Vancouver, British Columbia--(Newsfile Corp. - January 13, 2025) - Koulou Gold Corp. ("Koulou Gold" or the "Company") is excited to announce a major expansion of its project portfolio in Côte d'Ivoire, including the acquisition of the Assuéfry permit (PR0967), strategically situated adjacent to Endeavour Mining's Assafou deposit within their Tanda exploration permit.
Alex Ruggieri, CEO of Koulou Gold, stated, "Acquiring the Assuéfry permit, adjacent to the remarkable Assafou discovery, represents a pivotal milestone for Koulou Gold. The economic potential of this area is immense, and our exploration strategy aims to unlock its full value."
Assuéfry Project Overview
The 335.88km2 Assuéfry exploration permit was granted on December 5, 2024, to Tropic Mining Group (TMG). Koulou Gold holds an option to earn up to 90% interest in the Project. Assuéfry is underlain by the same Tarkwaian-like Koun-Tanda basin and Birimian volcanic rocks, and structural setting as Assafou (Figure 1).
Figure 1. Assuéfry and Tanda-Iguela permits regional overview with BRGM's 2005 geology and structural interpretation and Siméon et al., 1995 200k structural interpretation
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On December 24, 2024, Koulou acquired historical data compiled by Etruscan Resources Inc. No assay certificates or QA/QC samples were included in the historical database, however future work will verify historical results and implement 43-101 compliant QA/QC protocols for all sampling methods. The historical data demonstrates significant exploration potential (Figures 1 and 2):
Drilling and Trenching: Historical results of two diamond drillholes (262.1m) and one trench (110m) include 298 assays. Although these did not adequately test the best part of the soil anomalies, they display broad low-grade intercepts that require further evaluation.
Stream Sediment Sampling: Results highlight multiple untested areas with highly anomalous gold-in-catchments (Figure 2a).
Soil Sampling: Robust gold-in-soil anomalies (from 50m x 200m spaced grids) spanning 8.0 km x 1.1 km and 7.0 km x 3.0 km along a NW-SE trending Assafou parallel interpreted "basin opening" structure and along the NNE-SSW faulted contact between the Tarkwaian-like Koun-Tanda basin and Birimian volcanic rocks (Figures 1 and 2b).
Figure 2. Summary and distribution of historical data compiled by Etruscan Resources Inc. on the Assuéfry Permit. a) Stream sediment, drilling, and trenching results; b) Soil, drilling, and trenching results and planned soil sample grids
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The Assuéfry Project is set for an aggressive exploration program in 2025, aimed at identifying and testing drill targets by year-end. The planned 2025 activities include:
Regional soil sampling (50m x 600m) across the entire permit area outside of historical grids to test anomalous gold-in-catchments and historical gold occurrences (Figure 2b)
Infill soil sampling (50m x 200m) along extensions of already established robust gold-in-soil anomalies and duplication of select historical soil lines to verify historical data (Figure 2b)
Detailed airborne magnetic survey over the entire permit and ground IP surveys over robust soil anomalies
Minimum 10,000m drill program
Endeavour's Assafou Project
Endeavour Mining's Assafou project, located within their Tanda permit, lies adjacent to Koulou Gold's Assuéfry Project (Figure 1). The Assafou deposit has a maiden probable reserve estimate of 72.8 Mt at 1.76 g/t Au, totaling 4.1 Moz (effective August 31, 2024, based on a gold price of US$1,500/oz) (see Endeavour Mining press release dated December 11, 2024). In addition to these reserves, the deposit contains inferred resources of 3.3 Mt at 1.97 g/t Au (0.2 Moz), based on a gold price of US$1,900/oz.
According to the recently published Pre-Feasibility Study (PFS), the Assafou project demonstrates strong economics, with an after-tax NPV(5%) of US$2.485 billion and an IRR of 40% at a US$2,500/oz gold price (Figure 1). Endeavour plans to begin its Definitive Feasibility Study (DFS) immediately, with completion expected by early 2026. The DFS is expected to incorporate further resource expansion and definition at Assafou, as well as satellite deposits nearby (see Endeavour Mining press release dated December 11, 2024).
Endeavour's Strategic Investment in Koulou
Endeavour invested $2.7 million in Koulou Gold by purchasing 9,642,857 units at $0.28 per unit, acquiring a 12.39% stake with the potential to increase to 19.11% through warrants exercisable at $0.42 within 24 months (see Koulou Gold press release dated May 29, 2024).
Portfolio Growth
In 2024, Koulou more than doubled its exploration portfolio from 694 km² to 1,857 km² through several strategic deals (Figure 3), including:
336 km² Assuéfry permit with Tropic Mining Group - Option to 90% interest
359 km² Ceronna permit application with Ceronna Resources - Option to 90% interest
139 km² Sakassou East permit with Transland Resources - Option to 80% interest
329 km² Dikro permit application with SINAIM - Option to 80% interest
Figure 3. Koulou Gold Corp's Project Location Map
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Portfolio Updates
Sakassou Project
Overview: The 396.91 km2 Sakassou project (PR 944) is located in central Côte d'Ivoire on the northeast trending Bouaflé greenstone belt approximately 30 km northwest of Perseus Mining's Yaouré mine (Figure 3), which produces over 200koz per year and has a Proven and Probable reserve of 37.2Mt at 1.73 g/t containing 2.07Moz of gold (see Perseus Mining press release dated December 19, 2023).
2024 Drilling Success: A 10,153-meter reverse circulation (RC) drill program expanded the Bravo West mineralised footprint to 1.3 km, including notable results of 27m at 2.29 g/t Au (BWRC24-006) (see Koulou Gold press release dated July 8, 2024).
Sakassou East Permit: A new option agreement adds 26 km of untested prospective structures, including a 12 km extension of the Bravo West and East targets (Figure 4).
2025 Plans: Stream sediment sampling and soil grids to guide further exploration supported by structural detailed interpretation and target generation (Figure 4).
Figure 4. Sakassou Overview. a) Geology and soil results; b) Regional Total Magnetic Field map
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Kouto Project
Overview: The 298.46 km2 Kouto project (PR 916) is located in northwestern Côte d'Ivoire on the north-northeast trending Syama greenstone belt adjacent to and along strike from Aurum Resources' 1.6 Moz Au Boundiali project (see Aurum Resources press release dated December 30, 2024) (Figure 5a) and approximately 120 km northeast of Montage Gold's 3.15 Moz Au Koné project (Figure 3) (see Montage Gold press release dated December 18, 2024).
2024 Results: Stream sediment surveys identified a 14 km x 10 km gold-in-catchment anomaly. Soil sampling confirmed a robust 10 km x 5.0 km anomalous corridor.
2025 Plans: A 100m line-spacing drone magnetic survey is underway, with results expected in Q1 2025. Additional soil grids are planned to refine existing targets and generate new ones (Figure 5b).
Figure 5. Kouto Project Overview. a) Regional Overview map displaying Aurum Resources' prospect locations included in the maiden 1.6Moz inferred resource underlain by regional magnetic analytical signal map and structural interpretation (polygons depicting the location and size of Aurum's prospects may not be accurately represented) (see Aurum Resources press release dated Decembre 30, 2024); b) Soil results, proposed soil grids, and drone-mag survey area
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Corporate Updates
Board Appointment: Gilbert Stein joins Koulou's board as Endeavour Mining's nominated director, further strengthening the Company's governance.
Dr. Stein is a seasoned exploration geologist with over 30 years of experience in mineral exploration and resource development. Known for leading diverse teams and crafting effective strategies, Dr. Stein has contributed to major discoveries, including gold in Sudan, copper-gold in Indonesia, and uranium globally. As VP Exploration and COO at Orano Mines, he optimized exploration efforts, securing significant resources and advancing partnerships. Dr. Stein currently serves as VP Exploration of Endeavour Mining in Côte d'Ivoire and Burkina Faso.Capital and Development: With $1.7M CAD in capital, Koulou plans to raise additional funds in Q1 2025 to support aggressive exploration and development efforts.
Qualified Person
Dr. Arnaud Fontaine, P.Geo. (APGO no. 3570), PhD., and a Qualified Person as defined under National Instrument NI43-101, has reviewed and approved the scientific and technical information in this press release.
Looking Ahead
Koulou Gold remains focused on advancing its high-priority projects, particularly Assuéfry, while continuing to evaluate and develop new opportunities within its growing portfolio.
For more information, visit www.koulougoldcorp.com or contact:
Alex Ruggieri CEO and Director
alex@koulougoldcorp.com
+1 778 888 4986
On behalf of the Board of Directors,
Alex Ruggieri
CEO and Director
Koulou Gold Corp.
Cautionary Statement Regarding Forward Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects', "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved". Forward looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Although the Company believes that the assumptions and factors used in preparing these forward-looking statements are reasonable based upon the information currently available to management as of the date hereof, actual results and developments may differ materially from those contemplated by these statements. Readers are therefore cautioned not to place undue reliance on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. It is important to note that results on adjacent properties are not necessarily indicative of the results on Koulou's properties. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SOURCE: Koulou Gold Corp.
