and widespread gold anomalism.
Polymetals’ exploration licences, known as Alahiné (64.2 square kilometres) and Mansala (48.2 square kilometres), host extensive historical and current artisanal gold production, reinforcing the exploration potential of the area.