Mauritania's government agreed to grant Algold Resources Ltd. a mining license for its Tijirit gold project in the country.
The Mauritanian Council of Ministers will formalize the Ministry of Oil, Energy and Mines' decision in the coming weeks, according to a June 12 release.
Under the terms of the license grant, Algold will deliver a feasibility study by December 2018. The company is working on a phase-three, 25,000-meter drill program at Tijirit, aiming to better delineate gold mineralization.
Algold acquired the Tijirit property in April 2016 after exercising its option on the property earlier that year.
"This milestone is a significant achievement for both Mauritania and Algold and is important to our growth plan for Tijirit, as well as for the development of other deposits over the license area, which extends over 300 square kilometers," Algold CEO François Auclair commented.