Significant gold opportunity within Guinea’s Siguiri Basin
Polymetals Resources Ltd (Polymetals) is an Australian mining and exploration company, incorporated on 30 September 2020, for the purpose of acquiring and then proceeding to explore and develop gold projects in Guinea, West Africa. Polymetals is headquartered in Sydney, Australia.
The Board and Management have a practical approach to the mining industry and are optimistic that the licences may support the establishment of a large long-term gold mine where such an outcome would generate substantial enterprise and economic growth for Guinea and sizeable returns to our Shareholders.
The Company has recently acquired 100% interest in Golden Guinea Resources SARL (Golden Guinea) which owns two exploration licences within the Siguiri Basin in Guinea, West Africa. The Siguiri Basin occupies the north-eastern corner of Guinea and hosts several large active gold mining operations and is notable for its widespread gold anomalism.
Guinea's Siguiri Basin hosts a many large gold deposits including AngloGold Ashanti's Siguiri Gold Mine (+10Moz)
Potential value enhancement for shareholders and growth of the Company is based on careful planning and cost efficiency in all Company activities coupled with responsible decision making by Board and Management.
The Company is aware of the shareholder dilutionary outcome associated with the rolling capital raise / equity model most often used by ASX explorers. With a long history of production experience, the Board will be actively encouraging the operations team to seek out potential cashflow opportunities as a means of offsetting costs. Such opportunities might be in the form of production sharing projects and/or technical assistance services provided to existing mineral producers.
The principal business model is to explore the Company’s Exploration Licences efficiently, aiming to delineate significant and economic gold reserves which can support the development and operation of a large and long-life gold mine. Continued focus will be directed to expanding the Company’s ground position within the area.
The two Golden Guinea exploration Licences, known as Alahiné (64.21km2) and Mansala (48.23km2), host many historic and current small scale gold mining operations conducted by local individuals known as artisans. Artisans seek out coarse gold situated immediately below the surface laterite capping and at various levels within the underlying intensely weathered bedrock. All artisanal mining is limited to the depth of the standing water level which is approximately 15m below surface.
The Company’s acquisition of Golden Guinea was based on a value judgement by the Board to acquire a gold project with compelling geological attributes that might lead to the possible delineation of significant gold resources and a mine development.