Mutual closes African property agreements

A previously announced agreement involving the Bilpraw gold concession in central Ghana has closed.

The deal allows Mutual Resources (VSE) to earn a 55% interest in the concession by paying $75,000 and spending $525,000 on exploration over three years.

The property is owned by EQ Resources (TSE) and is situated along strike of the Kiwi gold concession, where a potentially economic reserve has been outlined.

Meanwhile, Mutual, EQ and a third company, Opawica Explorations (TSE), have agreed to explore jointly a reconnaissance licence in southwestern Ghana. Mutual would have a 50% interest, with EQ holding 18% and Opawica 32%. Mutual is busy working several properties in West Africa, with trenching in progess in Ghana and Burkina Faso.

A drill has been mobilized to the Sewum Tokosea property in Ghana to test geochemical anomalies.

Once the first phase is completed, the drill will be moved to the Oda River property to test the depth extent of the mineralized zone exposed at surface. The Oda River property is contiguous to the southeastern boundary of the Bilpraw concession, in the Manso Nkwanta gold belt. Mutual has thus far accumulated several property interests in the district.