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ROSCAN GO
346.8 km² of highly prospective ground in the heart of Mali’s prolific gold
OLD
d region
MINING | ROSCAN GOLD
Roscan Gold Corp CEO and president Nana Sangmuah describes the TSXV-listed company’s land package in West Mali as one of the most prospective exploration grounds within West Africa’s sprawling Birimian greenstone belt. “We are right smack bang in the middle of about eight producing mines within an 80 km radius and we’ve added more ground this year that brings our total land package to about 346.8 km²,” says the experienced mining executive. The TSXV-listed explorer has already made four discoveries that together comprise the Kandiolé Project, which Roscan is rapidly advancing towards the resource delineation phase. “This is a first order structure, preliminary geophysics have been completed on the ground and they are pointing to some deeprooted structures here. We are very excited to have this land package and we are very confident that this could become a multimillion-ounce camp,” Sangmuah proclaims.
ROSCAN GOLD MANAGEMENT AND FIELD STAFF
MINING | ROSCAN GOLD
MINING | ROSCAN GOLD
Trust in Mali
its weight and has virtually
and security is of prime
Mali’s credentials as an
taken the reins of government,
importance to us and you can
established, high quality
applied the new mining code,
see that by the fact that we’ve
mining jurisdiction are
continued with the issuance of
had virtually no safety or
underlined by the proliferation
permits and it’s been business
security issues since we started
of commercial gold mines in
as usual.
with one target, which has now
the Southwest of the country.
grown to five targets and over
In fact, Mali produced 65.2
Roscan continued to operate
150 people employed.
tonnes of gold in 2020 - making
drill rigs at its camp as the
it the fifth largest producer
political situation played
“It should also be highlighted
in Africa - with the formal
out in August, and the same
that there are 86 gold mining
industrial sector generating
‘keep calm and carry on’
and exploration companies
huge government revenues
mindset was applied when the
operating in country and
and vital employment for the
COVID-19 pandemic hit earlier
there has not been a single
wider population.
in 2020.
day of operational disruption due to conflicts or terror
However, concerns were raised Mali’s investment status is
related activities. Some of
by investors last year after the
also often unfairly dented
these companies have been
incumbent government was
by the presence of Jihadist
operating for over 20 years in
removed in a military coup.
terror activity, which is
Mali since 1996 without any
Sangmuah quickly allays fears
mostly concentrated in the
major interruptions, in the
relating to Mali’s political
Northeastern part of the
case of Randgold Resources
instability: “I think it was one
country – over 1,000 km from
(now Barrick Gold).”
of the most peaceful coups
the cluster of operating gold
I’ve seen, where the will of the
mines within Roscan’s radius.
Regional expertise
“We have never felt threatened
Successfully navigating the
“The democratically elected
while getting on with our
challenges associated with
government was ushered out
business there. But we also
developing gold projects in
and a transitional government
don’t leave anything to chance
West Africa requires strong
was brought in without any
and make sure that staff are
leadership with extensive
loss of life. The transitional
well protected when they
regional experience, and
government is punching above
are in the bushes. Safety
Roscan has this in buckets.
people was respected,” he says.
Chairman Sir Samuel Jonah is
the company in February
a serial mine developer best
2021 as an independent
known for growing Ghana-
non-executive director,
based Ashanti Goldfields into
bringing with him unrivalled
a 10-mine conglomerate.
experience in transitioning
He later became president
junior exploration plays into
of AngloGold Ashanti after
producing gold companies in
the 2004 merger created the
Africa.
world’s second largest gold producer at the time.
Roscan’s land package was put together by another
Former AngloGold CEO
serial explorationist and
Srinivasan Venkatakrishnan
prospector Greg Isenor. The
(or Mr Venkat as he’s known
executive vice-chairman
in the industry) also joined
has been responsible for the development of several
ROS CAN GOLD AT A G L A N C E
gold projects in Africa and has a great nose for picking out ground, according to Sangmuah. “That leadership strength provides a lot of guidance to what we are doing and
STOCK TICKER TSXV:ROS, FSE:2OJ MARKET CAPITALISATION C$135.49 million (as of March 31, 2021) aj
a strong platform to work from. I wouldn’t put growth beyond this platform out of the question and we continue to evaluate several opportunities, but having that leadership helps a lot,” says Sangmuah.
MINING | ROSCAN GOLD
Striking gold Towards the end of last year, Roscan bolstered the Kandiolé Project with three new discoveries (Kandiole North, Walia and Moussala North) from an AC drilling campaign which confirmed the geochemical anomalies that Roscan had previously detected. “These discoveries are clear surface expressions of good mineralisation that will be followed up with more AC before we dig deeper with RC and DD to figure out the roots. We’ve also done an extensive geophysical survey that helps us with the deeper targeting and that’s been processed to generate 3D targets.” And after adding two significant land packages to the project in the first quarter of 2021, Roscan announced the Mankouke West discovery in March, a new high-grade zone 150 metres West of the initial Mankouke South discovery, which provided a signature hit
GREG ISENOR
EXECUTIVE VICE-CHAIRMAN
DR. ANDREW RAMCHARAN
EXECUTIVE VICE PRESIDENT, CORPORATE DEVELOPMENT AND INVESTOR RELATIONS
NANA SANGMUAH
PRESIDENT AND CEO
of 4.78 g/t over 24 metres at
The acquisition of the 42
feed into a central processing
surface.
km² Segondo West permit in
hub once the company reaches
February resembled another
the production phase.
“Following the Mankouke
crucial addition to the
West discovery, we’re going
Kandiolé Project, after Roscan
to be doing some exploration
had followed geophysical
Protecting stakeholders
chasing additional resources
extensions of the Walia and
Good corporate stewardship
as we build towards the North.
Moussala discoveries to the
is an important part of any
This discovery consolidates
Northwest.
company’s licence to operate
about 22 km of the magnetic
in West Africa, but Roscan
structure we have identified
Roscan is currently waiting
has gone above and beyond
in the land package. We like
on 3D interpretation and
in its commitments to the
the exploration upside that
geophysics results in order to
local communities since the
we can tap into here and
complete its prioritisation of
COVID-19 crisis, which has
the potential to eventually
key targets within the Segondo
thrown up unprecedented
translate mineralisation into
West permit, but Sangmuah
public health challenges.
a bigger ounce profile for
emphasises that the great
the company,” Sangmuah
thing about picking up extra
Roscan and its drilling
proclaims.
ground in the vicinity is that
contractor moved quickly
all additional resources will
to implement strict on-site
MINING | ROSCAN GOLD
RGN editor Jacob Ambrose Willson interviews Roscan Gold president and CEO Nana Sangmuah, March 29, 2021 protocols to prevent the
clinics in the region. This
has put us on a good pedestal
spread of the virus. As a
gesture was much appreciated
with the government. They
result of these double-lock
by the community and the
know we are proactive and will
protocols, there have been
Mayor, Sangmuah recalls.
put the assets that we acquire
no reported incidences of
“Through the COVID-19
into good use, providing
the virus on-site as of March
situation, some companies
employment and also
2021, but Sangmuah assures
have been pulling back and not supporting the surrounding
the company is not letting its
doing a lot of work; we never
communities, which we
guard down and will continue
stopped. So, we became a good
continue to do despite the
to apply stringent protocol to
source of local employment
fact that we’re just a small
all individuals visiting the site.
when other work has been
exploration company.”
hard to come by. After acquiring PPE for its own
Roscan’s supply chain is also
employees, Roscan donated
“We were also active during
distinctly local. The firm’s
excess PPE to several health
the political transition and that
in-country strategic partner
MINING | ROSCAN GOLD
is Touba Mining SARL,
Sangmuah responds by
“However, if there ever
which provides exploration
underlining the company’s
comes a point when an offer
services, including personnel
ultimate goal: To maximise
looks too good to refuse, and
and equipment, to Roscan.
value to shareholders.
shareholders want that as an
In addition, the company
Whether this is achieved
exit route, then it’s something
gives first priority to local
via mine development or an
we will definitely consider.”
businesses for a range of
acquisition by a larger player
goods and services – from
remains to be seen.
food supplies to transportation
Sangmuah also doesn’t rule out the possibility of expansion
and geological lab support –
Roscan’s market cap has risen
into the sub-region, where
helping to keep money in the
from $15 million in December
Roscan’s leadership can use
local economy.
2019 to around $135 million
its contact base to source
today, after reaching the
out and enhance value for
discovery phase sweet spot
shareholders. With West
After bringing in C$15
in Western Mali with not just
Africa ranking as the top-
million via an oversubscribed
one but multiple discoveries,
ranking region globally for
overnight public offering in
where each could become a
new discoveries, Roscan is
March, Roscan is fully funded
company maker in their own
perfectly placed to grow into a
for its 2021 drilling campaign
right, according to Sangmuah.
world-leading gold exploration
A bright future
at the Kandiolé Project,
business.
which will focus on advanced
“Our ground is highly
targets such as Kabaya and
prospective and you can see
Mankouke South, with a view
that projects that have been
to announcing a maiden
put into development in that
reserve in Q4. The firm has
area are trading North of
also completed an extensive
$1-2 billion, compared to our
geophysical survey which will
market value heading towards
inform further drill testing
$150 million. So, there’s a value
across the land package.
proposition to be had if you go up the value curve. Thankfully,
When asked about Roscan’s long-term ambitions for the Kandiolé Project and beyond,
we’ve got a team that can do it.
Published by Anderson Murray Media Ltd
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