Eagle Eye Metals Limited (ASX:EYE) New Permit Areas and Project Update at Korindji Gold Project in Mali
Sydney, Nov 22, 2011 AEST (ABN Newswire) - Eagle Eye Metals Limited (ASX:EYE) is pleased to announce the acquisition of two new exploration permits adjacent to its Korindji Gold Project in Mali. The Company is also pleased to advise that an extensive programme of fieldwork is now underway within the combined project area.
The new exploration permits, referred to as Sourokoto and Sourokoto Ouest, cover an area of 83km2. These permits abut Eagle Eye's existing Korindji Gold Project, increasing the combined contiguous landholding to 213 km2. Within the recently acquired properties, previous wide-spaced (1000m x 200m) soil sampling has defined high tenor gold anomalies adjacent to mapped geological structure. The anomalies represent immediate high priority targets for follow up geochemistry and drilling.
Commencement of Field Work Programme
An extensive field work programme has commenced at Korindji. Three priority areas have been identified for follow up and further target definition. Work will include infill soil and termite mound sampling, sampling of artisanal workings, and geological mapping. It is anticipated that this work will delineate priority targets for first pass drill testing in the first half of 2012.
The recently acquired permits have been secured under an agreement with SODAF SA, a Mali registered company. Under the terms of the agreement Eagle Eye will pay cash totaling A$95,000 over two years to acquire an 87.5% interest in the Sourokoto and Sourokoto Ouest permits. A further A$50,000 is payable to SODAF when the permit titles are transferred to Eagle Eye Metals. SODAF will retain a 12.5% free carried interest in the permits until granting of a mining permit. Upon granting of a mining permit SODAF will convert to a contributing interest in the properties.
Korindji Gold Project - Background
The Korindji Gold Project is situated within the Kenieba Inlier, part of the world-class West African Gold Province. The Kenieba Inlier hosts in excess of 45Moz of gold. Eagle Eye's Korindji Gold Project is located 20km west of the 13Moz Sadiola Gold Mine and the 4.5Moz Yatela Gold Mine. The Korindji Project area straddles the Kakadian-Kerekoto Shear Zone (KKSZ). Mineralisation at Randgold's Massawa Project (3.5Moz), in Senegal, occurs in close proximity to the regional-scale KKSZ.