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.
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:
||2m @ 37.8g/t gold from 0m
||4m @ 13.1g/t gold from 10m
||6m @ 5.2g/t gold from 34m
||22m @ 1.3g/t gold from 22m
||6m @ 4.0g/t gold from 6m
||4m @ 4.0g/t gold form 30m
||6m @ 2.4g/t gold from 64m
||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:
||8m @ 30.0g/t gold from 52m
||14m @ 5.9g/t gold from 60m
||4m @ 13.0g/t gold from 50m
||2m @ 21.0g/t gold from 0m
||40m @ 1.0g/t gold from 4m
||20m @ 1.6g/t gold from 54m
||10m @ 2.4g/t gold from 38m
||6m @ 3.6g/t gold from 64m
||6m @ 3.6g/t gold from 46m
||2m @ 10.4g/t gold from 42m
||10m @ 1.7g/t gold from 32m
||16m @ 1.0g/t gold from 6m
||2m @ 7.1g/t gold from 36m
||2m @ 6.0g/t gold from 66m
||6m @ 2.0g/t gold from 78m
||10m @ 1.2g/t gold from 38m
||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:
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.