VANCOUVER, BC, July 18, 2024 /CNW/ - Tajiri Resources Corp. (the
"Company") (TSXV: TAJ) is pleased to announce that it has entered
into an agreement, subject to shareholder and Exchange approvals,
to purchase a vesting 65% interest in the Yono Property,
Guyana, South America, in consideration of 40,000,000
shares of the Company.
Yono is located in close proximity to the central portion of a
collective 5.2Moz @ 2.3g/t Au Indicated and 2.7Moz @ 2.5g/t Au of
Inferred Resources1 (Figure 2) delineated by G2
Goldfields Inc. (TSX: GTWO) and Reunion Gold Corporation (TSX: RGD)
at their respective Oko and Oko West Projects. At yesterday's
closing share prices, G2 and Reunion, had combined fully diluted market
capitalizations of CDN$ 1.34 billion
and estimated combined project EVs of CDN$
1.16 billion, equating to a valuation of USD108 per ounce Au.
While Yono contains no defined resources, and has not seen any
modern exploration, it is at its closest point ~170m from defined
resources, considerable artisanal mining has been conducted on the
property, and surrounding exploration data as contained in the NI
43-101 reports of G2 and Reunion
suggest the property is prospective as outlined below:
Brief Property Description.
Key Features of the Yono Property are illustrated in Figures 1-9
and elucidated below:
- The Yono Property is completely surrounded by the Oko (G2)
and Oko West (Reunion) Projects (Figure 1);
- The Oko Project contains resources in two deposits Oko
Main Zone "OMZ" and Ghanie, while further south Oko West hosts the Kairuni Deposit. In
closest proximity to Yono is Ghanie which strikes sub-parallel to
the boundary of Yono and dips 60-70° to the east (Figure 2);
- From the boundary of Yono, at its southern end, Ghanie is
located 170m to the east and at its
northern end 390m (Figure 2);
- At its southern end, the Ghanie resource constraining pit
shell is ~268m deep and ~306m deep at central Ghanie (Figure
3). As documented in G2's most recent NI 43-101 report, the
pit shell was calculated at a gold price of USD$1900 per ounce with slopes of 35° in
saprolite and 45° in resh rock. No plan view of the pit shell
has been published by G2, but we believe from given data its
western boundary will be located within tens of metres of the
southern part of Yono.
- As last reported, Ghanie's open pit contained resources
totaled 236k + 476k ounces in indicated and inferred categories
with an additional 128k of inferred
underground resources;
- As a result of good, recently reported, gold intercepts
encountered at depth and outside of resource wireframes (See
G2 press release
www.globenewswire.com/news-release/2024/06/25/2903617/0/en/Drilling-Continues-to-Expand-Gold-Zones-at-OKO-10-0m-9-7-g-t-Au-52-3m-2-1-g-t-Au.html)2
drilling is being planned by G2 to test Ghanie along its entire
strike to a depth of 500m by year's
end (See interview from 22:44 minutes
https://www.youtube.com/watch?v=JW-O7KxvNF4 );
- Between Ghanie and Yono there is a yet lightly explored
zone of mineralization- Ghanie West. The Zone lies along the
western contact of the Ghanie /Karuini footwall Granitoid whose
eastern contact forms the footwall to the Ghanie and Karuini
deposits. As such this zone "mirrors" the Ghanie – Karouni
mineralization along the lower contact of the Granitoid
(Figure 4);
- Since 2016 the "Ghanie West" Zone has seen artisanal mining of
in-situ mineralization and overlying colluvium over a strike length
of ~ 900m. The pace of
artisanal working picked up in early 2023 after a trenching program
by G2 evidently exposed gold mineralization. However, no
results for Ghanie West apart from drill hole OKD-36 (see
https://www.globenewswire.com/news-release/2020/07/14/2061788/0/en/G2-Goldfields-extends-strike-length-to-1-7-km-at-Oko-and-Reports-17-8-g-t-Au-over-2-5-m-9-5-g-t-Au-over-4-4-m-21-1-g-t-Au-over-2-1-m-and-26-1-g-t-Au-over-1-6-m-in-three-separate-ho.html)3
drilled at the northern end of the zone have been reported by G2
(Figure 4).
- Ghanie West potentially strikes into Yono or at least "hugs"
the boundary within G2's tenure in its southern ~ 400m of strike (Figure 4).
- Situated ~ 700m north, along a
direction of 026°, of Yono lies OMZ (686koz @ 9.03g/t Au &
495koz @ 6.4g/t Au of Indicated and Inferred Resources). The
026°direction corresponds to the mean intersection lineation (L23:
058° to 026°) of measured S2 (008°/88°W) & S3
(357°/68°E)4 surfaces at OMZ. This
intersection lineation corresponds to the major plunge direction of
high-grade shoots at OMZ. S2 is an axial planar foliation
developed during a D2 event while S3 fabrics and surfaces are
related to later D3 shearing (Figure 5)5.
- Within Yono, and coincident with the projection of the
026° L23 lineation direction is a prominent linear ravine which has
been worked by artisanal miners over a length of 550m. This ravine potentially indicates a
yet to be discovered gold source within Yono. Workings in the
upper part of the ravine have included considerable colluvial
material. (Figure 5);
- Soil sampling by G2 to the west of the Oko Main Zone shows
elongation of 100-500ppb values in a southwesterly direction
towards Yono (Figure 6);
- West of Yono, shallow (~10-20m) vertical geochemical RC drilling by
Reunion to sample beneath
duricrust cover, has outlined several zones of gold anomalism
(50ppb - >500ppb Au). One consistent trend of persistently
higher anomalism is in line with the L23 direction from the Oko
Main Zone, soil anomalism (reported by G2) and the 550m worked ravine within Yono (Figure7).
This zone of gold anomalism appears associated with the
contact between high and low magnetic zones which is trending into
Yono (Figure 8). In addition to being structurally controlled
gold mineralization within the district tends to be associated
within contacts and most prominently contacts between fine grained
sediments and any of andesites/mafic volcanics/granitoids or
coarse-grained sediments.
- Along and within the northern boundary of Yono, is an area
of substantial alluvial and colluvial mining. Of particular
note, a prominent hill underlying the eastern part of Yono has seen
extensive colluvial mining going upslope (Figure 9) from the valley
floor for some distance. Thus, a potential gold source within
Yono up-hill of these workings is indicated.
In summary artisanal workings, surrounding geochemical surveys
and measured structural trends are indicative of potential gold
mineralisation within Yono and depending on results of further
exploration, resource conversions, mining method choice and
economic optimizations, the Yono property may impinge on the
extraction of resources immediately adjacent to the Property.
Finally Yono's close proximity to known large gold resources,
brings the property intrinsic value for the siting of future
potential mine related infrastructure such as lay down areas, waste
dumps and dewatering bores etc.
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1 Resources
reported from:
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Reunion-
G Mining Services: NI43-101 Technical Report ……prepared for
Reunion Gold Corporation…. 11th April 2024
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G2-
Mincon: NI 43-101 Technical Report and
Mineral Resource Estimate for the Oko Gold Property ….. May 15,
2024
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2 According
to previous exchange complaints, results from news releases of
other companies cannot be reported by a third party company unless
they have also been reported in a 43-101 report. The
recent results of drilling at Ghanie have not yet been reported in
a 43-101.
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3 Ditto
results for OKD 36 were not report in any 43-101.
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4 Strike and
Dip
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5 Structural
data from: Oko project, Guyana- update on Structural
geological architecture and controls to mineralization. Brett
Davis et al June 2023 – Which information was incorporated into
G2's most recent 43-101
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Key Terms of the Yono Purchase and Joint Venture Agreement
To acquire a 65% interest in the Yono Property (Guyana Mining
Permit No 954/2014) Tajiri will issue the vendor, Nebula Resources
Inc. or its shareholders ("Nebula"), 40,000,000 shares of
Tajiri. Nebula is a private Guyana registered company, and will retain a
35% interest in the Property, free carried until completion of a
positive bankable feasibility study.
Upon closing of the purchase the property will be transferred to
a new Guyana trust company, whose
only asset will be the Yono Property. Trust deeds will be
made in favour of Tajiri (65%) and Nebula (35%). This is
necessitated at this point in time by the property being a Mining
Permit which may only be owned by citizens of Guyana or corporations whose shareholders are
100% owned by citizens of Guyana.
Upon eventual conversion to either a Prospecting or Mining
License (which may be owned by foreign entities), ownership of 65%
of the shares in the trust company shall be transferred to Tajiri
or its nominee.
The acquisition of the interest in the Property is subject to
Exchange approval and to the receipt of shareholder approval and
the execution of relevant deeds by Nebula.
Under the agreement Tajiri has no mandated expenditure
commitments.
An exploration joint venture will be formed on completion of the
acquisition of the Tajiri's 65% interest. Tajiri will be the
manager of the Joint Venture unless it relinquishes its position
and withdraws as manager, becomes insolvent or is in material
default of the agreement where this is not remedied within 60
days.
Each party is entitled to appoint two representatives to the
management committee of the joint venture with the voting power of
each party to be in accordance with the percentage interest of the
party with Tajiri therefore having a controlling vote while its
solely funds the project. All matters at meetings of the
management committee will be decided by a majority of votes except
the following matters which will require a unanimous decision:
- Disposal of the Property or other joint venture property;
- Exploration outside the property;
- Conversion of the title of Property (Permit to Licence),
applications to mine;
- Abandonment or surrender of any part of the Property;
- Licencing third parties to mine the property and the rates of
NSRs or royalties payable to the Parties;
- Settlement of claims in excess of USD50,000 or borrowing more than USD50,000 in relation to the property;
- A decision to undertake a bankable feasibility study.
- A decision to proceed to mine development.
In the event of the Parties unanimously approving the decision
of a Party to dispose of its interest, Each Party shall have first
rights of refusal to the interest the other Party is
disposing.interest.
Upon completion of a positive bankable feasibility study a
Mining Joint Venture Agreement will be executed and each party will
be required to contribute their proportion of costs or risk
dilution of their interest. If Nebula elects not to participate and
fund its share, Nebula may convert its 35% interest to either a 10%
NPI or 2.5% NSR. In this event, Nebula's full 35% interest
will be reinstated if under any bankable feasibility study 70% of
the first 24 months of the budget or 20% of the total estimated
budget has not been expended or contractually committed within 3
years.
The agreements otherwise contain terms and conditions standard
for agreements of this nature.
Two directors of the Tajiri - Messrs. Dominic O'Sullivan and Robert Power are indirect shareholders of
Nebula. As such the transaction can be considered to be
non-arm's length, or a related party transaction under
Multi-lateral Instrument 61-110 ("MI 61-101"). The
transaction will be exempt from the formal valuation and minority
shareholder approval requirements of MI 61-101 as neither the fair
market value of the securities to be issued to the insiders, nor
the consideration for such securities, will exceed 25% of the
Company's market capitalization.
Comments
CEO and President, Graham Kevil
noted:
"The board and I believe this acquisition is compelling value
for Tajiri. The purchase of 65% of Yono, located in the heart
of what appears to be a growing Tier 1 gold asset is a coup for the
Company. While the retained interest of the vendor is large
it recognizes the special circumstances of the Property's location
which may generate significant returns for Tajiri shareholders and
the Vendor irrespective of future expenditures and the discovery of
any exploitable ounces within Yono"
Qualified Person
The Qualified Person under National Instrument 43-101 -
Standards of Disclosure for Mineral Projects for this news
release is Dominic O'Sullivan a
geologist, member of the AusIMM, Executive Chairman of Tajiri who
has reviewed and approved its contents.
On Behalf of the Board,
Tajiri Resources Corp.
Graham
Keevil,
President & CEO
About Tajiri
Tajiri Resources Corp. is a junior gold exploration and
development Company with exploration assets located in two of the
worlds least explored and highly prolific greenstone belts of
Burkina Faso, West Africa and Guyana, South
America. Lead by a team of industry professionals with a
combined 100 plus years' experience the Company continues to
generate shareholder value through exploration.
SOURCE Tajiri Resources Corp.