Exore has entered into a Earn-in & Joint Venture (‘Joint Venture’) on a granted exploration permit, the Tengrela Project, covering 380km2 adjacent to Exore’s Bagoe Project, in northern Cote d’Ivoire.

The exploration permit was granted in November 2017 to local Ivorian company Smart Mineral Exploration Cote d’Ivoire SARL (‘SMEX’). Exore has the right to earn-in to an 80% interest in the granted permit through expenditure of US$1.0M over 3 years, with a minimum expenditure of US$0.2M in the first year (after which Exore may withdraw at any time). Exore has the right to acquire an additional 10% interest on completion of a DFS to take its joint venture interest to 90% (refer ASX announcement 23 September 2019).

The Joint Venture will increase Exore’s dominant and strategic ground position within the highly prospective northern Cote d’Ivoire greenstone belts to 1,948km2.

Past Exploration

Regional, wide spaced sampling of soil and surface lag material was initially undertaken by Randgold during 1998-1999. The area subsequently became part of Perseus Mining Ltd’s (‘Perseus’) Tengrela Project which undertook limited RAB, AC, RC and DD drilling during 2010-2012 before the exploration permit came to its end in 2015. An exploration application was subsequently lodged over the area by SMEX and the exploration permit granted to SMEX in November 2017.

The Logbog anomaly is north-south striking and extends for approximately 4 kilometres. The anomaly is hosted within Birimian meta-sediments and mafic volcanics, proximal to the contact with a granite. Shallow RAB and RC drilling by Perseus was limited and tested less than 1 kilometre of the anomaly.

Drilling results from Logbog (+10gm) include:

Hole ID Intercept
LLC145 2m @ 37.8g/t gold from 0m
LLC119 4m @ 13.1g/t gold from 10m
LLC143 6m @ 5.2g/t gold from 34m
LLC130 22m @ 1.3g/t gold from 22m
LLC055 6m @ 4.0g/t gold from 6m
LLC071 4m @ 4.0g/t gold form 30m
LLC134 6m @ 2.4g/t gold from 64m
LLC067 4m @ 3.4g/t gold from 12m

Table One | Summary of Historical RC Drill Results at Logbog

The Podio and Zinguinasso anomalies are located along strike from each other and both located on the contact between Birimian volcanics and metasediments, also striking north-south. Both anomalies extend for over 2 kilometres in length and occur as residual windows in an area of shallow alluvial cover.

Drilling results from Podio (+10gm) include:

Hole ID Intercept
PLC057 8m @ 30.0g/t gold from 52m
PLC099 14m @ 5.9g/t gold from 60m
PLC048 4m @ 13.0g/t gold from 50m
PLC027 2m @ 21.0g/t gold from 0m
PLC058 40m @ 1.0g/t gold from 4m
PLC192 20m @ 1.6g/t gold from 54m
PLC142 10m @ 2.4g/t gold from 38m
PLC208 6m @ 3.6g/t gold from 64m
PLC165 6m @ 3.6g/t gold from 46m
PLC045 2m @ 10.4g/t gold from 42m
PLC194 10m @ 1.7g/t gold from 32m
PLC180 16m @ 1.0g/t gold from 6m
PLC121 2m @ 7.1g/t gold from 36m
PLC133 2m @ 6.0g/t gold from 66m
PLC107 6m @ 2.0g/t gold from 78m
PLC090 10m @ 1.2g/t gold from 38m
PLC075 10m @ 1.1g/t gold from 16m

Table Two | Summary of Historical RC Drill Results at Podio

All currently defined exploration prospects with the permit area are within 10km of the high quality Boundiali-Tengrela bitumen highway.

Earn-In and Joint Venture Terms

Under the Earn-In & Joint Venture Agreement entered into SMEX, Exore is to make four annual cash payments of minor immaterial amounts and may progressively earn an 80% joint venture interest by:

  • Incurring exploration expenditure of US$200,000 in the first 12 months to earn an initial 51% joint venture interest (at which time Exore has the right to request to have the permit transferred to a newly incorporated entity held 51% by Exore);
  • Incurring exploration expenditure of a further US$300,000 in the second year to increase its joint venture interest to 60%;
  • Incurring exploration expenditure of a further US$500,000 in the third year to increase its joint venture interest to 80%.

SMEX’s remaining 20% joint venture interest will be free carried by Exore until completion of a Definitive Feasibility study (‘DFS’)

Upon completion of a DFS, Exore will have a 60-day right to acquire a further 10% joint venture interest from SMEX for US$1.5M.

Exore is to be the sole manager and have sole decision-making rights and holds pre-emptive rights over SMEX’s residual interest.

Exore Permit Locations in Northern Cote d’Ivoire and Adjacent Permit Holders

New Joint Venture Granted Exploration Permit and Prospects