Gold and Advance!26 Aug 2020 23:31
Gold looking healthy should be good for tomorrow
This came out this evening from a 12% minority partner in some of the West Kenya licences, Advance. Some really interesting parts of the quote around the potential geology and that it might be the case that some of the gold veins near the Rosterman mine could be open for thousands of metres of depth if they come together!
Allan Barry Laboucan, President and CEO of Advance Gold Corp. commented: "We are very excited to have a new joint venture partner in Shanta Gold that sees the same prospect as we do for high-grade gold discovery and development at our joint venture in west Kenya. The two southern claims cover approximately ? of the Liranda Corridor, in Barrick's opinion they consider the Liranda Corridor as one of the most highly prospective regions for high-grade gold in Africa. The northern claim (Rosterman) could be the jewel in the crown to open up West Kenya gold exploration and mining. This is the claim with the Rosterman mine, which was a historical producer of high-grade gold, with the town of Kakamega built near it to benefit from the good infrastructure nearby. In the June 2020 corporate presentation, published by Shanta Gold, they have a map on page 12 that shows the stacked high-grade veins that were historically mined. They all dip in the same direction, often in these systems the veins can come together at depth and are open for thousands of metres of depth. It is very exciting to see that Shanta agrees with the potential for near term production of high-grade gold looking deeper at the Rosterman mine. In the past, mainly due to the slow progress by our past partners, we looked at options to sell our interest in the project which includes being diluted down to a royalty. We didn't seriously contemplate participating in funding the further work at the joint venture properties. I can now say without a doubt, that this is a more viable possibility because we may now have a partner that wants to move quickly to advance the joint venture. From a recent conversation with Shanta, they were moving to complete the transaction and then present a plan to move forward on the joint venture. We now see a strong geological model, and a path to making that a reality and have a nice option to participate or be diluted down to a royalty."
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