Altus Strategies (TSXV: ALTS) has signed a nonbinding agreement with Stellar Africa Gold (TSXV: SPX) for the sale of its Prikro and Zenoula gold projects in Côte d’Ivoire.
Altus will receive an initial payment of 2.5-million Stellar shares, with a market value of about C$87,500, and 2.5-million share purchase warrants.
According to the company, the Prikro project in the Prikro and Koun-Fao Departments in eastern Ivory Coast was selected because of its historically reported gold occurrences and the existence of artisanal workings in the surrounding areas.
The Zenoula project is located 100km north-west of the city of Yamoussoukro. Zenoula is centred within a NNE trending Birimian age granite greenstone belt, 65km along strike from the Abujar project of Tietto Minerals (ASX:TIE).
“We believe the proposed transaction not only validates the value we have identified in the projects, but that we have partnered with the right company to progress these projects through to the next key phases,” said Altus CEO Steven Poulton.
Midday Monday, Stellar Africa’s stock was up 28% on the TSXV. The company has a C$3 million market capitalization.