Goldcrest expands Ghana portfolio
JOHANNESBURG (miningweekly.com) – Goldcrest Resources has acquired fellow gold explorer Taoudeni Resources in exchange for an initial consideration of 599-million new ordinary shares in Goldcrest, deferred consideration of 617-million new ordinary shares and 102-million warrants exercisable at 0.05p apiece.
Goldcrest would also settle various outstanding invoices of Taoudeni up to £26 247.
The acquisition included Taoudeni’s flagship Asheba gold project, in Ghana, which had an initial non-Joint Ore Reserves Committee- (JORC-) compliant resource estimate of 176 000 oz at an average grade of 1.8 g/t, with significant exploration upside potential.
Asheba adjoined Goldcrest’s Akoko project, which had a JORC-compliant resource of 92 800 oz at an average grade of 1.9 g/t.
“The deal allows us to build critical mass in a region of Ghana that hosts numerous gold mines and positions the company to be a significant presence in the area. Asheba, like Akoko, already has significant defined gold mineralisation with near-term production potential,” Goldcrest MD Frederick Bell highlighted.
Taoudeni also had several copper licence applications in Mauritania.
Bell noted that this did not conclude Goldcrest’s acquisition strategy, stating that the company would continue to take advantage of the opportunity presented by the sector downturn.
“We plan to acquire additional advanced projects in well-established mining regions, which have benefitted from significant exploration expenditure and have proven mineralisation.”
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