Seventy Ninth Resources Limited, a specialist in acquiring, managing, and developing undervalued land assets across the globe announces the award of two licences prospective for gold mineralisation in the Siguiri Basin, Republic of Guinea.
Highlights:
Will Slater, Chief Geologist at Seventy Ninth Resources comments:
“We are pleased to announce the addition of two new projects in Guinea, adding 108km2 to the company’s land holding and increasing the number of projects we manage in the country to five. Both licences are situated in the highly prospective Siguiri basin and are prospective for orogenic gold mineralisation. Desk base targeting and remote sensing has identified multiple areas of interest on the new licences and initial on-the-ground reconnaissance has mapped multiple artisanal gold working sites. Our in-house field team is ready to mobilise onto the project area to rapidly and systematically assess their prospectivity.”
Natalie Bellis, CEO at Seventy Ninth Resources adds:
“We are excited by the addition of two new projects in Guinea. As a business, we have been exploring in the country since 2011, building relationships and knowledge. Adding the two new licences is a testament to our ability to target prospective geological terrain and bring it into the portfolio.
The award of the new projects aligns with the company’s aspirations to develop a new project generator, building a large portfolio of prospective geological real estate as the company moves closer to a public listing.”
About the New Projects
Two licences; RES3 (79km2) and RES4 (29km2) were awarded to Seventy Ninth Resources One Sarl, a 100% owned subsidiary of the Company, by the Centre de Promotion et de Développement Minier (CPDM) in Guinea. Desk-based targeting using historical geological and geophysical data plus remote sensing imagery has indicated a prospective geological setting to host orogenic gold mineralisation in both areas. Initial reconnaissance has identified 12 discrete artisanal gold working sites extending over a 3km north-northeast trend at RES4.
Community Engagement Projects
Seventy Ninth Resources has continued its programme of engagement and involvement with the communities surrounding the project areas. Most recently the Company has provided financial support and engagement with three local NGOs focused on helping women develop their own enterprises. A core part of this was sponsorship of the Talented Women of Siguiri event featuring a conference on women’s empowerment, personal development, and education. Other engagement includes support for a community initiative in the city of Siguiri concerned with the unblocking of drains to reduce the risk of flooding; and ongoing significant financial support and volunteering with the FOMBEK Orphanage across education, facilities, food, and healthcare.
