Cache Exploration (TSX-V:CAY) announced the acquisition of a 100% mineral interest in a gold project in Mali, West Africa.
In a press release, Cache said that it signed a definitive agreement with private vendor Rachid Mogabgab and that the acquisition includes an estimated $250,000 in mining equipment previously utilized at the project.
To go ahead with the deal, the Vancouver-based firm has to issue 2,500,000 common shares on the closing date and pay the vendor a total of $210,000.
The property is located in southwestern Mali and, according to Cache, is underlain by Birimian volcano-sedimentary rocks and granitic intrusives.
"The first work in the area started in 1989 with the Or Bagoe project, consisting of geochemical prospecting on a 1,000m x 250 m grid. In 1998, the technical assistance to the mineral sector project re-analyzed the samples obtained during the Or Bagoe project. Anomalous results were obtained for the Kokoyon property with the highest being 9.9 g/t Au," the miner's media statement reads.
Once approvals are received, Cache said its geologists plan to explore the high-grade gold samples on the property. "Geophysical, geological and soil sampling surveys followed by drilling are suggested to resume exploration on the property," the company states.