Côte d'Ivoire: MetalsGrove Mining acquires three gold mining licences

ASX-listed MetalsGrove Mining of Australia has announced the completion of the acquisition of three gold joint venture (JV) licences in west-central Côte d'Ivoire, strengthening its presence in a region with strong mining potential. These permits, covering a total area of 950 km², are strategically located between 60 and 140 km north-east of the Abujar gold mine, operated by Tietto Minerals (ASX) and with estimated reserves of 3.8 million ounces.

The licences cover more than 50km of fault and shear structures, similar to those at the Abujar mine, which are renowned for their strong gold prospectivity. According to MetalsGrove, the regional geological sequences are favourable for gold mineralisation. In addition, auger and soil sampling results from neighbouring licences reveal significant gold anomalies, suggesting a possible extension of mineralisation into the newly acquired areas.

Aeromagnetic surveys carried out in the region highlight a complex structural environment, characterised by pressure shadows and zones of low stress, factors that increase the likelihood of gold discoveries. The presence of artisanal mining activities in the licence area is another indicator of near-surface gold mineralisation.

Lijun Yang, Managing Director and CEO of MetalsGrove Mining, highlighted the acceleration of transactions in the region, driven by strong gold prices, which are at historic highs. "The favourable geological setting, combined with encouraging gold results from nearby projects and robust aeromagnetic data, gives this region exceptional potential for significant gold discoveries," he said.

The company is preparing to launch an initial exploration programme as soon as definitive authorisations have been obtained. "We are ready to move quickly to capitalise on this unique opportunity," added Mr Yang.

This acquisition marks a key step in MetalsGrove Mining's strategy to position itself as a major player in gold exploration in West Africa. With licences in a geologically promising region and a booming gold market, the company is well placed to take advantage of these new opportunities.