Contango Holdings PLC - London-based natural resource development company - Acquires Ntiela gold project, near to Contango's existing Garalo gold project in southern Mali. Says the acquisition consolidates its existing mineralised footprint in the region of the country where the projects are based. Notes exploration activities at Ntiela are expected to commence in the second quarter of 2021 to follow up on identified and "highly prospective" targets.
"Clearly the exploration of Ntiela and the delineation of additional resource ounces to our global gold resource inventory would further enhance our overall plans to establish a very significant new gold mine with multiple open pit operations. Based on our proprietary knowledge from Garalo, we believe the true value of Ntiela is yet to be unlocked and accordingly we have acquired the asset at a highly compelling valuation," Chief Executive Carl Esprey.
Current stock price: 7.73 pence, up 4.4% on Friday
Year-to-date change: down 3.4%
By Zoe Wickens; zoewickens@alliancenews.com
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Contango Hdg (CGO)