Toronto-listed Aya Gold & Silver has launched a feasibility study to assess the potential for developing the Tijirit gold project, in Mauritania, following the completion of the acquisition of TSX-V-listed Algold Resources.
Aya bought Algold for C$15-million in shares and cash and now owns 75% of the Tijirit project.
The feasibility study will initially focus on the Eleonore and Eleonore East deposits and envisages a base case scenario of a 1 000 t/d processing plant that can be expanded to 2 000 t/d.
“With the acquisition of Algold now complete, we can focus on our Tijirit exploration and development efforts to immediately deliver value for shareholders. We have already increased measured and indicated resources at Eleonore by 127%, and our team is mobilised to deliver a feasibility study within the next 12 months. We have several drill-ready targets generated by the first mineral resource since 2018.
"We look forward to leveraging our technical expertise and financial strength to unlock value for all stakeholders,” said president and CEO Benoit La Salle.
Newly appointed president and GM of Aya’s local subsidiary, Thierry Vergnol, commented that Tijirit had “terrific potential”. “[It] offers all the necessary conditions to create meaningful stakeholder value for the people in Mauritania, in addition to benefiting further from the positive in-country foreign investment climate.”