PERTH (miningweekly.com) – ASX-listed Manas Resources has signed an earn-in agreement with Perseus Mining to acquire a 70% interest in the Mbengue gold project, in Cote d’Ivoire.
Manas has committed to an initial $300 000 of exploration expenditure in the first six months of the earn-in, to allow for further evaluation of the project while the permit is being renewed.
Manas will receive an initial 20% interest in the project should it proceed with the transaction following this initial expenditure. The ASX-listed company could earn an additional 50% in the project area through sole funding $2-million in expenditure over a further three-year period, after which the parties would form a joint venture.
“The earn-in agreement over the strategically located Mbengue gold project provides an opportunity for the company to rapidly accelerate exploration activities in Cote d’Ivoire,” said Manas chairperson Mark Calderwood.
The Mbengue permit is some 8 km west of the Tongon mine, and 90 km from Perseus Sissingue mine. The project area covers some 400 km2 of tenements over the Senoufo greenstone belt.
Perseus has previously undertaken an extensive regional exploration programme across the permit, identifying a number of soil anomalies that have had follow-up augur, air core and reverse circulation drilling.
“With several walk-up drill targets already outlined from previous exploration work, we look forward to providing regular news flow on this exciting acquisition in the months ahead,” said Calderwood.