Mariana Resources to explore for gold in West Africa

JOHANNESBURG (miningweekly.com) – Dual-listed Mariana Resources plans to acquire an 80% interest in exploration company Awalé Resources, which has gold exploration projects in Côte d’Ivoire.

The $688 999 transaction will provide Mariana with an immediate presence and established footprint in Côte d’Ivoire, given Awalé’s existing large early-stage prospective gold exploration portfolio.

Awalé’s current focus is on the eastern border of the country at Bondoukou, with three granted licences and four licences under application.

The Boundoukou concessions lie along the south-western extension of the Birimian‐age Bole‐Nangodi greenstone belt in adjacent Ghana, which is host to a number of high-grade orogenic‐type gold deposits. It is intended that Mariana and the Awalé team will advance these assets.

Mariana will issue Awalé shareholders an aggregate $544 274 in Mariana ordinary shares, as well as provide Awalé a $55 725 loan to settle certain loan obligations and pay outstanding obligations of $89 000.

Mariana will also pay Awalé shareholders a bonus payment of $0.50/oz of reported gold resources for a mineral resource delineated up to the first one-million ounces, and $1/oz of gold resources for any mineral resource delineated over the first one-million ounces, together with a catch‐up payment of $0.50/oz of gold resources for any mineral resource ounces that were delineated prior to the delineation of a mineral resource greater than one-million ounces.

This was subject to a maximum of $3.5-million.

CEO Glen Parsons commented that Mariana gaining a majority interest in Awalé came at an exciting time for shareholders providing potential in one of the most exciting gold jurisdictions in West Africa, particularly as the resource market saw continual signs of positive momentum.

“Mariana’s expertise alongside the Awalé team’s local knowledge, presence and solid foundation provide an excellent platform for the joint venture to build a potentially successful regional gold exploration and development company.”

He added that the ability to advance Awalé’s current granted licences around Bondoukou in a cost-effective manner was seen as a priority and one that was anticipated to deliver immediate success to the joint venture.

It will also form the basis of planning for the next stage of exploration.

TSX-V- and Aim-listed Mariana currently has a portfolio of gold, silver and copper projects in Turkey and Argentina.