David Sumich’s West Africa-focused gold explorer, Volta Mining, has entered an agreement to acquire a series of six prospective gold permits throughout Burkina Faso and Mali.
Volta announced today that it had entered into a share purchase agreement to acquire 100 per cent of Mauritius-based Sahel Resources, which holds options to acquire up to 100 per cent stakes in the gold exploration permits.
Five of the permits are located in Burkina Faso, while a maiden gold exploration permit is located in Mali, covering 129 square kilometres.
Discussions regarding a further two licences in Mali are ongoing, the company said.
Mr Sumich said the acquisitions were complementary to Volta’s current permit holdings in the south of Burkina Faso.
“We are excited to have secured these gold projects in Burkina Faso and Mali,” he said.
“The acquisitions are a strategic fit for Volta Mining and we have substantially increased our footprint in West Africa with the inclusion of projects in Mali to our portfolio.
“What has been most pleasing has been the fact that we have been able to achieve this growth in a relatively short period of time since listing in October 2011.”
At close of trade today, Volta’s stock had surged 14.3 per cent, to trade at 20 cents.