PERTH (miningweekly.com) – Gold miner Resolute Mining has agreed to a joint venture (JV) with junior Taruga Gold over three concessions in Côte d’Ivoire.
Under the terms of the agreement, Resolute would earn a 75% interest in the three tenements by spending some $3-million in exploration over a four-year period.
The gold miner had to incur a minimum spend of $500 000 before being able to withdraw from the JV, with Taruga maintaining full ownership of the assets until the $3-million spend has been completed.
Following the completion of the earn-in expenditure, Taruga would be free carried through to the completion of feasibility studies, and following a decision to mine, Taruga could elect to either contribute to the spend or to dilute its interest in the project.
“This JV with Resolute is confirmation of Taruga’s West African gold exploration strategy. It ensures a significant exploration spend on these highly prospective concessions in Côte d’Ivoire while enabling Taruga to continue work on its other 100% owned properties,” said Taruga MD Bernard Aylward.
Resolute has indicated that exploration at the tenement areas would start immediately, with geological mapping and geochemical sampling planned for two of the concessions.