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Contango acquires Ntiela gold project in Mali for £750,000
StockMarketWire.com
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Natural resource development company Contango said it had acquired the Ntiela gold project in Mali, for about £750,000.
The acquisition consolidates Contango's existing mineralised footprint in the region of southern Mali.
Exploration activities at Ntiela, which was contiguous to the company's existing Garalo gold project, were expected to commence in Q2 2021 to follow up on identified and prospective targets, the company said.
'Existing data from soil geochemistry studies on Ntiela also suggests a strong correlation with the data the company has been collecting at the G3 target on Garalo, pointing to the potential for high-grade gold mineralisation on the Ntiela licence,' it added.
The company paid €400,000 in cash and the issued of 4,000,000 new shares at a price of 10 pence per share for the acquisition.
At 8:27am: (LON:CGO) Contango Holdings Plc Ord 1p share price was 0p at 5.6p
Story provided by StockMarketWire.com
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