PERTH: Santa Fe Minerals Ltd. said Thursday it has entered into binding agreements to acquire the Eburnea Gold Project in Côte d’Ivoire from Turaco Gold Ltd., marking a strategic move into West Africa’s gold-rich terrain.
The acquisition comprises two tenements: the granted Satama Permit (PR544), where Santa Fe will hold 100%, and the Bouake North Application (PRA575), where it will initially acquire a 65% interest, with options to increase that stake to 90%.
Santa Fe plans to raise AUD $1.2 million via a share placement at AUD $0.05 per share—a 61.3% premium to its last closing price—pending shareholder approval. The capital will fund exploration across both the Eburnea Gold Project and Santa Fe’s existing assets.
Historic drilling at Satama includes intercepts such as 26 meters at 4.82 grams per tonne (g/t) of gold and 30 meters at 1.92 g/t along a 2-kilometer mineralized corridor. Geophysical surveys suggest the potential for parallel structures across a cumulative strike of more than 20 kilometers. Bouake North, located 35 km from Endeavour Mining’s Lafigue Gold Mine, returned high-grade assays including 3 meters at 35.79 g/t.
Completion of the acquisition, including share purchase agreements for underlying holding companies, is subject to regulatory and shareholder approvals expected at a general meeting in August.
Santa Fe said the acquisition supports its strategic goal of unlocking value in underexplored regions within prolific gold belts.