The Kangari African Review #5

Featured Image: Camping on the edge of the Faleme River, Mali - 2013

A slightly shorter round up this week as the Kangari team, much like our friends on the Spotlight team, are back with some post-COVID work! Hurrah!

The big news this comes out of West Africa, where Perseus Mining (ASX:PRU) announced that they are to purchase 100% of neighbors Exore Resources (ASX:EXR). Exore held 2,000km2 of land next to Perseus Sissingue project in the North of Cote d’Ivoire. Exore’s Bagoe project flew a little under the radar of West Africa analysts as one of the ‘small’ projects in the region that was not too developed. This is despite the fact that the project has a JORC compliant resource of almost 600,000 ounces at 2g/t gold.

Perseus offered Exore an all-share transaction whereby Exore shareholders will receive 1 Perseus share for every 12.79 Exore shares this puts Exore at very good premium of nearly 60% on the 10 day average!

Perseus were long due to pick up more exploration assets to bolster their portfolio and compliment the mines at Edikan and Sissingue as well as the fully funded development of the Yaoure project.

Sticking with West Africa for a lot of the news this week……

Roxgold (TSXV:ROXG) announced a PEA for Seguela in Cote d’Ivoire featuring a post-tax NPV (5%) of A$268M and an IRR of 66%. I think they have the option to build on this project in the future with their near project exploration upside.

Also in Cote d’Ivoire, Tietto Minerals (ASX:TIE) released some encouraging drill results from their 2-15m ounce Abujar project. These included 6m @ 4.55g/t gold.

Just across the border in Mali, Robex Resources (TSXV:RBX) amended their resource statement and ore reserve to 7.718Mt @ 0.73g/t gold – around 180k ounces. Also in Mali, African Gold Ltd (ASX:A1G) announced some drilling results including 2m @ 51.27g/t at their Faleme project, presumably named after the river which serves as the border between Mali and Senegal.

Over on the East Coast, Ionic Rare Earths (ASX:IXR) released drilling results from their Makuutu REE project in Uganda, including 10.8m @ 1,533ppm TREO and Orecorp (ASX:ORR) updated their mineral resource at Kilimani in Tanzania to 5.64Mt @ 1.21g/t – around 220k ounces.

Until next time, cheers!

Posted in The African Review

Tim Strong View posts by Tim Strong

Tim Strong is a principal geologist and MD of Kangari Consulting as well as the Project Development Manager at Global Energy Metals (TSXv: GEMC). His experience spans the management and implementation of gold and base metal exploration, both for junior and major companies. Follow more of Tim's thoughts on Twitter: @KangariC