Akoase Gold Project

Located in Ghana, in the Birim North District of the Eastern Region, approximately 111 miles northwest of the capital city of Accra, the Akoase Project is just 25km from Newmont Mining’s 8.7Moz Akyem gold project.

The project contains an established near-surface Inferred Mineral Resource Estimate (JORC 2012) of 20.6 Mt @ 1.2g/t Au for 790,000 ounces of contained gold, at a 0.5 g/t Au cut-off for the Akoase East deposit (Full announcement).

The Resource Estimate includes approximately 10,000 metres of historical reverse circulation (RC) drilling data, plus data from approximately 10,000 metres of RC and 3,000 metres of diamond drilling completed by Viking Ashanti over the past three years. 

In June 2015 the Company executed a sale contract for the Akoase Gold Project for an overall transaction value of USD$10 million, of which USD$8 million was to be paid in cash. Viking has received USD$5 million in sales proceeds.

USD$3 million has not been received by the Company; and a further USD$2 million via royalties from production. As announced to the market on 22 October 2018, the Company’s lawyers in Ghana have filed and served proceedings against Akoase Resources Limited, BXC Company Ghana Limited and Cheng Yi.

The Company will provide further information in relation to this matter as the proceedings progress.

Tumentu Gold Project

The Company was granted a prospecting licence for Tumentu from the Minerals Commission on 25 April 2019. In early 2020, the Company undertook a 35-hole (1,234m) shallow aircore program, testing soil sampling results. This limited drilling testing indicates the mineralisation on the Tumentu prospect is structurally controlled.

The Company is currently accessing its options for the project.

Butre Gold Project

In early January 2020, the Company the Company received confirmation that the Minerals Commission of Ghana had granted the prospecting licence for Butre. Butre is located in the Ahanta West region of Ghana.

No significant work has been undertaken on the Project since its acquisition and the Company is currently accessing its options for the project.

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