ASX-listed MetalsGrove Mining has signed a binding term sheet to acquire three gold joint venture (JV) permits in central-west Côte d’Ivoire from fellow ASX-listed Desert Metals. 

The permits, currently held by Ivorian company Générale des Mines et Carrières (GEMICA), are strategically positioned in the same Birimian greenstone belt as Tietto Minerals’ Abujar gold mine.

The acquisition marks MetalsGrove’s entry into Côte d’Ivoire, a country that has become a key destination for gold exploration in West Africa. “I am pleased to announce that MetalsGrove is expanding its exploration footprint into Côte d’Ivoire, a highly prospective region renowned for hosting multimillion-ounce gold deposits," said MD and CEO Lijun Yang.

The three permits span 950 km² and are located between 60 km and 140 km north-east of Abujar. They cover more than 50 km of major fault and shear structures, which Yang says will allow MetalsGrove to “leverage our extensive gold exploration expertise within this prolific geological setting".

Under the agreement, MetalsGrove will make staged payments, including an initial A$50 000 upon the grant of the Vavoua licence, followed by an additional A$50 000 upon the grant of either the Vavoua West or Kounahiri West licence. The company will pay up to A$3-million upon the delineation of a Joint Ore Reserve Commitee-compliant resource of at least 500 000 oz of gold with a minimum grade of 1 g/t. A 1% net smelter royalty will also apply, capped at the greater of A$3-million or the royalty on the first 125 000 oz of gold production.

The company plans to launch an initial exploration programme once the transaction is completed and permits are granted. Yang noted that structural insights from aeromagnetic surveys and anomalous gold results from neighboring projects reinforced confidence in the potential for significant discoveries.

Côte d’Ivoire is emerging as an attractive destination for mining investment, supported by a stable democracy, well-developed infrastructure, and a skilled workforce. The West African nation, which shares borders with Liberia, Guinea, Mali, Burkina Faso, and Ghana, has seen increasing foreign interest in its mining sector.