Australian company Eminence Minerals announced on Monday, 19 October, that it had signed three exclusive option agreements to progressively acquire up to 85% of five gold exploration projects in Côte d'Ivoire. The portfolio covers about 1,508 km² in the north and west of the country, according to its announcement to the Australian Securities Exchange.
The transaction remains subject to the company's verification, confirmation of title and required authorisations. The issue of shares planned to pay the vendors must in particular be approved by Eminence's shareholders.
The projects include four exploration permits already granted, covering about 871 km², as well as five permit applications. The latter remain subject to approval by the Ivorian authorities.
The agreements provide for staged acquisition, from 30% on exercise of the options to 85% in the third year. Total consideration, excluding additional payments linked to exploration results, is valued at about 490,000 US dollars, including 255,000 in cash and 235,000 in shares.
Eminence intends to start with areas holding granted permits, including Tarato, in the Korhogo region, Banandje and Sarhala. Initial planned work covers validation of available data, geological mapping and sampling to identify exploration targets.
Pits, trenches and artisanal mine workings were observed during reconnaissance carried out in October at Tarato and Kounouman. The company states that no samples were taken there and that no gold grade was measured.