Volta Mining acquires Kango iron ore project in Gabon
Australian Securities Exchange-listed junior miner Volta Mining has bought the Kango iron ore project in Gabon, Africa, from private exploration company Core Mining.
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“The acquisition of the Kango Iron Ore Project is synergistic in terms of operations, exploration and future infrastructure with Volta Mining’s landmark Mbombo Iron Ore Project, acquired in August,” said Volta Mining md David Sumich on Thursday November 22.
“We believe it will help position Volta Mining as a significant iron ore participant in West Africa,” he said.
Managed through Volta’s Mauritian subsidiary Volta West Africa, the acquisition of 100% of the project involves a downpayment of $200,000 and the issue of nine million shares to Core,which will give it close to a 15% share in Volta Mining upon completion of the deal.
“We look forward to being a key shareholder of Volta Mining and the continued exposure to the Kango Project that this will provide,” Core Mining ceo Socrates Vasiliades said.
Geological mapping and surface sampling in the 1,818sq km Kango project area have identified iron at 39-61% Fe.
Volta, through its 80% owned Gabonese subsidiary Volta Iron, also holds two iron ore exploration licences in Mbombo, adjacent to the country’s biggest iron ore deposit, Belinga.
Meanwhile, Core is focusing on its Avima asset in the Republic of Congo, Vasiliades said.
The Avima project holds 690 million tonnes of 58% Fe material, with an estimated direct ore shipping capacity of 35 million tpy.