Seventy Ninth Resources Limited, a specialist in acquiring, managing, and developing undervalued land assets across the globe announces the award of two licences prospective for gold mineralisation in the Siguiri Basin, Republic of Guinea.
Highlights:
- Award of two new licences expands Guinea portfolio from three to five gold projects
- Licences located in the Siguiri basin, one of the most prolific gold belts in West Africa
- In-house technical team has identified numerous priority targets on new licence areas
- Multiple artisanal gold working identified from initial reconnaissance
- Field team ready to mobilise to new projects following the end of the rainy season
- Continued local community engagement, sponsorship of Talented Women of Siguiri event
- Evolution of asset portfolio as the company moves closer to a planned public listing
Will Slater, Chief Geologist at Seventy Ninth Resources comments:
“We are pleased to announce the addition of two new projects in Guinea, adding 108km2 to the company’s land holding and increasing the number of projects we manage in the country to five. Both licences are situated in the highly prospective Siguiri basin and are prospective for orogenic gold mineralisation. Desk base targeting and remote sensing has identified multiple areas of interest on the new licences and initial on-the-ground reconnaissance has mapped multiple artisanal gold working sites. Our in-house field team is ready to mobilise onto the project area to rapidly and systematically assess their prospectivity.”
Natalie Bellis, CEO at Seventy Ninth Resources adds:
“We are excited by the addition of two new projects in Guinea. As a business, we have been exploring in the country since 2011, building relationships and knowledge. Adding the two new licences is a testament to our ability to target prospective geological terrain and bring it into the portfolio.
The award of the new projects aligns with the company’s aspirations to develop a new project generator, building a large portfolio of prospective geological real estate as the company moves closer to a public listing.”
About New Projects
Two licences; RES3 (79km2) and RES4 (29km2) were awarded to Seventy Ninth Resources One Sarl, a 100% owned subsidiary of the Company, by the Centre de Promotion et de Développement Minier (CPDM) in Guinea. Desk-based targeting using historical geological and geophysical data plus remote sensing imagery has indicated a prospective geological setting to host orogenic gold mineralisation in both areas. Initial reconnaissance has identified 12 discrete artisanal gold working sites extending over a 3km north-northeast trend at RES4.
Community Engagement Projects
Seventy Ninth Resources has continued its programme of engagement and involvement with the communities surrounding the project areas. Most recently the Company has provided financial support and engagement with three local NGOs focused on helping women develop their own enterprises. A core part of this was sponsorship of the Talented Women of Siguiri event featuring a conference on women’s empowerment, personal development, and education. Other engagement includes support for a community initiative in the city of Siguiri concerned with the unblocking of drains to reduce the risk of flooding; and ongoing significant financial support and volunteering with the FOMBEK Orphanage across education, facilities, food, and healthcare.
For further information you are invited to visit the Company’s website https://79thresources.com/ or contact:
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Seventy Ninth Resources Ltd Natalie Bellis, CEO |
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Irlabs (Investor and Media Relations) Ira M Gostin |
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About Seventy Ninth Resources Limited
Seventy Ninth Resources holds a unique and advantageous position in the natural resources sector, specialising in the acquisition, management, and development of desirable assets leveraging the group’s global footprint to seek out new opportunities.
The company follows a Project Generator model, whereby it identifies high‐quality exploration projects diversified by commodity and jurisdiction, acquires these projects at a low cost and creates value through early-stage exploration, focusing on the most prospective projects, dropping licences that are unlikely to attract a partner. The next stage is to sell or JV these projects with reputable partners generating royalties as part of the transaction alongside potential milestone cash payments and equity. The partner funds exploration through feasibility, construction, and into production, providing long-term exposure to highly prospective ground.
Since 2011, Seventy Ninth Resources has been operating in the Republic of Guinea. The hands-on approach in-country has enabled the company to pair local knowledge with industry expertise, working on the ground to identify desirable assets based on data-driven insight.
Seventy Ninth’s work proactively engaging with all peoples where they explore has cultivated trusted relationships with local communities. Through these relationships, the company has gained unique access to acquire land in areas with significant potential for gold, diamond and other precious resources.
Environmental, Social, and Governance (ESG) is at the heart of everything Seventy Ninth Resources does, and it has implemented several initiatives, including a collaboration with a local orphanage and a partnership with a non-governmental organisation to address issues related to
mining in impacted communities.
The company is committed to exploring undervalued opportunities on a global scale with an intention to list on an internationally recognised stock exchange.
Cautionary Note Regarding Forward-Looking Statements
Certain information included in this announcement, including information relating to future financial or operating performance and other statements that express the expectations of the Directors or estimates of future performance constitute “forward-looking statements”. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programmes on schedule and the success of exploration programmes. Readers are cautioned not to place undue reliance on the forward-looking information, which speak only as of the date of this announcement and the forward-looking statements contained in this announcement are expressly qualified in their entirety by this cautionary statement.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. The forward-looking statements contained in this announcement are made as at the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or any forward-looking statements contained in any other announcements whether as a result of new information, future events or otherwise, except as required under applicable law or regulations.
Glossary of Terms
The following is a glossary of technical terms:
“orogenic gold” means gold mineralisation derived from hydrothermal fluids controlled by structures with the host rock
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