The Massigui Gold Project is situated in southern Mali, 220km by road from the capital, Bamako. The Project area comprises a large (674km2) land holding that abuts and surrounds the Morila Gold Mine.
Birimian has made significant gold discoveries at three prospects, namely Ntiola, Viper and Koting. These prospects are situated in close proximity to the north-west of the underutilised 4 million tonnes per annum Morila Mine Treatment Plant. Over 35,000 metres of drilling has been completed by Birimian on the project to date.
On 4 November 2016 Birimian entered into an agreement with Societe de Mines de Morila (“Morila”) that could lead to the commercialisation of several of its gold deposits within its Massigui Gold Project. Under the terms of the agreement, Morila have been granted a six month option to acquire an Area of Interest within the Project. Upon exercise, Morila will make a payment of $1,000,000 and Birimian will retain a royalty of up to 4% of gold produced from the Area of Interest.
This agreement provides a potential low risk, low cost processing solution for the defined deposits, whilst the Company retains the significant upside potential for further gold discoveries on the broader project area.
The Morila Gold Mine, is managed by Societe de Mines De Morila, a Joint Venture between operator Randgold Resources, Anglogold Ashanti, and the Republic of Mali. In 2002, the first full year of production, the mine produced more than one million ounces of gold at a recovered grade of 12g/t gold and cash cost of US$74/oz. The operating result for 2002 is a stunning example of the tenor and quality of gold mineralisation that occurs within the Morila/Massigui District. The project has now largely exhausted existing ore sources and will be reconfigured to process tails.