Exore Resources Ltd (Novo Litio)
Exore Resources Ltd (Novo Litio)
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Australian-based explorer Perseus Mining will move directly to a DFS into the technical and financial viability of the Bagoé gold project in northern Cote d’Ivoire after completing its agreed $A59.8M all-shares takeover of Exore Resources.
Perseus says its pre-acquisition evaluation of Bagoé indicated potential for economic exploitation of the Antoinette and Veronique gold-in-soil anomalies, where Exore posted a maiden independent JORC resource estimate of 600,000oz (9.8Mt @ 19.g/t on 0.5g/t cut-off) in May.
West African-focused miner Perseus Mining reaches agreement on a $60M merger that will combine its existing producing and near-production assets with the extensive exploration potential of Exore Resources.
West African multi-mine gold producer Perseus will gain control of significant additional production potential through the announcement of a $A59.8M takeover of fellow Australian-based company Exore Resources.
If successful, the offer of 1 Perseus share for every 12.79 Exore shares will combine the Bagoe and Liberty projects in Côte d’Ivoire to its existing producing Edikan mine in Ghana and Sissingué mine in CdI as well as its under-construction Yaouré mine also in CdI.
Cashed-up Australian explorer Exore Resources will step up the pace at the Boundiali and Korhogo gold projects in Cote d’Ivoire after the renewal of their exploration permits triggered its $A4.6M agreement to acquire an 80% stake from Apollo Consolidated.
Exore is already progressing a maiden 30,000m drilling program on several deposits, with first results due within weeks.
There's a change of direction for Australian-based explorer Novo Lítio, which has entered a binding HoA to acquire 80% of Apollo Consolidated's gold projects in Côte d’Ivoire.
The move comes after the Dec 2017 to step back from its Sepeda lithium project in Portugal, largely over ownership disputes. Novo Litio is still weighing legal action against registered licence holder Lusorecursos Lda.
Slightly disappointing scoping study results and the potential disruptions of legal action against the project's previous owners have led Novo Litio to signal a step back from its 100%-owned Sepeda project in the lithium belt of northern Portugal.
NLI says it will focus more on its other European projects as it aims to become a supplier of lithium concentrate and lithium carbonate/hydroxide to the high-tech glass and ceramics industry and battery market.
Lithium seeker Novo Litio has positioned itself as the largest granted landholder in the N Portugal lithium belt with the acquisition of 354sq km tenements around its 100%-owned Sepeda project.
Novo Litio says the €167,500 acquisition from Medgold Resources gives it a rich exploration pipeline for petalite/spodumene lithium deposits.
It comes as the company continues to pursue legal action over delays in the transfer of the Sepeda licence and applications under its €1.01M binding agreement in mid-2016 to purchase 100% ownership from local company Lesorecursos.
Dakota has completed a maiden JORC inferred mineral resource estimate of 10.3Mt @ 1% Li2O and 0.05% Sn at its 100%-owned Sepeda project in northern Portugal. The resource will form the basis for a scoping study and EIA.
CEO David France says interim testwork results indicate it can produce low-iron (0.04% Fe2O3) petalite concentrate potentially suitable for technical market. Dakota expects to produce battery-grade carbonate from conventional metallurgical techniques by April-May.
Australian explorer Dakota's switch of strategy to lithium will see it target mid-2019 for first production from the Sepeda project at its 100%-owned Lusidakota tenements in N Portugal, timing that coincides with the planned opening of lithium-ion battery factories across Europe.
Dakota has commissioned global EPCM company Hatch to begin the scoping study, complementing the EIA by Visa Consultores and metallurgical testwork by Dorfner-Anzaplan in Germany.
Pilbara Minerals has moved to build its dominant position in the emerging lithium district at Pilgangoora in Western Australia via a binding agreement to acquire Dakota Minerals' Lynas Find project. John Feary reports