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Sylla Gold Enters into Option Agreement to Acquire the Niaouleni Gold Project in Southern Mali
Bedford, Nova Scotia--(Newsfile Corp. - September 17, 2021) - Sylla Gold Corp. (TSXV: SYG.H) ...
About this update from Sylla Gold Corp
[{"type":"text","content":"Sylla Gold Enters into Option Agreement to Acquire the Niaouleni Gold Project in Southern MaliBedford, Nova Scotia--(Newsfile Corp. - September 17, 2021) - Sylla Gold Corp. (TSXV: SYG.H) (the \"Company\") is pleased to announce that, further to its press release of August 30, 2021, it has entered into a definitive option agreement (the \"Option Agreement\") with Niaouleni Gold Inc. (\"Niaouleni Gold\") and Niaouleni Gold Mali SARL (\"Niaouleni SARL\"), a wholly-owned subsidiary of Niaouleni Gold, pursuant to which the Company has been granted an option (the \"Option\") to acquire an indirect 100% interest in one gold exploration permit (the \"Niaouleni Permit\") located in the Republic of Mali (the \"Transaction\"). Niaouleni ProjectThe Niaouleni Project is 9,400 hectares in size and accessible by paved highway and includes extensive artisanal mining activity within the interpreted extensions of gold bearing structures. Past exploration at Niaouleni includes extensive reverse circulation (RC) and diamond drilling, which have identified several structural gold-bearing zones that appear to extend from the adjacent Kobada gold deposit. Historical exploration and drilling results are currently being compiled into a digital database and will be interpreted for the purposes of designing a drilling program to further test these structural gold-bearing zones and possibly extend them further. Niaouleni Property LocationTo view an enhanced version of this graphic, please visit:https://orders.newsfilecorp.com/files/6472/96829_d49cee3264893b7f_001full.jpgDetails of the AgreementIn order to exercise the Option, the Company is required to make the following payments: (i) $50,000 upon receipt of approval of the TSX Venture Exchange (the \"TSXV\") for the Transaction (the \"Effective Date\"), $50,000 on the first anniversary of the Effective Date, $100,000 on the second anniversary of the Effective Date, and $500,000 on the third anniversary of the Effective Date; (ii) issue 1,000,000 common shares in the capital of the Company (each, a \"Common Share\") on the Effective Date, issue 1,000,000 Common Shares on the first anniversary of the Effective Date, issue 2,000,000 Common Shares on the second anniversary of the Effective Date, and issue 5,000,000 Common Shares on the third anniversary of the Effective Date; and (iii) incur $ 1,380,000 in ex...