Canadian miner Iamgold has agreed to sell up to a 70% interest in its Maripa gold project, located in French Guiana, to Columbus Gold, the companies announced on Tuesday.
Columbus Gold, which is listed on the TSX and is focused on French Guinana, stated that the acquisition would solidify the company’s position as the “leading exploration and development company in French Guiana”.
“With mine permitting well under way at the Montagne d’Or gold deposit, the timing was right for this deal on Maripa,” said Columbus Gold chairperson Robert Giustra.
Maripa is located in eastern French Guiana, 50 km south of the capital city of Cayenne, and comprises up to five contiguous exploration permits (PER) that cover an area of about 120 km2. Gold has been mined in the area for over a century; the past producing Changement mine, located within the Maripa project area, recorded gold production of some 40 000 oz of gold from 1985 to 1996.
Columbus Gold said that Maripa had the potential to host a significant gold deposit, and unlike many other gold projects in the Guiana Shield, it was located in an area of excellent access with national highway RN2 running through most of the project.
The company has agreed a two-stage option to earn up to a 70% interest in the Maripa project. It will earn an initial 50% interest by incurring $5-million in expenditures within five years of the effective date of the agreement, with Columbus acting as the operator. It could elect to earn an additional 20% interest, should Iamgold elect not to participate in a 50:50 joint venture after the initial earn-in period.