PERTH (miningweekly.com) – ASX-listed Novo Litio has struck a deal with fellow-listed Apollo Consolidated to acquire its 80% interest in the Boundiali and Korhogo gold permits, in Cote d’Ivoire.
Novo will pay a A$250 000 exclusivity fee to Apollo, and on settlement of the acquisition, will issue 90-million shares to the company to acquire an 80% stake in the African subsidiary that holds the two gold projects.
Apollo will retain a 20% free carried interest until a decision to mine is taken.
Novo has committed to spend A$5-million on exploration over the coming two years, over the two permits.
“The company is very excited to be acquiring such high-quality gold exploration projects in an increasingly sought-after gold province,” said Novo MD Justin Tremain.
“We are confident of quickly defining a maiden Joint Ore Reserves Committee resource estimate and see excellent potential for further gold discoveries.”