Stellar AfricaGold has signed an exploration option agreement to explore, develop and earn up to 90% interest in the silver and multi-elements potential of the Imiter Nord Domain in the Oriental Anti-Atlas area in Morocco.
Company chief executive François Lalonde said Stellar has three months to conduct additional technical due diligence on Imiter Nord at which time it will issue shares equivalent to US$50,000 of value shares to property vendor Hidaya Mining.
Thereafter, Stellar may earn up to 90% interest in the Imiter Nord project by incurring about $2 million of exploration over three years.
All subsequent exploration will be financed by the parties pro-rata according to their shareholding.
The Exploration Option Agreement is subject to satisfactory technical results during the three-month due diligence period, to TSX-V and Moroccan Ministry of Mines approvals.
The Imiter Nord project is comprised of five exploration permits totalling 80 km2.
The permits are located immediately contiguous to the North of Managem's Imiter Silver Mine, the largest silver producer in Morocco.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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