PERTH (miningweekly.com) – ASX-listed Vital Metals on Monday announced that it will proceed with the earn-in agreement over the Bouli gold project, in the Niger.
The company has already spent $1-million on exploration, completing aeromagnetic surveys and drilling as part of the exploration agreement with project owner SUMMA.
Vital will now spend an additional $5-million on exploration over a two-year period, to earn a 50% interest in the project. Once the 50:50 joint venture is established, Vital can acquire SUMMA’s share for a 2.5% gross revenue royalty.
“We are really excited by what we’ve found at Bouli to date, with results of up to 4 m at 157 g/t gold from our drilling at the Bella Tondi prospect and core sample analysis suggesting multiple parallel lodes," MD Mark Strizek said.
Strizek said the company was awaiting further results from drilling, and will begin to plan further activities at Bouli in the meantime.