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Exploration at Gora in Senegal, for the joint venture operation between Teranga Gold Corporation and Axmin Inc., indicate high-grade gold intersections, which remain open in all directions. Gora is now moving towards its development stage
An additional promising target identified at Toumboumba, located at Sabodala, has returned significant widths of ore grade rotary air blast (RAB) and reverse circulation (RC) results. Followup drilling is planned at Toumboumba.
Furthermore, systematic drill programmes have been in place at a large exploration target, the Donut, located at Sounkounkou, producing encouraging RAB and RC intersections.
The Gora project is located on Axmin’s wholly-owned Senegal gold permits (Sounkounkou, Heremakono and Sabodala NW) where its joint venture partner and operator, Teranga, has earned a 51 per cent interest by spending US$2.5mn. Axmin has elected not to participate in further expenditure on a pro rata basis, and thus, once Teranga has spent a further US$3.5mn, Axmin’s interest in the licence will be diluted to 20 per cent.