South African-based JCI, the world’s seventh largest gold producer has signed a letter of intent with Patrician Gold Mines (ASE) concerning the junior’s four Ghanaian gold licences.
JCI can earn a 60% interest in the Homasi, Tabrakuso, Goaso and Jejeti licences by spending at least twice Patrician’s total expenditures. It also has a first right of refusal to participate in three other licenses currently under application in Ghana.
Situated in the Obausi-Konogo gold belt, on strike with the prolific Ashanti gold mine, the Homasi property is 90%-owned by Patrician. It hosts a geophysically inferred fault close to the contact between the upper and lower Birimian and Tarkwaian sediments.
Patrician can earn a 90% interest in the Tabrakuso prospecting license by making exploration expenditures of US$750,000 over a 4-year period. The property is underlain by alluvial and colluvial quartz and mineralized sericite schists. Patrician suggests the area has undergone wide=-spread hydrothermal alteration and has potential to host low grade bulk tonnage disseminated sulphide deposits. In addition there is a probable alluvial reserve of 59,000 oz. gold in 24 million cubic yards of material along the Oda river in the northwestern portion of the property.
Patrician can earn a 90% interest in the Goaso and Jejeti reconnaissance licence by making exploration expenditures other payments including licence fees and royalty interests. Both properties host a potion of the contact between the upper and lower Birimian units.
Patrician will continue to explore the four licences while JCI completes its due diligence.
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