Australian listed gold company, Bassari Resources Limited (ASX: BSR) is primarily involved in the development of multi-million ounce gold deposits in the Birimian Gold Belt, Senegal, West Africa.
Under the supervision of its well experienced and skilled Board, Bassari Resources is rapidly progressing with the development of its Makabingui Gold Project. To successfully transition from gold explorer to producer, Bassari Resources intends to bring the Makabingui Gold Project into production in 2019.
Bassari’s Strong Board
Bassari’s Board of Directors includes well-seasoned industry veterans who have decades of work experience.
Mr. Alex Mackenzie (Executive Chairman) – Founder of Bassari Resources Limited, Mr. Alex Mackenzie was appointed as the Director of the company on 12 April 2013.
Mr. Alex is a qualified and a well experienced chartered accountant who has been a consultant to the mining industry since 1985. He has worked for many years at Price Waterhouse concentrating on the mining sector and has worked with various mining companies operating in Senegal, Ghana, Solomon Islands, Ecuador, Brazil as well as Australia.
He has an old relationship with Senegal, at which the Makabingui Gold Project is located. He has been promoting and developing Senegal’s mineral resource industry since 1993.
While working in Senegal, he discovered the potential of the Sabodala gold project and the Grand Cote mineral sands project and worked hard to bring these world class projects to fruition. Due to this, he was able to develop a strong relationship with the Government of Senegal.
Mr. Peter Spivey (Non-Executive Director) – Considered as a successful mine developer and operator, Mr. Peter Spivey was appointed a Director of Bassari Resources Limited on 18 May 2015. Mr. Peter holds a degree in BSc as well as a Post Grad Diploma in Extractive Metallurgy. He is a metallurgist by background who started with the industry in 1981 in Australia.
Various senior leadership roles held by Mr. Peter Spivey include:
- From 2005 to 2009, Mr. Peter oversaw the development of Senegal's first modern large-scale gold mine, Sabodala, as Mineral Deposits' COO;
- From 2010 to 2014, he was COO and then CEO of Cluff Gold (now Amara Mining);
- He also held senior roles with Placerdome and Resolute Ltd.
Mr. Peter was instrumental in leading two major African gold mines into operational phases. He also has a well-established network of contacts throughout the industry.
Mr. Ian Riley (Director/Company Secretary)- Following the resignation of Mr. Philip Bruce in June 2019, Mr. Ian Riley, Bassari’s Chief Financial Officer (CFO) was appointed to the Board. Mr. Ian has been with the company since 2010 in his role as Company Secretary/CFO.
Mr. Ian is a qualified chartered accountant with over 25 years’ experience. He specialised in managing small to medium sized listed public companies and is responsible to the Board for all budgetary and management reporting, taxation and statutory financial reporting.
Let us now take a closer look at the Company’s Makabingui Gold Project.
About Makabingui Gold Project:
Located in Senegal, West Africa, the Makabingui Gold Project has numerous significant attributes, such as:
- Project hosts a Mineral Resource, which comprises 11.9 million tonnes averaging 2.6 g/t Au for a contained 1 million ounces of gold classified into the Indicated and Inferred Resource categories, with 158,000 ounces classified as reserves;
- Well located tenements in a +60-million-ounce gold province hosting world-class deposits;
- Multiple prospects identified along 60km of partially drilled mineralised strike;
- Open Pit Feasibility Study for the initial open-pit mining phase delivered outstanding results.
Several key activities/ tasks completed at the Project include:
- The company has completed the security accommodation for the 30-man security team.
- The haul road construction from the plant to the mining area is well underway with 13 kms now cleared.
- The housing capacity at the camp is being extended to 200 from the present 114
- The company has procured five Toyota pickups and a bus for Makabingui project;
- The upgrade of the workshop was completed and is operational;
- Major components of the processing plant including ball mills, screens, cyclones and agitators have been ordered and payments made;
- The pre-mining grade control drilling contract has been awarded to AMS Drilling with drilling of Pits one and two to commence in October 2019.
Significant Gold Anomalies Discovered at Makabingui
The company’s exploration team completed a detailed review of the anomalous gold extensions to the Makabingui deposit and discovered a number of gold extensions to the present known deposit, and significant gold anomalies throughout the entire permit.
The recent work by the exploration team has revealed several encouraging gold prospects in and outside the current pit shell of Pits 1, 2, 3 and 4, as announced by the company on 7 October 2019.
Anomalous gold zones (in red) throughout the entire permit (Source: Company Reports)
At market close on 10 October 2019, BSR’s stock was trading at a price of $0.016 with a market cap of $36.87 million. In the past 1 month, BSR share prices have appreciated by over 14%.
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