Canada-based exploration company Algold Resources has secured the approval regarding a 30-year mining licence for its Tijirit project from the Mauritanian Council of Ministers.
The development comes after the company obtained consent to the grant from the Mauritanian Ministry of Oil, Energy and Mines in June.
Covering an area in excess of 1,000km², the project is situated around 25km south-east of Kinross' Tasiast gold mine.
Algold Resources CEO François Auclair said: "It is an important step in our growth plan for Tijirit, as well as for the development of other deposits within the licensed area, which extends over some 300km²."
In May, the company noted an increase in the inferred mineral resources on its Tijirit property, following which it issued 7,349,339 common shares to Gryphon Minerals, pursuant to an option agreement.
Algold Resources chairman Benoit La Salle said: “In less than 18 months, Algold has successfully acquired a highly prospective property, completed several rounds of financing to raise over $20m, including $3.7m from Mauritanian partners, built a growing exploration camp, carried out 45,000m of drilling in three phases, filed a NI 43-101 compliant resource report and received the formal grant of a 30-year mining lease from the government of Mauritania.”
According to the company, inferred resources at the Eleonore zone, where drilling campaign was conducted, saw an increase from 19,650oz of gold at 3.26g/t Au as per the maiden report to 357,920oz of gold at 4.18g/t Au.