London-based Samax Gold (SMX-T) will team up with Montreal-based Semafo (SMF-T) to develop the latter’s Ebi-Teleku Bokazo gold property in southwestern Ghana.
An agreement-in-principal would see Samax earn a 75% interest in the property in return for conducting a bankable feasibility study within two years. Any further development would be managed by Samax, with Semafo retaining a 25% interest.
However, Samax’s 75% share would include a 10% carried interest for Shiega Resources (SRC-V), with which it is exploring the adjacent Nkroful project.
As a result, Samax’s final equity position in the joint venture would be 65%.
Exploration to date at Ebi-Teleku Bokazo has outlined a drill-indicated resource of 251,000 oz. gold, contained in:
* an oxide zone of 1.7 million tonnes grading 2.6 grams gold per tonne; and * a sulphide zone of 1.1 million tonnes at 3.1 grams.
The resource was calculated to a vertical depth of 70 metres, Samax reports, and drill intersections to depths of up to 250 metres indicate potential for expansion.
Multiple high-grade gold zones range from 7.2 grams gold over 5 metres to 96.8 grams over 4 metres. These zones are believed to lie along the same structure as the gold mineralization discovered by Samax on the Nkroful licence. Samax is earning a 65% interest in Nkroful from Shiega and has a deep drilling program in progress on the nearby Bokrobo prospect. The drilling is designed to test the continuity of high-grade quartz veins in an area where previous drilling returned an average grade of 15.6 grams gold over a core length of 3.2 metres.
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