Manas Resources Ltd. secured an option to purchase rights over any future permits granted to Eburnea Gold Resources Sarl covering the Bouaké Sud area, located south of the company's Bouaké Nord gold permit application in Cote D'Ivoire.
Eburnea has permit applications over the option area, which includes forest reserves that are restricted for exploration, according to a May 29 release.
The Bouaké north and south applications cover about 800 square kilometers in the Hounde greenstone belt.
The company secured the 12-month option by paying US$5,000 and can exercise it at any time after the grant of permits by issuing 20 million unlisted options with a three-year term and an exercise price of 0.6 Australian cent.
On exercise of the option, the parties will execute an earn-in and joint venture agreement on the same terms as the January deal with Eburnea on the Bouaké Nord permit application.
Manas has completed an initial review of the geophysical data for the Eburnea project area to assist with exploration planning.
Meanwhile, the company plans to undertake an accelerated field exploration program focused on the southeast corner of the Bouaké Nord area following the grant of permits.
