Montage Gold acquires 19.9% stake in Sanu Gold, investing C$5.5 million for exploration properties

From GlobeNewswire: 2024-12-02 06:30:00

Montage Gold Corp. has acquired a 19.9% ownership stake in Sanu Gold Corporation by issuing 2.3 million basic shares worth C$5.5 million. The Lundin Family also invested to obtain a 10% stake. Sanu owns three exploration properties in Guinea’s Siguiri basin, with a high-grade gold discovery on the Daina property.

Sanu is conducting a 10,000-meter drill program on its Diguifara and Daina properties. The company aims to advance exploration, including geophysics and drilling, using the net proceeds from the equity placement. Martino De Ciccio, CEO of Montage, expressed excitement about the strategic partnership and the potential for exploration value in Guinea.

The strategic partnership includes an Equity Swap, Participation Rights, Board Nominee, Joint-Technical-Committee, and Right of First Refusal. AngloGold Ashanti has the right to acquire Sanu Common Shares to maintain its equity interest. The Share Exchange Transaction and Offering are set to close in the coming weeks.

Sanu Gold Corporation owns three exploration properties in Guinea’s Siguiri Basin with high-grade gold discoveries. The Daina property has a >10km strike length with undrilled targets, while the Diguifara property boasts an >8km gold corridor near AngloGold Ashanti’s Siguiri gold mine.

The Bantabaye property hosts a large mineralized system close to NordGold’s Lefa gold mine and Predictive Discovery’s Bankan gold project. Positive initial test work indicates high gold recoveries. The strategic investment by Montage and the Lundin Family is expected to unlock significant discoveries in Guinea.



Read more at GlobeNewswire: Montage Gold Enters Into Strategic Partnership with Sanu