Roscan completes Mali project purchase, stock up

Image courtesy of Komet Resources Inc.

Roscan Gold (TSXV: ROS) has completed its previously announced acquisition of the Dabia South project in Mali from fellow Canadian mining junior Komet Resources (TSXV: KMT).

The Dabia South property comprises 35 square kms of mining concessions adjacent to Roscan's Kandiole project. Total consideration for the acquisition amounted to C$3.2 million in cash and shares.

"We are very excited about this acquisition that strengthens our discovery potential by adding key exploration targets on a major regional trend," Roscan president and CEO Nana Sangmuah said in a press release.

"One of these targets has a shallow historical estimate which extends to 80 m depth. Our exploration team on the ground are finalizing drill campaigns on some of these targets, which will be incorporated as part of our expanded 45,000 km 2020 work program," she added.

Shares of Roscan Gold jumped 5.9% by midday Friday after rising to a new 52-week high earlier. The company has a market capitalization of C$99.7 million.