Montage Gold Corp. and African Gold Limited Form Strategic Partnership
Montage Gold Corp. (“Montage”), a Canadian-based gold exploration company, has announced a strategic partnership with African Gold Limited (“African Gold”), an Australian gold exploration company, through the acquisition of up to a 19.9% ownership stake in African Gold.
Montage’s Investment in African Gold
Montage will acquire its stake in African Gold by issuing up to 2.19 million common shares of Montage, representing a deemed consideration of up to approximately C$6.3 million. This investment comes as part of a larger non-brokered private placement (“Offering”) whereby African Gold will issue an additional 26.3 million ordinary shares to other subscribers.
Appointments to African Gold’s Board of Directors
As part of the strategic partnership, Montage’s Executive Vice President of Exploration, Silvia Bottero, will be appointed as a Non-Executive Director of African Gold. Additionally, Montage’s CEO, Martino De Ciccio, will join African Gold’s Board of Directors as a Strategic Advisor.
African Gold’s Exploration Portfolio in Côte d’Ivoire
African Gold owns a highly attractive exploration portfolio in Côte d’Ivoire, with its flagship project being the Didievi project. The Didievi project hosts an Inferred Resource of 4.93Mt at 2.9 g/t Au containing 452,000oz of gold. Montage’s presence and expertise in Côte d’Ivoire, gained through its appointment as operator of the Didievi project, will be leveraged to advance the project.
Ongoing Exploration Program at Didievi
African Gold is currently undertaking a 10,000-meter drill programme at the Didievi project, which continues to return high-grade extension intercepts. Montage’s involvement in the project will contribute to its ongoing success.
Impact on Montage and African Gold Shareholders
This strategic partnership is expected to benefit both Montage and African Gold shareholders by enhancing the exploration potential of African Gold’s assets, particularly the Didievi project, and providing Montage with a significant ownership stake in a promising African gold exploration company.
Global Implications
The strategic partnership between Montage and African Gold represents a significant step forward in the global gold mining industry. The collaboration between Canadian and Australian companies in the exploration of African gold assets underscores the growing importance of international cooperation in the sector.
- Montage’s investment in African Gold strengthens its position in the gold exploration market
- African Gold benefits from Montage’s expertise and resources
- The strategic partnership advances the Didievi project and enhances its potential
- International cooperation in the gold mining industry continues to grow
Conclusion
Montage Gold Corp.’s strategic partnership with African Gold Limited through the acquisition of a 19.9% ownership stake in African Gold represents a significant step forward in the gold mining industry. The collaboration between the two companies will enhance the exploration potential of African Gold’s assets, particularly the Didievi project, and provide Montage with a valuable investment in a promising African gold exploration company. The global implications of this partnership underscore the growing importance of international cooperation in the gold mining sector.
