Pasofino Gold Limited is a junior mineral mining company primarily involved in the business of identification, evaluation, acquisition, exploration, and development of precious metal properties. Pasofino Gold Limited is a public company listed on the Toronto Venture Stock Exchange market, with its common shares listed under the ticker symbol VEIN. In addition to the TSXV, the natural resource mining company lists and trades its common stock on the Frankfurt Stock Exchange under the symbol N07A.
The Toronto based mineral exploration through its 100 per cent owned subsidiary ARX Resources Limited, signed an earn-in agreement with Hummingbird Resources PLC regarding the Dugbe Gold Project. According to the terms and conditions of the agreement, Pasofino can acquire a 49 per cent economic stake in the project (prior to 10 per cent free carried interest to the government of Liberia).
The Dugbe Gold Project is situated some 70 kilometers away from Greenville Port, in south Liberia. The property encompasses a total area of 2,559 square kilometers and hosts two gold mines:
• The Tuzon Deposit with indicated resource estimated amounting to approximately 2.03 million ounces of gold at a grade rate 1.51 g/t and inferred resources amounting to nearly 439,000 ounces of gold at 1.31 g/t of gold.
• The Dugbe F. Deposit with indicated resource estimated amounting to approximately 272,000 ounces of gold at a grade rate 1.46 g/t and inferred resources amounting to nearly 823,000 ounces of gold at 1.57 g/t.
Additionally, the property has upside mineral potential and includes numerous untested and unexplored gold targets and prospective areas. At present, the company drilled and tested two prospective areas – the Tiehnpo and the Sackor. Pasofino Gold Limited is focused on exploration and drilling programs to identify and evaluate new prospective target areas to exploit full mineral potential and expand the resource estimation for the development and advancement of the project.