Resolute signs up for Marvel's Kolondieba project
PERTH (miningweekly.com) – Gold explorer Marvel Gold has struck an earn-in and joint venture (JV) agreement with gold miner Resolute Mining over its Kolondieba gold project, in Mali.
Under the terms of the JV agreement, Resolute will make an up-front payment of $250 000 to Marvel and the gold miner could earn a 51% interest by sole-funding exploration expenditure of $750 000 at Kolondieba in the next 24 months.
Resolute can earn a further 19% by electing to sole-fund exploration expenditure of $4-million in the 36 months following its election to do so.
“We are pleased to have commenced this JV with Resolute Mining, who is a highly credible and experienced partner that is well respected in Mali,” said Marvel MD Chris van Wijk.
“Successfully negotiating a JV with Resolute is a credit to the quality of work carried out at Kolondieba and is testament to the prospectivity of the project and the results achieved to date. We look forward to Resolute further advancing Kolondieba.
“This transaction is consistent with Marvel’s strategy to monetise the exploration interests we hold in Mali, as we progress ongoing project generation work.”
Marvel in April this year acquired full ownership of the Kolondieba project after reaching an agreement with B2Gold Corporation to acquire the remaining 20% interest in the five exploration licences making up the project.
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