Plutus Strategies affiliate Taoudeni Resources Ltd has completed a purchase agreement with AIM listed Hummingbird Resources PLC to acquire 100% of the Asheba gold project in Ghana. Hummingbird Resources plc, the multi-project gold company, has agreed to sell its wholly owned subsidiary Ensign Resources Limited to Taoudeni Resources. Ensign Resources owns Antubia Resources Limited, a Ghanaian company that holds 100% of the Asheba Licence in Ghana (“Asheba”) with an internal non-JORC compliant resource of 176,000oz gold at 1.8g/t. Hummingbird will receive 10% of the total share capital of Taoudeni and a discovery bonus of US$1/oz in 500,000 increments on discovery at Asheba. Hummingbird retain the right to acquire an additional 10% interest in the project for US$7M upon publication of a Feasibility Study by the buyer. This asset, was acquired by Hummingbird on its acquisition of the former Gold Fields West African exploration portfolio in 2014.
The Asheba Project covers an area of 24km2 in the world class Ashanti Gold Belt in Ghana, 30km south of Gold Fields Tarkwa Mine and 15km east of Endeavour's Nzema Mine. The license was previously owned by Glencar and Gold Fields who conducted over 13,000m of diamond and RC drilling on the license. Mineralisation is identified in two zones, Atinasi and Cheriaman in steeply dipping parallel high grade gold veins. Over twenty-two mineralised domains have been identified. Extensive artisanal mining has targeted the primary mineralisation as well as secondary alluvial and colluvial gold. Historic high grade intersections include 82m (open ended) at 2.2g/t Au from 9m (RC 37), 49m at 2.8g/t Au from 86m (ARCD0004) and 12m at 12 g/t from 42m (AKDL53). A 2011 internal non-JORC compliant mineral resource estimation by Gold Fields estimated 6.52Mt at 1.86 g/t Au (389,000oz) using a cut-off grade of 0.4g/t. A further internal non-JORC compliant Mineral Resource Estimate was conducted by Gold Fields in 2013 estimated 3Mt at 1.8g/t Au (176,000 oz). Taoudeni are currently investigating the discrepancies between the two resources. The known mineralisation is open at depth and along strike, grade appears to increase with depth. A number of lightly explored targets remain in the license providing ample opportunity for exploration upside.