Australian mining company MetalsGrove has signed a Binding Term Sheet to acquire three gold exploration permits in Ivory Coast, marking its official entry into the country.
The acquisition includes the Vavoua, Vavoua West, and Kounahiri West prospects.
Under the agreement, MetalsGrove will secure an 80% stake in Vavoua and 90% stakes in Vavoua West and Kounahiri West.
The permits cover a 950 km² area along the same geological trend as the 3.8-million-ounce Abujar Gold Mine, indicating strong gold discovery potential.
Lijun Yang, Managing Director & CEO of MetalsGrove, highlighted the strategic significance of the acquisition:
“Ivory Coast is a highly prospective region known for multi-million-ounce gold deposits. With favorable geology, strong gold anomalies from neighboring projects, and insights from aeromagnetic surveys, we are confident in identifying significant gold resources.”
Preliminary aeromagnetic surveys and ongoing artisanal mining activity suggest substantial gold mineralization across the licenses.
MetalsGrove plans to launch exploration activities once the acquisition is finalized and all required permits are secured.
