Exore Resources: Expansion Of Cote d’Ivoire’s Ground Position And December Quarter Results

Exore Resources: Expansion Of Cote d’Ivoire’s Ground Position And December Quarter Results

Exore Resources Ltd (ASX: ERX) has announced that it has entered into a binding agreement with a local Ivorian company to expand the highly prospective Cote d’Ivoire’s Ground Position. The agreement involves a farm-in and joint venture on two permit applications covering a total of 515km2.

Exore Resources Ltd, formerly Novo Litio, is an Australian based resources company engaged in mineral and metals exploration and development. On 6 August 2018, the Company announced that it has entered into a binding agreement with Apollo Consolidated Limited (ASX: AOP) to acquire an 80% interest in a highly prospective gold exploration project located in northern Côte d’Ivoire, West Africa. The company also owns lithium projects in Portugal and Sweden.

Below are the highlights of the agreement:

  • Exore has the right to farm-in to 75-80% of the two Joint Venture permit application areas, which will enhance Exore’s footprint in northern Cote d’Ivoire to 1,345km2.
  • One of the JV applications is adjoining the Exore’s Bagoe Project, and the other is located approximately 50km to the northwest.
  • Both the permit applications are located at approximately 30 km to Perseus Mining’s (ASX: PRU) operating Sissingué gold mine and processing plant.
  • Regional geophysics indicate that the key controlling structures to gold mineralization identified at Antoinette within Exore’s existing Bagoe Project extend into the new permit application area.
  • Exore has no payment obligations until applications are granted and finalization of formal joint venture agreement.
  • The multi-rig drilling program continues at Antoinette and Veronique within Exore’s Bagoe Project, with first results expected soon.

As stated by the company’s Managing Director, Mr. Justin Tremain, the company is excited to expand the exploration base in northern Cote d’Ivoire, where the tenure covering the highly prospective greenstone belts is tightly held. This additional ground complements the company’s existing permits where two drilling rigs are operating. The company firmly believes that Africa is the most attractive country to be operating currently given the geological potential of Cote d’Ivoire, significant recent gold discoveries and mine developments, security of the country and Government support. The company is shortly expecting to report enhanced results from its current 30,000 metres drilling program.

The company also announced its December Quarter operational results on 21 January 2019. Apart from Cote d’Ivoire’s Ground Position expansion, the company stated that the exploration permits have been renewed for the first 3-year renewal period with two further renewals permitted under the Cote d’Ivoire Mining Code. The company began its first ~30,000-metre drilling program with two drilling rigs operating on site. Over 11,000 metres of drilling has been completed during the December Quarter. The company has a strong cash position with ~$14.5 million in cash as at 31 December 2018. Continuous gold mineralization at Liberty 2 is now defined with shallow drilling over 1.6km in the strike and remains open in all directions. The company commenced Resource definition RC drilling at Antoinette Central and first pass aircore drilling at the Veronique Prospect.

The shares of Exore Resources are trading at a lower level of A$0.062, down by 1.59% as at 2:38 PM AEST, 22 January 2019. The stock has skyrocketed by 50% over the last three months as on 21 January 2019, yielding a positive return of 6.78% to its shareholders till date this year.

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