Joint Venture with Predictive Discovery
In March 2015 Toro Gold entered in to a joint venture agreement with Predictive Discovery Limited (ASX:PDI or “PDI”) whereby Toro Gold is earning in to PDI’s Côte D’Ivoire subsidiary company, Predictive Discovery Côte D’Ivoire SARL (“JVCo”). JVCo holds three large Exploration Permits plus a Joint Venture for a fourth permit covering highly prospective Birimian terrane:
The JVCo portfolio of exploration permits cover over 1500 sq km of ground and each permit includes areas of Birimain greenstone belts with known gold occurrences and along gold mineralised trends.
Toro Gold may earn up to a 90% interest in JVCo as follows:
|Stage||Milestone||Interest earned||Total interest in JVCo|
|Stage 1||US$1,000,000 expenditure||51%||51%|
|Stage 2||US$2,500,000 expenditure||14%||65%|
|Stage 3||Scoping study completion||10%||75%|
|Stage 4||Pre-Feasibility Study completion||10%||85%|
|Stage 5||Feasibility Study completion||5%||90%|
PDI can elect to contribute to the funding of JVCo on a pro-rata basis at the completion of each stage.
Since March 2015 Toro Gold has completed the first phase of exploration work across all 4 permit areas using reconnaissance scale soil geochemical surveys. With the exception of the Kokoumbo Permit, the remaining 3 permits were essentially unexplored.
Over 10,000 samples have been collected and analysed providing at least 60% coverage across the 3 grassroots exploration permits while at Kokoumbo more focussed sampling and mapping has been carried out over previously identified exploration targets.
The Kokoumbo permit is located some 40-50km NNE of Newcrest’s Bonikro gold mine and Endeavour’s Agbaou gold mine within the Oume-Fetekro greenstone belt.
Soil sampling has confirmed the widespread occurrence of gold in soils which appear to form a series of WNW trending anomalies up to 5km long. Two such soil anomalies are coincident with active artisanal mining activities and former Colonial period gold mining at Kokoumbo Hill.
Four chip-channel samples taken across exposed shears have demonstrated that gold mineralisation occurs across significant widths. Channel sampling results comprise:
Next steps at Kokoumbo will focus on the execution of an initial 2,000m core drilling programme at Kokoumbo Hill to test the mineralisation model – quartz stockworks hosted within east dipping thrust zones.
The Boundiali permit is located in northern Côte d’Ivoire on the intersection of two gold mineralised trends – the Syama and the Tongon trends.
Toro Gold completed a soil geochemical survey across the entire permit area which has resulted in the discovery of a highly significant N-S trending soil anomaly some 5.7km long within an overall 14km trend of gold-in-soils
The anomaly is underlain by sheared metasedimentary rocks described as ‘red schists’ and based on magnetic and radiometric data are interpreted as sheared mafic rocks. One grab sample of an outcropping quartz vein hosted by red schist returned a result of 90g/t Au.
Follow-up work at these anomalies is underway with the aim of defining RAB drill targets.
The Ferkessedougou permit is located along a well mineralised trend in northeast CdI. Toro Gold carried out a soil geochemical survey across the northern part of the permit covering roughly 60% of the surface area. The initial set of results has delineated one interesting area of soil anomalism trending NE over about 3.5 km which now requires follow-up.
The Company carried out a soil geochemical survey across about 60% of the permit area during mid-2015. One area of weak gold-in-soil anomalism has been delineated on northwest of permit