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Newcrest Mining Limited Joint Venture
The joint venture between Newcrest and Kodal (the “Newcrest Joint Venture”) covers the Dabakala licence, located in central Cote d’Ivoire and covering an area of approximately 390km2.The summary terms of the joint venture are:
- Newcrest to spend US$1.75 million to earn 75% of the Dabakala licence;
- Newcrest to spend a minimum of US$750,000 in the first year of operation (initially December 2016 but this time frame has been extended as discussed below);
- Upon Newcrest earning its 75%, Kodal can elect to contribute to ongoing exploration, or dilute to a minimum 5%, with the potential to convert to a royalty.
Newcrest and Kodal have agreed an extension of the first year expenditure commitment due to access difficulties on site, and this has consequently delayed the completion of the initial programme. Newcrest has indicated its intention to continue with the joint venture and its expectation of meeting its commitments.
Newcrest is continuing with the auger drilling programme at Dabakala which is targeting a surface geochemical anomaly and interpreted complex geological structural zones. Newcrest has built an exploration camp on site and has two auger drilling crews operating to complete the programme as soon as possible.
Resolute Mining Limited Joint Venture
The joint venture between Resolute and Kodal (the “Resolute Joint Venture”) covers three licences in Cote d’Ivoire held by the Kodal subsidiary company Corvette. The licences are the Tiebissou, Nielle and M’Bahaikro (application) located in central and northern Cote d’Ivoire and covering an area of approximately 1,100km2.
The summary terms of the Joint Venture are:
- Resolute to spend US$3 million to earn 75% of the holding company Corvette within 4 years from 26 February 2015.
- Resolute to spend a minimum of US$500,000 prior to electing to withdraw from the joint venture.
- Upon Resolute earning its 75% interest, Kodal is free carried to completion of a feasibility study.
Resolute is the operator of the joint venture and is actively exploring the Nielle licence, with a programme of additional surface geochemistry and trenching planned prior to first pass reconnaissance drilling.
The gold anomalies defined at Nielle extend for over 3km of strike, with widths exceeding 1.5km. The maximum assay value returned for the Nielle sampling is 470ppb gold, and the anomalies are supported by multiple samples.
During 2017, Resolute has completed surface geochemical sampling comprising 474 surface geochemical samples, 38 rock chip samples and 92 stream sediment samples. Surface geochemical sampling has defined new gold anomalous zones located in this northern area of Cote d’Ivoire. Follow-up exploration is planned to include infill geochemical sampling and trenching to define anomalies prior to reconnaissance drill testing.
At Tiebissou, in 2016 Resolute completed 99 aircore drill holes on a wide-spaced grid for 4,320m drilling completed. Results include 12m at 0.34g/t gold from 4m, 4m at 0.70g/t gold from 48m and 2m at 0.10g/t gold from 48m to end of hole. A total of 1,797 surface geochemical samples have been collected within the licence. The geochemical samples defined an anomalous zone extending across the licence and have been interpreted to relate to a major structural zone.