Roscan Gold (ROS.V) has increased the size of its land package in Mali by acquiring a piece of land totalling sixteen square kilometers immediately west of the Mankouke permit. Roscan was very interested in this piece of real estate as the magnetic signature of the Siribaya-Mankouke-Seko structure is also clearly visible on the newly acquired land, as you can see on the image above.
Roscan seems to be very pleased it was able to pick up the ground as CEO Sangmuah calls it ‘a critical acquisition as it captures the western offset of the magnetic structure associated with the Southern Mankouke discovery’. With the additional land and the results expected from a 3,900 kilometer airborne geophysical survey, Roscan Gold will likely continue to drill its high priority targets at an accelerated pace.
And the company doesn’t have to worry about cash. During 2020, it received almost C$12M from the exercise of in excess of 72 million warrants and in the final six weeks of the year, an additional C$2M of cash has been received which means the company’s treasury will remain pretty full. The company also plans to accelerate its exploration plans as it has increased the amount of rigs to six, which includes a diamond drill rig capable of drilling holes up to a depth of 1,400 meters to drill-test some targets at Kandiole. Approximately 27 million warrants (25.5M in the money) remain outstanding and could add an additional C$4.7M to the treasury.
Disclosure: The author has a long position in Roscan Gold and will exercise warrants in the next few weeks. Please read our disclaimer.