Goldrange Resources Signs Option Agreement for Highly Prospective Ivory Coast Gold Project
April 27, 2021
TORONTO, ONTARIO, April 27, 2021 – Goldrange Resources Corp. (“Goldrange” or the “Company”), is pleased to announce that it has executed an option agreement with West Africa Mineral Exploration SARL (“WAME”) whereby Goldrange can earn up to an 80% interest in the Konela Project (the “Project”) (see Figure below). The option agreement will become effective upon the issuance of a prospecting license/permit for the Project.
Konela is a highly prospective gold project with a land package of 343 km2 in northwest Côte d'Ivoire, 680 km northwest of Abidjan and 250 km south of Bamako, Mali and is transected by paved highway A7. It lies within the same Birimian Greenstone Belt that hosts the nearby 2.0 million ounce Kalana and 2.0 million ounce Kodieran Mines in neighboring Mali.
Under terms of the option agreement, Goldrange can earn up to 80% of WAME’s interest in the Konela Project with the following expenditures and payments:
- US$3.0 million in exploration expenditures over a three year period
- US$400,000 in payments over the first two years of the license for the Project being granted (US$50,000 of which will be settled by the issuance of 377,070 common shares of Goldrange)
The Côte d'Ivoire government retains a 10% carried interest. The option agreement also includes the right to carry out reconnaissance exploration on the 360 km2 Ferke Project in north central Côte d'Ivoire.
Joe Arengi, Goldrange CEO stated: “The option in Konela is the inaugural step to advancing our strategy of building a robust portfolio, adding value through acquisition and providing exploration upside. We are very excited to have such a highly prospective project as our maiden acquisition. Previous exploration on the Project has identified significant gold mineralization over several kilometers in the shallow oxide zone. Upon receipt of the required license/permit for the Project, our priority will be to expand the known mineralization with an aggressive exploration program.”
Gold in the area was first discovered by reconnaissance stream sediment sampling in the early 2000’s and follow-up regional and detailed soil sampling identified a series of northwest trending anomalies. Between 2010 and 2015, these anomalies were tested with 15,000 metres of rotary air blast (RAB) and 8,600 metres of air core drilling as well as 2,200 metres of reverse circulation (RC) and 380 metres of diamond drilling (DD) within the current property boundary. Collectively this work delineated three main mineralized areas, the 10 km long Konela Trend, the 1.8 km Kehi zone and the 5 km long Nabagala zone. The mineralization is interpreted to be a typical Precambrian orogenic deposit hosted in sheared and highly silicified chlorite schists and a highly altered granitic intrusive along a regional northwest trending shear zone. RAB and air core drilling, along with trenching, have identified significant shallow oxide mineralization including:
- At Konela:
- a trench that returned 0.80 g/t Au over 50 metres
- 2.26 g/t Au over 10 meters (RAB)
- 1.68 g/t Au over 16 metres (RAB)
- 1.26 g/t Au over 10 metres (RAB)
- 3.62 g/t Au over 21 metres (RC)
- 1.28 g/t over 23 metres (RC)
- 0.86 g/t Au over 27.4 metres including 1.57 g/t Au over 7.7 metres (DD)
- At Kehi:
- A trench that returned 0.83 g/t Au over 28 metres
- 2.22 g/t Au over 12 metres (RAB)
- 2.43 g/t Au over 10 metres (RAB)
- Kehi has not been tested by RC drilling
- At Nabagala:
- 2.27 g/t Au over 14 metres (Air Core)
- 1.18 g/t Au over 20 metres (Air Core)
- 0.88 g/t Au over 26 metres, including 2.49 g/t Au over 3 metres (RC)
Figure 1: Konela Property Soils and Target Areas
About Goldrange Resources Corp.
Goldrange is a private, acquisition driven resource company focused on acquiring accretive near-term revenue producing assets, with the intention to support capital required for the Company’s exploration stage projects thus minimizing and/or eliminating shareholder dilution.
Qualified Person Statement
Joseph Arengi, P. Geo., CEO of the Company is the Qualified Person as defined by National Instrument 43-101 has reviewed and approved the scientific and technical information in this news release.
On Behalf of Goldrange Resources Corp.,
This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Forward-looking statements include statements regarding the Company’s plans to acquire gold and other metal resource properties and that such properties will generate cash flows. Investors are also cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.