JOHANNESBURG (miningweekly.com) – Canadian gold and diamond explorer African Queen is expanding its exploration activities at the Fingoe Belt project area, in Mozambique, by signing an earn-in agreement with a Swiss-based company.

The exploration company on Monday reported to shareholders that it had entered into an agreement with Opti Metal Trading to earn up to an 85% interest in a prospecting licence adjacent to its former Fingoe Belt project where it had existing earn-in agreements with other parties, by funding prescribed stages of project development from exploration to feasibility.

The Fingoe Belt project was now called the King Solomon project, it reported.

The new licence area stretched about 230 km², next to the permits where it already had existing earn-in and joint-venture agreements with Manica Minerals and African Eagle Resources, an area covering about 1 359 km².

“We are excited to be adding the highly prospective Optimetal ground to the growing opportunity now developing at our Fingoe gold project. Our exploration team is now at work on the new licence area and we are looking forward to favourable findings in the near future,” African Queen CEO Irwin Olian stated.

The first phase of the project, which is estimated to cost about $300 000, included a ground exploration programme, comprising soil and rock sampling, mapping, trenching and sample analysis.

African Queen would be responsible for one-half of the cost of the first phase, after which it would earn a 25% stake in the project.

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