ya Gold & Silver signed a term sheet on November 5 with Canada’s Sama Resources to sell it the Azegour project, a former copper, tungsten and molybdenum mine in the Western High Atlas, southwest of Marrakech.
Sama would pay in shares, issuing 52 million at 0.15 Canadian dollars each, or 7.8 million Canadian dollars in all. Aya would then hold up to 19.11% of the buyer.
The sale covers two mining licenses and two exploration permits, held in a Moroccan subsidiary created for the purpose. Sama would also take on a 2.5% royalty owed to a third party on part of the project.
Mined since the 1920s, Azegour produced molybdenum, then mostly copper from the Second World War onward, before it closed. Sama notes that no current mineral resource has been established there under Canada’s NI 43-101 standard.
The deal still needs a definitive agreement and Moroccan approval for the transfer of the titles. Because Benoit La Salle runs Aya while chairing Sama’s board, Sama’s disinterested shareholders must also approve it.
If it goes through, Sama will take the name AXA Metals, and Azegour will become its first project in Morocco, alongside the nickel and copper it explores in Cote d’Ivoire.
Photo: Amine Laghaout, CC BY-SA 3.0.
Aya Gold & Silver - Aya Gold & Silver Enters into an Agreement to Sell Azegour to Sama Resources
