Roxgold completes acquisition of gold exploration permits in Côte d'Ivoire

Providing it with a second key asset in the country.

Canadian gold miner Roxgold has completed its previously announced acquisition of 11 exploration permits in Côte d’Ivoire from Newcrest West Africa Holdings.

The acquisition, which includes the Séguéla gold project in in Côte d'Ivoir, is valued at $20 million (R288 million). Roxgold will pay an additional $10 million (R144 million) in cash following gold production from any area within the acquired tenements.

Roxgold president and CEO John Dorward (pictured) said: “The Séguéla gold project provides a second key asset with significant growth potential both in the near term through the near-surface Antenna deposit and attractive satellite opportunities as well as a highly prospective large land package.”

With the acquisition now complete, Roxgold is set to begin exploration works at Séguéla. The company will undertake 4,000m of reverse circulation (RC) and diamond core drilling at Antenna, which was discovered in 2016.

Later this month, the company will undertake a 24,000m aircore and select RC drilling programme at multiple other targets within 15km of the Antenna deposit.

These targets, identified on the basis of early stage drilling results by Newcrest Mining, are expected to improve potential economics of the Séguéla project.