The major can earn a 60% interest in both properties by spending $2 million on exploration over the next three years. It must, in the process, outline more than 1 million oz. gold and complete a bankable feasibility study. As part of the deal, Randgold must buy an existing field camp and related equipment for US$227,000.
Together, Medinandi and Dandoko comprise 34,400 ha, which are underlain by the Dalema series of the Lower Proterozoic Birimian Formation. Previous operators outlined several targets as a result of drilling, trenching and geochemical sampling.
Azco, which has been following up these programs since mid-1996, will retain a 20% interest, with the government holding an option on the remainder.
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