What's Happening?
African Gold has sold its entire shareholding in Montage Gold, raising nearly A$15-million to support exploration at its Didievi gold project in Côte d’Ivoire. The sale represents a 134% gain on the initial investment price. The funds will be used for
an intensive drilling program at the Blaffo Guetto deposit, which hosts an inferred resource of 989,000 oz of gold. African Gold aims to expand the mineralization footprint and potentially develop a multimillion-ounce gold inventory.
Why It's Important?
The sale of Montage Gold shares provides African Gold with the financial resources needed to advance exploration at Didievi, a promising gold project. The company's strategic focus on expanding its resource base could lead to significant discoveries and enhance its position in the gold sector. Stakeholders, including investors and industry participants, stand to benefit from the potential growth and development of the Didievi project, which offers pathways to near-term production.
What's Next?
African Gold plans to ramp up drilling activity at Didievi through November and December. The company will continue to explore additional drill-ready targets and assess the potential for a standalone development. The results from the drilling program will guide future exploration and resource estimation efforts.
