Dalaroo Metals has secured a joint venture to acquire up to 80% of the Bongouanoa Gold Project in Cote d’Ivoire, revealing strong historical gold intercepts, while initiating critical minerals exploration in Greenland’s Blue Lagoon project.
- Binding JV agreement for 80% interest in Bongouanoa Gold Project, Cote d’Ivoire
- Historic drilling shows high-grade gold intercepts up to 60.47g/t Au
- Exploration commenced at Blue Lagoon Zr-Nb-REE project in Greenland
- Lyons River Project confirms base metal prospectivity with up to 1.1% Zn
- Post-quarter $1 million capital raise supports ongoing exploration
Strategic Gold Acquisition in West Africa
Dalaroo Metals Ltd (ASX – DAL) has taken a significant step forward in its growth strategy by entering a binding joint venture agreement with Reflex Exploration to acquire up to an 80% stake in the Bongouanoa Gold Project, located within the prolific Sefwi-Comé Birimian Greenstone Belts of Cote d’Ivoire. The project covers a substantial 400 square kilometres and benefits from extensive historical exploration data, including soil geochemistry, rock chip sampling, and both aircore and diamond drilling.
Notably, historic diamond drilling has revealed impressive gold intercepts, such as 17 metres at 6.79 grams per tonne (g/t) gold from 113 metres depth, including a 3-metre section grading 34.29 g/t, and a remarkable 2 metres at 60.47 g/t gold. These results underscore the project's potential to host economically significant gold mineralisation, with a large 16km by 10km gold-in-soil anomaly delineating multiple high-priority drill targets yet to be tested.
Greenland Exploration Targets Critical Minerals
Following the quarter, Dalaroo’s field teams commenced exploration activities at the Blue Lagoon Zr-Nb-REE project in Greenland, focusing on zirconium, niobium, and rare earth elements (REEs). Led by veteran Greenland geologist Ole Christiansen, the program includes auger drilling, stream sediment and soil sampling, and reconnaissance mapping. The project’s geochemical footprint closely resembles other significant REE deposits in southern Greenland, such as the Kvanefjeld and Tanbreez projects.
This initiative aligns with growing strategic interest from the United States in Greenland’s critical minerals, aiming to diversify supply chains away from China. The US Export-Import Bank’s recent $120 million loan offer to Critical Metals Corp for REE project development in Greenland highlights the geopolitical importance of this region.
Base Metals Potential in Western Australia
In Western Australia, Dalaroo’s Lyons River Project continues to show promise with diamond drilling at the Browns Prospect confirming base metal mineralisation consistent with Broken Hill Type and Sedimentary Exhalative deposit models. Assays have returned up to 1.1% zinc, supporting the prospectivity of this 838 square kilometre landholding in the Proterozoic Mutherbukin Zone. The company is actively reviewing key targets and maintaining tenements, despite no field work during the quarter due to weather conditions.
Financial Position and Outlook
Dalaroo reported exploration expenditure of $234,000 for the quarter and corporate costs of $231,000, ending with a cash balance of $455,000. Importantly, the company secured firm commitments post-quarter to raise $1 million through a share placement, providing a vital funding boost for ongoing and planned exploration activities. The vendor of the Bongouanoa Project has also agreed to defer a $150,000 entry fee until the relevant mining licence is granted, expected by year-end.
Looking ahead, assay results from Greenland’s sampling program are anticipated from early September, with potential for a follow-up field campaign before the end of the month. At Bongouanoa, further drilling and exploration are planned to delineate mineralisation and advance the project towards resource definition.
Bottom Line?
Dalaroo’s strategic moves in gold and critical minerals position it well for growth, but upcoming assay results and funding execution will be key to sustaining momentum.
Questions in the middle?
- Will upcoming assay results from Greenland confirm the presence of economically viable REE deposits?
- How quickly can Dalaroo advance Bongouanoa towards a formal resource estimate given the strong historic intercepts?
- What impact will the recent $1 million capital raise have on accelerating exploration and project development?