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Santa Fe Minerals Moves to Acquire Eburnea Project in Cote D’Ivoire from Turaco Gold

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By Colin Hay - 
Santa Fe Minerals Turaco Gold TCG ASX SFM Cote d'Ivoire Ivory Coast projects
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Santa Fe Minerals (ASX: SFM) has entered into a binding share purchase agreement to acquire the Eburnea gold project in Côte d’Ivoire from Turaco Gold (ASX: TCG).

The project comprises the granted Satama exploration permit licence PR544 and a 65% interest in Bouake North application exploration permit PRA575.

Previous exploration at Satama has identified a mineralised corridor with a cumulative strike length of greater than 20 kilometres, while broad-spaced drilling at the Main Zone at Satama has unearthed continuous gold mineralisation over about 2km of strike.

Open in Multiple Directions

The Main Zone at Satama remains open to the north, south, and at depth, with most of the drilling undertaken within the shallow oxide zone.

However, according to Santa Fe, some drill holes have shown good continuation of gold mineralisation into fresh rock.

Several sub-parallel mineralised zones with strike lengths of up to 3km to the west of the Main Zone remain as priority exploration targets after only light previous drilling.

Significant Mineralisation

The Bouake North application area is 35km along strike from Endeavour Mining’s 3-million-ounce Lafigue gold mine.

First pass shallow aircore and reverse circulation drilling of two zones within Bouake North has defined significant gold mineralisation along a 2km strike.

An agreement is in place where Santa Fe may increase its interest in the permit to 80% upon the granting of an exploration licence, with a further option to move to 90%.

Capital Raising

Santa Fe has received binding commitments to raise $1.2 million, subject to shareholder approval, through the issue of 24 million shares at $0.05 each.

Along with existing cash reserves, proceeds from the raising will provide funding for the company’s planned exploration program across its existing projects as well as the Eburnea project, subject to completion of the acquisitions.

Turaco will receive 12 million Santa Fe shares and 4 million performance rights, making it an 11% shareholder in Santa Fe post the transactions.

Turaco managing director Justin Tremain said that, through this shareholding, the company will continue to benefit from any exploration success within the Eburnea project while focusing on its Afema project.