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.
Resolute joint venture – Nielle Exploration Programme
- Reverse Circulation drilling totalling 27 drill holes for 3,117m completed.
o 10m at 2.00g/t gold from 26m in drill hole NLRC0004;
o 8m at 4.26g/t gold from 8m in drill hole NLRC0006
Including 2m at 11.63g/t gold from 10m;
o 14m at 1.73g/t gold from 26m in drill hole NLRC0008;
o 26m at 1.95g/t gold from 32m in drill hole NLRC0012;
Including 4m at 5.51g/t gold from 42m; and
o 26m at 1.79g/t gold from 108m in drill hole NLRC0018;
o Including 2m at 6.07g/t gold from 110m.
- Gold mineralisation associated with shear zone and quartz veining with alteration in mafic volcanics and mineralisation in altered granitoid intrusion
Exploration is continuing at Nielle with the mineralisation remaining open along strike and at depth
Kodal is the 100% owner of the Cote d’Ivoire registered company Corvette SARL and has an active Joint Venture with Resolute where by Resolute is required to spend a minimum of US$3 million on the three concessions (Tiebissou, Nielle and the application M’Bahiakro) to earn a 75% interest over a 4 year period to 25 February 2021. Kodal will remain “free carried” through to completion of a Feasibility Study.
Resolute is currently actively exploring the Nielle licence, located in the north of Côte d’Ivoire approximately 50km to the north of the Tongon Gold mine operated by Randgold Resources Limited (“Randgold”). Exploration activity completed by Resolute consists of geological mapping, surface geochemical sampling, auger geochemistry, aircore drilling and this campaign of RC drilling.
A total of 28 RC drill holes for 3,135m completed (one failed hole for 18m included) with a total of 1,722 composite samples collected (including QAQC). Drilling was completed on a 100m spaced section with 50m between drill holes. A strike length of 1,100m has been targeted by this initial reconnaissance RC drilling programme and further drilling is required to define the mineralisation. All samples were analysed by Fire Assay with a 0.01g/t gold detection limit. Drilling intersections based on 2m composite sampling, utilising a 0.50g/t gold lower-cut off are tabled below:
|Hole_ID||Northing||Easting||Hole Depth||m From||m To||Intersection Width||Grade g/t gold|
Notes: All drill hole data including assay information, sampling and intersections calculation is based on information supplied by Resolute Mining Limited. Resolute are the Joint Venture partners for the Nielle concession and are managers of the exploration. Drill holes are reverse circulation drill holes. Samples are 2m composite samples with samples analysed at BVML – Abidjan (Bureau Veritas) for fire assay analysis method FA450 with a 0.01g/t gold detection limit. Intersections are reported using a 0.50g/t gold lower-cut-off, and allowing for a maximum of 4m internal dilution (2 composite samples).
These results confirm wide zones of gold mineralisation, with areas of high-grade gold up to 13.88g/t gold over 2m returned. The next phase of exploration will focus on continuing to extend the anomalous mineralisation along strike and undertake infill drilling to attempt to define continuity of high-grade mineralisation.
The exploration completed by Resolute has defined a new zone of gold mineralisation that is hosted dominantly in basalt and minor granitoid intrusions and carbonaceous shales. The mineralisation is strongly associated with medium to strong intensity of pyrite-silica-hematite-ankerite alteration, usually with grey, smoky to milky white quartz veining and gold grade is directly related to the pyrite concentration.
The weathered profile was confirmed as being shallow with an average depth of 25m vertical. The profile consists of 1m to 5m of transported ferricrete to lateritic gravels at surface that overly a residual saprolite (weathered bedrock) profile. The geology is dominated by massive to weakly foliated, fine grained basalt with minor intrusions of granitoid, felsic dykes, and medium to coarse grained gabbroic or gabbro-diorite dykes also noted.
The Nielle project consists of one licence of 300km2 that was granted in 2014 and has been renewed for a further 3-year period. Resolute is earning into the licence via the joint venture agreement, and at this stage the licence is still 100% owned by Kodal. The area is underexplored, however it is well located in the Tongon-Banfora greenstone belt that is host to multi-million ounce gold resources at the Tongon Gold mine (operated by Randgold) and the Banfora gold deposit (owned by Teranga Gold).