Business
Indigo Exploration Closes Djimbala Property Transaction, Mali
Vancouver, British Columbia--(Newsfile Corp. - June 1, 2020) - Indigo Exploration Inc. (TSXV: ...
About this update from Noble Plains Uranium Corp
[{"type":"text","content":"Indigo Exploration Closes Djimbala Property Transaction, MaliVancouver, British Columbia--(Newsfile Corp. - June 1, 2020) - Indigo Exploration Inc. (TSXV: IXI) (FSE: INE) (the \"Company\") announces that it has finalized the Option Agreement with Desert Gold Ventures Inc. (\"Desert Gold\") and its local Mali subsidiary, Desert Gold Mali SARL (\"DGM\"), to acquire up to a 100% interest in the Djimbala Permit in southern Mali, West Africa.The Djimbala Permit lies immediately east of Hummingbird Resources' 0.7 million oz Au Komana gold mine1, 21 kilometres north, along strike, of the Kodieran gold Mine and 28 kilometres north, along strike, from Endeavour Mining Corporation's high grade 3.3 million oz Au Kalana project2. Paul Cowley, President and CEO of the Company, states: \"We are very pleased to move forward on the Djimbala option and with our recent financing, will initiate field work this month with mapping, prospecting and sampling of artisanal mine workings. We look forward to working with the Desert Gold team. The Djimbala Permit will complement the Company's West African gold-focused portfolio.\"Under the terms of the four-year Option Agreement, the Company can acquire up to 100% interest in the Djimbala Permit by the issuance of shares and completing work. The Company has met and removed pre-conditions of the Option Agreement, including: a financing, the consolidation of the Company's shares and technical and title due diligence, setting a Commencement Date of May 29, 2020 for the Option Agreement, by the issuance of 1,000,000 shares to Desert Gold. The shares are subject to a four-month hold period that expires September 30, 2020. Three subsequent share issuances will be required over three years totalling $300,000 at a deemed price equal to the volume weighted average price (\"VWAP\") for the prior 10-day trading period. With work expenditures of CAD $400,000, the Company would earn a 51% interest in the permit, and with an additional CAD $600,000 in work expenditures, the Company would earn a 100% interest in the permit, subject to a 2% net smelter royalty (\"NSR\") in favour of Desert Gold, where 1% NSR could be bought out at any time for USD $1 million by the Company.The Djimbala Permit is located in southern Mali, West Africa, 220 km south of the capital of Bamako and covers a 100 km2 area. The permit is situa...