Australian mineral exploration and development company Peak Minerals has signed a binding letter of intent to acquire the Tapanahony Gold project in Suriname, South America.
Under the terms of the agreement, Peak has the option to initially acquire a 60% interest in the project through a combination of share issuance and cash payments.
Peak also has the opportunity to acquire an additional 30% stake in the project by issuing two million shares on the six-month anniversary of the closing date.
The remaining 10% stake can be obtained at any point through cash and/or shares, based on an independent valuation.
The company also plans a non-brokered private placement of eight million shares at A$0.25 each, raising A$2m for working capital, pending approval from the Canadian Securities Exchange.
The Tapanahony Gold project spans 29,000ha and includes several gold targets, varying from large anomalies in soil to sites with limited drilling, all indicating the potential for further exploration.
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The project’s database includes airborne geophysics, multiple phases of semi-quantitative drainage panning, extensive auger grids, mapping and sampling of small-scale mining sites, and 4km of drilling.
Suriname is part of the Guiana Shield, stretching across Guyana to the west and French Guiana to the east. This region is known for its productive greenstone belt and hosts 15 gold mines including the Rosebel and Merian sites in Suriname.
The transaction is contingent on the completion of definitive documents and regulatory approvals.
Peak has formed a new advisory board including John Williamson of Metals Group and Mario Stifano of Galantas Gold to provide strategic guidance for the company’s initiatives in Suriname.
Last month, the company completed a detailed desktop review of the Minta Rutile Project in Cameroon, comprising a landholding of 8,800km² with exploration permits.
It identified high-priority zones for immediate drilling and other exploration activities across an approximate 3,500km² area for potential rutile dominant heavy mineral sands, zircon, rare earths and gold.
