New gold-bearing formations at eight locations have been encountered by Eden Roc Mineral (ASE) at its Cote d’Ivoire property in West Africa, the company says.
Material from widely spaced reconnaissance grid lines and grab samples indicate the potential for increased surface reserves, reported Eden Roc, adding that several of the areas have high-grade gold anomalies. More detailed exploration work on these areas is set to begin after the property is placed into production around the end of February, when the first pour is expected from the heap leach operation. About $7 million has been spent on the project’s development, exclusive of exploration costs. Having developed the project to the production stage, Eden Roc is now searching for joint venture partners to share additional exploration and development costs, President G.W. Hedican said.
The project is owned 90% by Eden Roc and 10% by the government of the Ivory Coast. The government may increase its interest in the project to a maximum of 32% by reimbursing Eden Roc for expenditures made after a pre-arranged date.
Current surface reserves, in the proven and probable categories, stand at a combined 1.4 million tonnes grading 3.3 grams gold per tonne, and in the possible class at 185,000 tonnes at 2.9 grams.
Underground reserves, in the proven and probable classes, stand at 629,176 tonnes averaging 5.6 grams, and in the possible category at 289,852 tonnes grading 6.9 grams.
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