Exore Resources (ERX) has released a maiden Mineral Resources for its 80% owned Bagoe Gold Project in northern Cote d’Ivoire, comprising 6.7Mt at 2.5g/t Au for 530koz contained gold. The majority of the resource is contained within the Antoinette deposit with 415koz at 2.3g/t. Veronique supplements the overall resource grade with a 110koz @at 3.2g/t. This is a solid first resource for the project which we expect will continue growing from multiple sources including, 1) open mineralisation along strike and down dip at Antoinette, 2) from parallel lodes at Veronique and 3) from other prospects on the ERX’s significant landholding in-country. As the Bagoe resource increases in scale and confidence, we see it becoming a cornerstone asset in a regional consolidation in the north of the country. Regionally, both the Tongan (Barrick) and Sissingue (Perseus Mining) mines have limited mine lives based on current Reserves. At a grade of +2g/t gold, ore from Bagoe could be economically trucked to either site. Argonaut maintains a Speculative Buy recommendation and assigns a target price of $0.11ps.
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