Diamond Fields Resources (DFR) has entered into definitive agreements to acquire privately owned Moydow Holdings, which holds interests in several West African gold exploration projects.
The acquisition includes a right to an 80% controlling stake in an advanced exploration-stage gold project, Labola, in Burkina Faso - a highly prospective project with more than 65,500 meters of historical drilling.
It will have additional exposure to minority, joint venture interests in projects located in Mali (Kalaka - 40%) and Nigeria (up to 32.5%), providing multi-stage exploration prospects.
"We believe that the Transaction represents a compelling opportunity in the gold sector and in Africa, a continent in which all of our recent investments have been made,” said DFR chief executive Sybrand Van Der Spuy.
"…by combining Moydow's strong, gold-focused operational competence in West Africa with DFR's access to financial markets and development skills the company expects to rapidly progress the highly prospective Labola project.
“This will involve the continued consolidation and analysis of historic geological data, as well as recently completed drilling and assaying.”
The transaction is expected to close in the first quarter of 2022 and is subject to approval by the TSX Venture Exchange and shareholders as well as completion of satisfactory confirmatory due diligence.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
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