THE BOURSE WHISPERER: Nemex Resources (ASX: NXR) has been granted 100 per cent interest in three exploration licences for gold and base metals, in the West African country of Côte d’Ivoire.
The three licences cover a total 1,186 square kilometres and have been granted for an initial three year term.
They can subsequently be renewed twice for a further two year term at each renewal.
The licences are called Dabakala, Abengourou and Alepe.
Location of Nemex’s granted projects (Dabakala, Abengourou and Alepe) in Côte d’Ivoire. Source: Company announcement
Nemex indicated it its set to commence soil sampling over the Abengourou Licence where previous explorers have reported soil anomalies.
The Dabakala Licence geology is dominated by thrust faulting and alteration of host rocks, which the company considers to be prospective for gold.
The Alepe Licence hosts 33 kilometres of shear structures along-strike of the 17 million ounce Ahafo gold deposit.
Nemex is of the opinion that all three licences host high-priority targets for gold mineralisation.
“Côte d’Ivoire is underlain by Birimian rocks that are highly-prospective for gold mineralisation, yet the country has not been the subject of systematic mineral exploration,” ” Nemex Resources managing director Peter Turner said in the company’s announcement to the Australian Securities Exchange.
“Nemex now has tenure to some of the most prospective areas.
“I am very pleased to secure new licences over prospective geology where there is a real chance of making new gold and base metal discoveries.”
Nemex has also lodged applications for a further three licences.
The company stressed the granting of the new licences does not detract from its intentions to develop its Télimélé Direct Shipping Ore iron project in west Guinea into an operating mine.