Sylla Gold Exercises Option Agreement to Acquire 100% of the Deguefarakole Licence at Its Niaouleni Gold Project

Sylla Gold Exercises Option Agreement to Acquire 100% of the Deguefarakole Licence at Its Niaouleni Gold Project

Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") is pleased to announce that it has exercised its option to acquire a 100% interest in the Deguefarakole exploration licence at its Niaouleni Gold Project by issuing 3,000,000 Common Shares of the Company and amending the Option Agreement dated September 15, 2021 with Niaouleni Gold Inc. (the "Optionor") and Niaouleni Gold Mali SARL. The Deguefarakole licence is one of four exploration licences that comprise the Company's 17,200 sq. km. Niaouleni Gold Project located in the Republic of Mali.

The Niaouleni Gold Project is located in the Sanankoro-Kobada-Niaouleni Gold Corridor and all of the Company's exploration work to date has been completed within the Deguefarakole licence area which represents 9,200 hectares (Figure 1). Between August of 2022 and March 2023, the Company completed 76 reverse circulation drill holes on the Deguefarakole licence encountering anomalous gold grades over significant widths in 66 of 76 RC holes drilled on the property (see Sylla press releases dated August 29, 2022, September 13, 2022, and April 12, 2023). Drilling was mainly focused around the Niaouleni South Prospect. The Company's drilling activities extended the strike length at Niaouleni South to 700 m and remains open to the north, south and at depth. The Niaouleni South prospect sits approximately 6 km along strike from the Kobada gold deposit.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/6472/198805_2bb08ec7a4cbf94a_001.jpg

Figure 1: Map of the Niaouleni Gold Project in Mali

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6472/198805_2bb08ec7a4cbf94a_001full.jpg

Under the terms of the original Option Agreement, the final option payment required to exercise the Option included the issuance of 5,000,000 Common Shares of the Company and a cash payment of $500,000. Under the terms of the Amending Agreement, this has been reduced to the issuance of 3,000,000 Common Shares and the final cash payment requirement has been waived. The Company has issued 3,000,000 Common Shares to the Optionors, comprised of 2,000,000 Common Shares required to be issued up to the second anniversary of the Option Agreement, and the final issuance of 1,000,000 Common Shares on or before April 12, 2025. Upon issuance of the 3,000,000 Common Shares, the Option has been exercised in full and the Company has earned a 100% undivided interest in the Deguefarakole exploration licence.

In connection with the exercise of the Option, the Optionor has reserved a 3% net smelter returns royalty ("NSR") in its favour, subject to the ability of the Company to purchase up to 2% of the NSR (resulting in the remaining NSR being reduced to 1%) for a purchase price of $2,000,000.

Qualified Person Statement

All scientific and technical information contained in this news release was prepared and approved by Gregory Isenor, P.Geo., Director of Sylla Gold Corp. who is a Qualified Person as defined in NI 43-101.

For more information, please contact:

Regan Isenor
President and Chief Executive Officer
Tel: (902) 233-4381
Email: risenor@syllagold.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198805

News Provided by Newsfile via QuoteMedia

SYG:CA
Sylla Gold

Sylla Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Sylla Gold (TSXV:SYG)

Sylla Gold


Keep reading...Show less
Sylla Gold Announces Intention to Consolidate

Sylla Gold Announces Intention to Consolidate

Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") announces its intention to consolidate its issued and outstanding common shares (the "Common Shares") on the basis of three (3) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the "Consolidation"). No fractional Common Shares will be issued and any fractional Common Shares will be rounded down to the nearest lower whole Common Share.

The Consolidation is subject to the approval of the TSX Venture Exchange, applicable securities regulatory authorities, and the approval of the shareholders of the Company. The Company anticipates that it will hold its annual and special shareholder meeting in May, 2024.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Sylla Gold Enters into Agreement to Acquire District Scale Land Package in Namibian Gold Belt

Sylla Gold Enters into Agreement to Acquire District Scale Land Package in Namibian Gold Belt

Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") is pleased to announce that it has entered into a share purchase agreement with Namibia Critical Metals Inc. ("NMI") to acquire four gold prospective properties encompassing 2,788 square kilometers, located in Namibia within the Central Namibian Gold belt. Sylla is to acquire a 95% interest in NMI's Namibian subsidiary that own the rights, title and interest to Grootfontein, Erongo, Otjiwarongo, and Kaoko Licences (Figure1).

Regan Isenor, President and CEO of Sylla, commented, "the Company is very pleased to acquire such an extensive land package of prospective ground in a truly emerging gold district. The Central Namibian Gold Belt continues to produce world class gold operations as well as new discoveries and we're looking forward to unlocking the value in these licences by applying some of the knowledge gained from the recent discoveries in the district. The licences Sylla is acquiring were assembled in proximity and on strike of significant operating gold mines and recent discoveries in favorable geology conducive to mineralization."

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
TSX Venture Exchange Stock Maintenance Bulletins

TSX Venture Exchange Stock Maintenance Bulletins

TSX VENTURE COMPANIES

BULLETIN TYPE:  Cease Trade Order
BULLETIN DATE: October 6, 2023
TSX Venture Company

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
Sylla Gold Announces Closing of Second and Final Tranche of Private Placement of Units

Sylla Gold Announces Closing of Second and Final Tranche of Private Placement of Units

Sylla Gold Corp. (TSXV: SYG) (the "Company") is pleased to announce that, further to its press release of September 5, 2023, it has closed the second and final tranche of its previously announced non-brokered private placement through the issuance of 4,200,000 units (each, a "Unit") at a price of $0.05 per Unit for gross proceeds of $210,000 (the "Offering"). The aggregate gross proceeds raised pursuant to the Offering was $452,500 through the issuance of an aggregate of 9,050,000 Units. Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 per Common Share for a period of eighteen (18) months from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Sylla Gold Announces Private Placement of Units and Closing of First Tranche of Private Placement

Sylla Gold Announces Private Placement of Units and Closing of First Tranche of Private Placement

Sylla Gold Corp. (TSXV: SYG) (the "Company") announces closing of a first tranche of a non-brokered private placement through the issuance 4,850,000 units (each, a "Unit") at a price of $0.05 per Unit for aggregate gross proceeds of up to $242,500 (the "Offering"). Each Unit is comprised of one common share (each, a "Common Share") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.10 per Common Share for a period of eighteen (18) months from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Steppe Gold Enters Into Share Exchange Agreement to Acquire Boroo Gold and Agrees to Sell the Tres Cruces Oxide Project

Steppe Gold Enters Into Share Exchange Agreement to Acquire Boroo Gold and Agrees to Sell the Tres Cruces Oxide Project

Steppe Gold Ltd. (TSX: STGO) (OTCQX: STPGF) (FSE: 2J9) (" Steppe Gold ") is pleased to announce that, further to its press releases dated January 22, 2024 and March 19, 2024, it has entered into a share exchange agreement (the " Share Exchange Agreement ") pursuant to which Steppe Gold will acquire all of the issued and outstanding common shares (the " BG Common Shares ") of Boroo Gold LLC (" Boroo Gold ") from an indirect, wholly owned subsidiary of Boroo Pte Ltd. (" Boroo Singapore ") in an all-share transaction (the " Boroo Gold Transaction ").

Additionally, pursuant to separate definitive share purchase agreements (the " Share Purchase Agreements "), each between one of Steppe Gold's wholly-owned subsidiaries, on the one hand, and Boroo Singapore or one of its affiliates, on the other hand, each dated April 11, 2024, Steppe Gold will sell the Tres Cruces Oxide Project (the " Tres Cruces Project ") to Boroo Singapore for approximately CAD$12 million in cash (the " Tres Cruces Transaction ") payable over the next 18 months beginning as of the Closing Date (as defined in the Share Purchase Agreements).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Silver North Closes Non-Brokered Private Placement

Silver North Closes Non-Brokered Private Placement

(TheNewswire)

Silver North Resources Ltd.

Vancouver, BC, April 11, 2024 TheNewswire S ilver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF, Frankfurt: I90, " Silver North " or the " Company ") is pleased to report that it has closed the financing announced on March 14, 2024 and updated April 4, 2024.  The Company raised $650,000 from the sale of 6,500,000 "Units" at $0.10 per Unit.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Prismo Metals Announces Frankfurt Stock Exchange Listing

Prismo Metals Announces Frankfurt Stock Exchange Listing

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) (FSE: 7KU) ("Prismo" or the "Company"), is pleased to announce the listing of the Company's common shares on the Frankfurt Stock Exchange ("FSE") under the trading symbol "7KU". Prismo Metals shares are also cross listed on the Canadian Securities Exchange (CSE: PRIZ) and on the OTCQB in the United States (OTCQB: PMOMF).

The Frankfurt Stock Exchange is one of the world's largest international trading centers for securities. Operated by the Deutsche Boerse AG, the FSE is the largest of Germany's seven stock exchanges and is responsible for approximately 90% of all securities traded in Germany. The FSE facilitates advanced electronic trading, settlement and information systems and enables cross-border trading for international investors.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Element79 Gold Corp and Condor Resources Inc. Reschedule March 2024 Lucero Payment

Element79 Gold Corp and Condor Resources Inc. Reschedule March 2024 Lucero Payment

(TheNewswire)

Element79 Gold Corp.

Vancouver, B.C., April 8, 2024 TheNewswire - Element79 Gold Corp - ("Element79" or the "Company") (CSE: ELEM, OTC: ELMGF, FSE: 7YS0) announces that it has reached agreement with Condor Resources Inc. (TSXV:CN, "Condor") to revise the payment terms on a payment due March 31, 2024 of US$375,000 with respect to the Lucero project. Element79 are the owner of Calipuy Resources Inc., ("Calipuy"), and assumed Calipuy's obligations to acquire the shares of Condor's subsidiary, Minas Lucero del Sur S.A.C., the owner of the Lucero project.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Prismo Metals Announces Closing of Debt Settlement and Private Placement

Prismo Metals Announces Closing of Debt Settlement and Private Placement

Prismo Metals Inc. (CSE: PRIZ) (OTCQB: PMOMF) ("Prismo" or the "Company") is pleased to announce that it has completed its previously announced debt settlement with certain creditors of the Company (the "Creditors"), pursuant to which the Company has issued to the Creditors an aggregate of 2,833,690 Common Shares at a price of $0.17 per Common Share in full and final settlement of accrued and outstanding indebtedness in the aggregate amount of approximately $481,727 (the "Debt Settlement"). All securities issued pursuant to the Debt Settlement will be subject to a statutory hold period of four months from the date of issuance.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Silver North Increases Oversubscribed Non-Brokered Private Placement to $650,000

Silver North Increases Oversubscribed Non-Brokered Private Placement to $650,000

(TheNewswire)

Silver North Resources Ltd.

Not for distribution to United States Newswire Services or for dissemination in the United States.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Sylla Gold

Sylla Gold Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×