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To create combined Asheba-Akoko Gold Project in Ghana
Goldcrest Resources plc, the gold focused exploration company with interests in projects in Ghana, has agreed terms to acquire the entire issued share capital of Taoudeni Resources Limited, a company incorporated in England & Wales and which owns 100% of the Asheba Gold Project located in Ghana.
Highlights
– Asheba has an initial non-JORC compliant resource estimate of 176,000 ounces at an average grade of 1.8g/t Au, with significant exploration upside potential
– Asheba adjoins the Akoko Project, which the Company conditionally acquired in May 2015 and which has a JORC-compliant resource of 92,800 ounces at an average grade of 1.9g/t Au
– The combined Asheba-Akoko Gold Project adjoins Endeavour Mining’s Nzema Mine and is also located in the vicinity of a number of other operational mines in the region
– The Combined Project has over 20,000m of historical drilling and numerous defined targets that provide an opportunity to expand the defined mineralisation
– Goldcrest’s intention is to advance the Combined Project towards a JORC compliant mineral resource estimate alongside exploring the potential for near-term production
– Taoudeni also has several licence applications in Mauritania for copper where it is working with one of the world’s largest copper producers
– The Acquisition is to be satisfied by the issue of an initial consideration of 599,177,916 new ordinary shares in Goldcrest, deferred consideration of 617,702,713 new ordinary shares and 102,257,114 warrants to the shareholders of Taoudeni
– As part of the Acquisition, Niall Tomlinson and Dr Ryan D. Long have been appointed to the Board as Technical Director and Non-Executive Director respectively
Frederick Bell, Managing Director, commented: “We are delighted to finalise the transformational acquisition of Taoudeni Resources, and with it the Asheba Gold Project. The deal allows us to build critical mass in a region of Ghana that hosts numerous gold mines and positions the Company to be a significant presence in the area. Asheba, like Akoko, already has significant defined gold mineralisation with substantial exploration upside and most importantly for us, near-term production potential.
“We will continue to take advantage of the opportunity presented by the sector downturn and plan to acquire additional advanced projects in well-established mining regions, which have benefitted from significant exploration expenditure and have proven mineralisation.”
