Roxgold has completed its previously announced acquisition of 11 exploration permits in Côte d’Ivoire from Newcrest West Africa Holdings.

The acquisition, which includes the Séguéla gold project, is valued at $20m. Roxgold will pay an additional $10m in cash following gold production from any area within the acquired tenements.

The total acquired prospective exploration permits encompass an area of 3,298km2.

With near-term development potential, the flagship Séguéla project features the Antenna deposit hosting a mineral resource containing an inferred resource of 5.8Mt at 2.3 g/t Au for 430koz Au. Additionally, it includes several other satellite opportunities.

Roxgold president and CEO John Dorward said: “The Séguéla gold project provides a second key asset with significant growth potential both in the near term through the near-surface Antenna deposit and attractive satellite opportunities as well as a highly prospective large land package.”

With the acquisition now complete, Roxgold is set to begin exploration works at Séguéla. The company will undertake 4,000m of reverse circulation (RC) and diamond core drilling at Antenna, which was discovered in 2016.

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Later this month, the company will undertake a 24,000m aircore and select RC drilling programme at multiple other targets within 15km of the Antenna deposit.

“The Séguéla gold project provides a second key asset with significant growth potential.”

These targets, identified on the basis of early stage drilling results by Newcrest Mining, are expected to improve potential economics of the Séguéla project.

Based in Canada, Roxgold is a gold mining company with assets in West Africa.  It owns and operates Yaramoko Gold Mine in Burkina Faso.

In August last year, Roxgold awarded a $160m contract to AUMS to manage rollover and extension services at the Yaramoko.