Operator

Progress Minerals Inc.

Terms

1.0% NSR

Acquisition Date

2018 / Jun

The Bobosso project consists of two granted exploration permits, Bassawa and Wendene and one permit application, Dabakala, in northern Côte d’Ivoire. The property is located on the southern extension of the well mineralized Houndé Belt which includes Semafo’s Mana mine, Roxgold’s high-grade Yaramoko gold mine and Endeavour’s Houndé gold mine.

The property hosts a 7 km2 gold-in-soil geochemical anomaly and the geology consists of mafic volcanics, with lesser felsic to intermediate volcanics and minor metasediments. Gold mineralization is found in both broad, moderate grade alteration zones and narrower, higher grade quartz veins. The target deposit type is orogenic gold.

Progress completed two drill programs in 2017 (4,244 metres of reverse circulation drilling and 1,657 metres of diamond drilling) which were successful in identifying gold mineralization in seven target areas, including multiple zones with continuity over 300 metres of strike length. Progress also conducted initial bulk-leak extractable gold tests on several composites from the drilling. This preliminary metallurgical test work indicated that mineralization may be amenable to cyanide-leaching.

Recent Activities

October 2018
Plans for the 2018-2019 season include an IP survey and reverse circulation drill program comprised of approximately 7,500 metres of drilling.

August 2018
Progress has raised C$8.7 million through a private placement. Progress may elect to raise additional funds up to C$10 million. The net proceeds will be used for exploration activities in Burkina Faso and Côte d’Ivoire.

March 2018
Assay results from a reverse circulation drill program were reported and included intercepts of 18.0 metres at 2.1 g/t gold from 9.0 metres and 56.0 metres at 1.6 g/t gold from 47.0 metres.

Bobosso Royalty Map
Bobosso Royalty Map