Australian mining company Desert Metals has agreed to fully acquire Côte d’Ivoire-based CDI Resources Limited (CDI), which holds gold and lithium projects in Côte d’Ivoire.
Through its subsidiaries CDI Minerals and CDI Lithium, CDI holds interests in seven projects covering 2,769km² of granted mineral permits and permit applications in West Africa.
The projects include the Tengrela South gold project, which comprises a granted mineral exploration permit near the Sissingué operating gold mine and the Atex lithium discovery.
The portfolio also includes Adzope gold project and Agboville lithium project in southeastern Côte d’Ivoire, Vavoua and Vavoua West gold projects in central west Côte d’Ivoire and Kounahiri and Kounahiri West gold projects in central Côte d’Ivoire.
Desert Metal managing director Robert Stuart said: “CDI has an impressive portfolio of highly prospective gold and lithium projects in Côte d’Ivoire including, in particular, the Tengrela South project in the multi-million-ounce Syama-Boundiali greenstone belt.
“This project is well advanced, has outstanding historical results, and is particularly exciting, given its location within 30km of Sissingué gold mine and 10km of the Atex lithium discovery.
“The Acquisition will also strengthen the DM1 Board by appointing highly experienced ASX director and West African operator Stephen Ross as a Director.”
Côte d’Ivoire has eight operating gold mines held by major gold producers including Barrick Gold, Endeavour Mining and Perseus Mining, with significant untapped mineral potential.
Desert Metal said that the acquisition will add further value to its existing portfolio of nickel, rare earth and gold assets in Western Australia’s Yilgarn Craton.
As part of the transaction, Stephen Ross will be appointed as Desert Metals’ board director and technical manager of the Ivorian projects, upon the closing of the acquisition.
Furthermore, Desert Metals appointed CPS Capital to conduct a conditional share placement at $0.0325 per share, to raise up to $2.5m to fund exploration activities in the coming 12 months.
Stuart added: “Adding to the Company’s rare earth discoveries at Innouendy and Dingo Pass and its nickel, copper and gold projects in Western Australia’s Yilgarn Craton, we look forward to unlocking the gold and lithium potential on this exciting portfolio over the next 12 months.”
