Roscan Minerals Corp. is poised to further expand its gold-prospective Kandiole project in west Mali via the acquisition of the Niala and Mankouke permits, according to a June 5 release.
The company secured an option from SOLF SARL to acquire the Niala permit, comprising 75 square kilometers, by paying a total of C$117,500 and spending C$205,000 in exploration over three years. SOLF will retain a 2% net smelter return royalty, half of which Roscan can buy back for C$500,000.
Roscan also signed a letter of intent with Minex SARL to purchase the Mankouke permit, comprising 16 square kilometers, by paying C$250,000 and spending C$205,000 in exploration over three years. The company is also required to issue 1 million shares to Minex in four tranches. Minex is entitled to a 3% NSR, two-thirds of which Roscan can buy back for US$1 million.
Meanwhile, the company said it completed option agreements with Touba Mining SARL covering the Kandiole-North and Kandiole-West permits.
Roscan's Kandiole project now comprises six permits across 253 square kilometers of contiguous land.
