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Sylla Gold Executes LOI To Acquire the Niaouleni Gold Project in Southern Mali
Bedford, Nova Scotia--(Newsfile Corp. - August 30, 2021) - Sylla Gold Corp. (TSXV: SYG.H) ( ...
About this update from Sylla Gold Corp
[{"type":"text","content":"Sylla Gold Executes LOI To Acquire the Niaouleni Gold Project in Southern MaliBedford, Nova Scotia--(Newsfile Corp. - August 30, 2021) - Sylla Gold Corp. (TSXV: SYG.H) (Sylla Gold or the \"Company\") is pleased to announce that it has entered into a non-arms length, non-binding letter of intent (\"LOI\") with Niaouleni Gold Inc. pursuant to which Sylla Gold would acquire an option to earn 100% of the Niaouleni Gold Project (\"Niaouleni\" or the \"Project\") located in the prolific gold-bearing Birimian rocks of southern Mali in West Africa. The Project is located approximately 150 km southwest of the capital city of Bamako, and adjacent to African Gold Group's Kobada gold deposit. The Kobada Gold Project contains a Measured and Indicated mineral resource of 46.7 Mt grading 0.86 g/t Au for 1.19 Moz of gold, and an Inferred mineral resource of 31.5 Mt grading 1.33 g/t Au for 1.14 Moz of gold (source: NI 43-101 Technical Report for the Kobada Gold Project in Mali with an effective date of June 17, 2020 and filed on SEDAR under African Gold Group Inc.). Readers are cautioned that mineralization and mineral resource estimates on adjacent properties are not necessarily indicative of mineralization on the Project (please refer to additional cautionary statements below).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.Figure 1 - Niaouleni Property LocationTo view an enhanced version of Figure 1, please visit:https://orders.newsfilecorp.com/files/6472/94523_00350accc43a9a18_001full.jpg.The transaction contemplated by the LOI would provide the Company with the option to acquire up to a 100% interest in the Project over a 36-month period by: (1) making cash payments to Niaouleni Gold Inc., (2) issuing Sylla Gold common s...