The Government of Burkina Faso in West Africa has granted final permitting approval to Toronto-listed Roxgold for the Yaramoko Gold Project. The project consists of a single permit and covers an area of 224 kilometres in the Hounde Greenstone Belt containing Tarkwaiian sedimentary rocks. It is closely linked to the large deposits found in Ghana.
The issuance of the Exploitation Mining Permit, which was previously approved by Burkina Faso's Council of Ministers, has now been finalized through the endorsement of the Mining Decree by the President of Burkina Faso, and other governmental authorities. The Mining Decree formally grants the Company rights to develop and operate the Yaramoko Gold Project.
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An 8 kilometre long deformation zone, which appears to be the continuation of the mineralised zone at Mana, has been defined. Within the Tarkwaiin sedimentary rocks a 600 metre long gold-in-soil anomaly was identified. Rock sampling revealed values of up to 11.86 grams of gold per ton within the volcanic sediments. Gold appears to occur in the quartz veins and wall rock.
All investment opportunities for this mining project, and many others, are available for viewing on Africa Mining IQ. Africa Mining IQ organises projects in terms grassroots, pre-feasibility, feasibility, bankable, active and operational phases. Mining projects in Burkina Faso from pre-feasibility through to operational include 51 gold, 1 zinc and 1 manganese.
“We are delighted to announce the formal conclusion of our permitting process, and to move our focus to the development of the Yaramoko Gold Project, one of the highest grade undeveloped deposits in the world,” commented John Dorward, Roxgold President and CEO. “We thank the government of Burkina Faso for its demonstrated support, and look forward to a lasting and mutually beneficial partnership.”
With the mining decree, the $195 million company can now move forward with the start of construction of the underground mine and complete a project financing package of $75 million. The Company expects to commence initial site works this quarter.
Shares in Roxgold, which owns 100% of Yaramoko, rose more than 10% after the announcement was made. The Burkina Faso government is entitled to 10% of the shares.
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