THE BOURSE WHISPERER: Indiana Resources (ASX: IDA) has entered into a non-binding term sheet for a Joint Venture (JV) covering the Lakanfla and Tabakarole gold projects, located in western and southern Mali respectively.
Indiana Resources struck the deal with London AIM and Toronto-listed Altus Strategies Plc, that is subject to entering into a definitive agreement, under which Indiana will have the option to earn up to an 85 per cent interest in Legend Mali Inc., a wholly-owned subsidiary of Altus, which holds a 100 per cent interest in the Lakanfla and Tabakarole gold projects.
“Lakanfla is strategically located adjacent to the world renowned Sadiola gold mine in western Mali,” Indiana Resources CEO Chris van Wijk said in the company’s announcement to the Australian Securities Exchange.
“Based on our review of historical data, we believe that Lakanfla hosts a potentially substantial karst-style gold target, analogous to the adjacent FE3 and FE4 pits of the Sadiola mine.
“Separately the Tabakarole project, which is located in southern Mali, targets a shear zone which has been mapped for 2.7 kilometres long and up to 200 metres wide.
“This arrangement with Altus follows a joint venture agreed with Cradle Arc Plc last year and is consistent with the company’s stated strategy to increase our interests in Mali, allowing us to methodically continue exploration in the area.
“Coupled with the announcement on non-binding funding proposals released today, and subject to completion of definitive agreements, the company will be well positioned to identify and test high priority targets on our highly attractive land package in Mali.”