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Sylla Enters into Option Agreements for Niaouleni Gold Project
Bedford, Nova Scotia--(Newsfile Corp. - March 2, 2023) - Sylla Gold Corp. (TSXV: SYG) (the " Co...
About this update from Sylla Gold Corp
[{"type":"text","content":"Sylla Enters into Option Agreements for Niaouleni Gold ProjectBedford, Nova Scotia--(Newsfile Corp. - March 2, 2023) - Sylla Gold Corp. (TSXV: SYG) (the \"Company\") is pleased to announce that, further to its press releases dated May 9, 2022, and October 26, 2022, it has entered into definitive option agreements (the \"Option Agreements\") with Touba Mining SARL. (\"Touba\") pursuant to which the Company has been granted options (the \"Option\") to acquire a 100% interest in gold exploration permits, Niaouleni West, Samaya South and Sananfara (Figure 1) all contiguous licences with the Company's core Niaouleni project. (the \"Transaction\"). The Samaya South, Niaouleni West and Sananfara exploration permits comprised of 2,500 hectares, 3,200 hectares and 2100 hectares, respectively and represent a 40% expansion of the Company's licence holdings in the area for a total of 17,200 hectares. Figure 1To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/6472/157019_6c4e7eba84ec5ad2_001full.jpgTERMS OF THE OPTION AGREEMENTSNiaouleni WestPay Touba 100,000,000 FCFA (approximately CDN $218,000), of which 20,000,000 FCFA (CDN $40,936) was paid in 2022 and the balance of 80,000,000 FCFA (approximately CDN $177,000) is to be paid over a two (2) year period. Incur exploration expenditures of 528,000,000 FCFA (approximately CDN $1,167,000) over a three (3) year period upon issuance of the mineral exploration permit.Samaya SouthPay Touba 45,000,000 FCFA (approximately CDN $95,000), of which 30,000,000 FCFA (CDN $62,076) was paid in 2022 and the balance of 15,000,000 FCFA (approximately CDN $33,000) is to be paid by May 14, 2023.Incur exploration expenditures of 528,000,000 FCFA (approximately CDN $1,167,000) over a three (3) year period upon issuance of the mineral exploration permit.SananfaraPay Touba 100,000,000 FCFA (approximately CDN $218,000), of which 20,000,000 FCFA (CDN $41,060) was paid in 2022 and the balance of 80,000,000 FCFA (approximately CDN $177,000) is to be paid over a two (2) year period. Incur exploration expenditures of 641,025,000 FCFA (approximately CDN $1,417,000) over a three (3) year period upon issuance of the mineral exploration permit.OtherPursuant to each option agreement, Touba retained a 2% Net Smelter Royalty (\"NSR\") on all ore mined from each optioned property. The ...