trending Market Intelligence /marketintelligence/en/news-insights/trending/cu8z8hlnahlk5ktbcqzelq2 content esgSubNav
In This List

Stratex optioning Dalafin gold project to IAMGOLD

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


Stratex optioning Dalafin gold project to IAMGOLD

Stratex International Plc said March 1 that it agreed to option up to a 70% interest in its Dalafin gold project in Senegal to an IAMGOLD Corp. subsidiary.

Stratex currently owns 85% of the project via its Senegal-registered company Stratex EMC SA, while the remaining 15% is held by its private Senegalese partner Energy & Mining Corp. SA.

Under the terms, IAMGOLD unit AGEM Senegal Exploration Suarl is required to spend a total of US$4 million on the property over four years to earn an initial 51% stake.

If the first option is exercised, Stratex EMC and AGEM may agree to form a joint venture. AGEM will also serve as the operator and will have the option to further increase its interest to 70% by spending another US$4 million over a two-year period.

Both parties will then have to contribute on a pro rata basis toward the project, or will be diluted. Should either company be diluted below 10%, their interest will convert to a 2% net smelter returns royalty. AGEM will have the right to buy back a quarter of the royalty for US$500,000.

According to the release, IAMGOLD plans to initially focus exploration on the Madina Bafé prospect at Dalafin, which is contiguous with its Boto gold project.

Stratex recently announced that it decided to fast-track exploration at Dalafin and was in talks with a potential joint venture partner for the asset.