Cluff Gold (London:CLF) in Mali, Cote d'Ivoire
Gold miner in Mali agreement
[ From Mining Weekly online -- September 14, 2005]
Gold miner Cluff Gold has announced that it has signed a joint venture agreement to acquire a majority interest in the 200 km_ Karbasso research licence in Mali from Kadiel Mining, a Malian company.
The licence area is located some 250 km due south east of Bamako, the capital of Mali, and is believed to be prospective for Birimian gold deposits.
Technical director Douglas Chikohora comments: “Our focus in Mali will initially concentrate on validating and expanding the gold in soil anomaly as reported by the UNDP before detailed follow up exploration.
“We are pleased with our latest addition to our land holding, which is consistent with our strategy of concentrating the company's development focus on the prospective Birrimian gold belts of West Africa.'
Extensive exploration data by previous workers, including the United Nations Development Programme, exists about the licence area, a significant amount of which is already in the public domain.
The transaction is subject to approval by the Malian Government under the country's mining laws, which is expected to be received within three months.
Geological consultant David Pelham concluded in a recent structural and geological study that the eastern side of the licence area is underlain by a major NNE trending structure, which also underlies the Syama gold mine licence some 20 km to the south.
Gold in soil anomalies identified by the UNDP appears to be coincident with this major structure, which also appears to host the five-million ounce Syama gold deposit of Resolute Mining along strike to the south.
Under the terms of the JV Agreement, Cluff Gold will make an initial payment to KM to earn a 90% interest in the Karbasso licence area, including access to the licence area to conduct an exploration programme.
Cluff Gold will carry KM to the conclusion of a bankable feasibility study at which point, if Cluff Gold decides to develop any deposit, KM and Cluff Gold will establish a new company, Karbasso Gold Mines, in which the two companies will have interests of 10% and 80% respectively.
The remaining 10% interest will rest with the Mali State, which will also be entitled to appoint a director to the board of Karbasso Gold Mines.
The company also announces that it has begun a validation drilling programme at the Angovia Gold Project, which is part of the Mt Yaoure Licence in Cote d'Ivoire. The purpose of the programme, which is anticipated to last for about three weeks, is to further assess the sulphide and oxide potential of the project.
AI
