Barrick Gold (TSX:ABX)(NYSE:GOLD) and Endeavour Mining (TSX, LON: EDV) have completed the sale of their Mankono Sissédougou project in Côte d’Ivoire to West Africa-focused gold explorer Montage Gold (TSX-V: MAU) for total of C$30 million ($22m).
The project consists of three properties – Sissédougou, Gbongogo and Sisséplé – that lie within the perimeter of the Montage’s Koné gold project (KGP). Taken together with Montage’s existing land holdings, they would form a contiguous block of 1,295 km2 in exploration permits, and a further 964 km2 in exploration permit applications, for a total of 2,259 km2.
The asset has the potential for further discoveries of 800,000 ounces to 1.2 million ounces of gold at a grade of between 1.5g/t and 2.0g/t, the company said.
The sale includes the granting of a 2% net smelter return (NSR) royalty allocated 70% to Canada’s Barrick and 30% to UK-based Endeavour based on their relative ownership interest.
The Mankono joint venture was formed in 2017, and exploration was managed by Barrick since that time. Historic exploration spending on the combined land package by all parties was $20 million to early June, when the transaction was first announced.