- The joint venture partner of Advance Gold (AAX) has completed one diamond drill hole at the Rosterman Gold Mine property in Western Kenya
- The Rosterman mine is located on one of the three claim blocks that make up the joint venture between Shanta Gold and Advance Gold
- The Rosterman Mine is a past producer, having operated in the 1950s and 1960s
- One hole of 320 metres has been completed, with core having been sent to the lab for assaying.
- Advance Gold is unchanged on the day, with shares of the company trading for C$0.08 at 12:40 pm ET
The joint venture partner of Advance Gold (AAX) has completed one diamond drill hole at the Rosterman Gold Mine property in Western Kenya.
The Rosterman mine is located on one of the three claim blocks that make up the joint venture between Shanta Gold and Advance Gold. Shanta currently holds an 88.55 per cent interest in the joint venture.
The Rosterman Mine operated in the late 1950s to the mid-1960s and mined seven gold-bearing reefs from 23 underground levels.
Shanta Gold reports that one hole of 320 metres has been completed, with core having been sent to the lab for assaying. The hole was drilled to the west of the Rosterman Mine workings and along strike of the mineralized structure and surface gold in soil anomaly.
“Since Shanta Gold took over the joint venture from Barrick last year they have completed a lot of preparation work to get ready for drilling. We are pleased to see they have completed the first hole at the past producing Rosterman Gold Mine. They have taken a new look at the project with a new set of eyes and have put together a phased exploration plan that will move ahead based on results. With Shanta spending more money on the Joint Venture, we are nearing the stage where we will be diluted to a 10 per cent interest. At that point, Advance Gold converts to a 3 per cent uncapped royalty where Shanta has no right of first refusal. This will give Advance some flexibility if it chooses to sell a portion of the royalty,” said Advance Gold President and CEO Allan Barry Laboucan.
Advance Gold is a junior exploration company focused on acquiring and exploring mineral properties containing precious metals, battery metals and fertilizer minerals.
The company holds an 11.45 per cent interest in strategic claims in the Liranda Corridor in Kenya, East Africa.
Advance Gold is unchanged on the day, with shares of the company trading for C$0.08 at 12:40 pm ET.
