MetalsGrove Mining inks binding deals for three gold permits in Côte d’Ivoire
MetalsGrove Mining has entered into a binding agreement with Desert Metals to acquire joint venture (JV) rights to three gold exploration permits in Côte d’Ivoire. These permits—Vavoua, Vavoua West, and Kounahiri West—are part of the Central West Gold JV, which is currently held by Générale des Mines et Carrières (GEMICA), a private company in Côte d’Ivoire.
Under the terms of the deal, Desert Metals will transfer its JV rights to MetalsGrove in exchange for structured payments, enabling Desert Metals to concentrate on its primary projects in Adzope and Tengrela South.
Exploration permits
The acquisition includes an initial cash payment of A$50,000 upon the granting of the Vavoua licence, with an additional A$50,000 due when either the Vavoua West or Kounahiri West licence is granted. Furthermore, a milestone-based payment of A$1 million will be issued if a JORC-compliant resource exceeding 500,000 ounces of gold is confirmed, with a maximum potential payout of A$3 million. Desert Metals will also retain a 1% net smelter royalty, capped at A$3 million or the equivalent of royalties from the first 125,000 ounces of gold production, whichever is greater.
These exploration permits cover approximately 950 square kilometers and are positioned within a highly prospective gold corridor in West Africa. The region is already home to the Abujar gold mine, which has a total resource of 3.8 million ounces. While these permits have yet to undergo modern mineral exploration, their geological positioning suggests strong potential for gold discovery. The Vavoua permit is expected to be formally granted soon following approval by the Interministerial Committee.
MetalsGrove Mining views this acquisition as a strategic opportunity to expand its gold exploration portfolio. The company aims to leverage advanced geological data, aeromagnetic surveys, and insights from neighboring gold projects to identify significant mineral deposits. Once the transaction is finalized and permits are issued, the company plans to launch its initial exploration program promptly.
