JOHANNESBURG (miningweekly.com) – TSX-V-listed Volcanic Gold Mines has entered into a binding memorandum of understanding to acquire up to 100% of Jofema Mineral Resources, a private company registered in Côte d’Ivoire.

The assets of Jofema under option comprise near-adjacent exploration permits and exploration permit renewals known as La Debo and Soubré, which together cover an area in excess of 600 km², and fall on a major mineralising shear zone within one of West Africa’s fastest developing gold provinces. Jofema holds a direct 100% interest in the properties.

This acquisition will complement Volcanic’s existing property holdings in the Mandiana district of Guinea, and allow the company to benefit from a valuable consolidation opportunity in a leading African mining jurisdiction.

The company remains committed to the advancement of its Guinean assets.

Jofema has completed over 18 000 m of reverse-circulation and diamond drilling at La Debo, as well as nearly 40 000 m of air-core and auger drilling at the property.  In 2016, an inferred mineral resource of 9.5-million tonnes at a grade of 1.3 g/t for 396 000 oz of gold was defined in two small isolated bodies. 

This resource has not been verified by Volcanic and is, therefore, historic in nature. 

Over 7 500 surface geochemical samples were collected at La Debo, and on the basis of these data, in combination with limited drilling results, a number of large, consistent targets are observable along strike from the historic resource, and remain largely untested.

Of particular interest are extensive and continuous soil geochemical anomalies occurring within recognisable and persistent structural zones in proximity to igneous intrusions at La Debo and Soubré. 

The properties are located in southwestern Côte d’Ivoire, 140 km southwest of the capital, Yamoussoukro, and are accessible by all-weather roads. A power line crosses La Debo in the vicinity of the historic resource.