Novo Lítio has entered into an agreement with Apollo Consolidated to acquire an 80% stake in Apollo’s gold projects located in northern Côte d’Ivoire, West Africa.
Covering a substantial ground position of 830km2, the Côte d’Ivoire gold projects are located on the convergence of two of West Africa’s prolific gold belts, the Tongon Gold Belt and the Syama Gold Belt.
The Tongon Gold Belt and the Syama Gold Belt extend into northern Côte d’Ivoire from Burkina Faso and Mali, respectively.
The gold projects consist of granted Boundiali Permit (379km2), granted Korhogo Permit (271km2) and the Korhogo NE application (180km2).
Novo Lítio managing director Justin Tremain said: “The Company is very excited to be acquiring such high-quality gold exploration projects in an increasingly sought-after gold province.
“We are confident of quickly defining a maiden JORC resource estimate and see excellent potential for further gold discoveries. Côte d’Ivoire is an established and proven jurisdiction for exploration, permitting and mine development, with an attractive fiscal regime and mining code.
“The country has seen five gold mines developed over the past 10 years with several recent additional +1Moz gold discoveries at resource definition/feasibility stage.”
Since 2014, Apollo has been carrying exploration at the Côte d’Ivoire Gold Projects through intermittent, campaign style programs.
After the receipt of shareholder approval, Novo Lítio intends to start drilling at the project in the fourth quarter of 2018.
Novo Lítio said: “Much of the 830km2 ground position remains untouched by exploration. In addition to the planned drilling, Novo Lítio will undertake comprehensive regional mapping, stream and soil sampling over the entire project area, along with geophysical surveys. Already, the Company is planning a regional ~15,000 sample surface geochemical program.”
Following the settlement of the acquisition, Novo Lítio will issue 90 million shares to Apollo to acquire the stake in the Côted’Ivoire subsidiary company Aspire Nord Cote d’Ivoire SARL (Aspire), which holds a 100% stake in the Côte d’Ivoire Gold Projects.