Under the terms of...
Algold Resources has been awarded a 30 year mining licence from the Mauritanian government for the corporation’s Tijirit project.
Under the terms of the mining license grant, Algold will deliver a feasibility study by December 2018.
Algold acquired the Tijirit project in April 2016 and immediately commenced a major exploration program, under which it completed 20,000 meters of drilling (Phase I and II).
The drilling allowed Algold to highlight a high-grade gold deposit with 'significant upside potential'.
An initial resource calculation completed in March 2017 by SGS Geostat estimated an inferred gold resource of 602,130 ounces at an average grade of 2.29 g/t Au.
“This milestone is a significant achievement for both Mauritania and Algold and is important to our growth plan for Tijirit, as well as for the development of other deposits over the license area, which extends over 300 square kilometers,” said François Auclair, Chief Executive Officer, Algold.
“We are grateful for the Government of Mauritania's vital, ongoing support of our corporation as demonstrated by the formal consent to issue a 30-year mining license.”
Algold completed metallurgical test work on the Tijirit project, which indicated recovery of up to 97% by gravity and cyanidation of the Eleonore-type mineralization.