MetalsGrove Mining Ltd Vavoua Permit Granted in Côte d’Ivoire

MetalsGrove Secures Strategic Vavoua Permit in Côte d'Ivoire's Proven Gold Belt

MetalsGrove Mining Ltd has confirmed the formal granting of the Metalsgrove Mining Ltd Vavoua Permit in central-west Côte d'Ivoire, marking a significant milestone in the company's West African gold exploration strategy. The permit, spanning 378.25 km², forms part of an expansive joint venture portfolio covering 1,315 km² within the prolific Birimian greenstone belt.

The Metalsgrove Mining Ltd Vavoua Permit is strategically positioned between 60-140 km northeast of the 3.8 million-ounce Abujar gold mine, placing it within one of West Africa's most productive gold corridors. Furthermore, the company will immediately commence systematic soil sampling to identify prospective gold targets across this historically significant mining region.

"I am pleased to announce that MetalsGrove has been advised of the grant of the Vavoua permit, one of its four gold JV permits in Côte d'Ivoire, a highly prospective region renowned for hosting multi-million-ounce gold deposits," said Lijun Yang, Managing Director and CEO.

Key Permit Highlights

The newly granted permit encompasses several compelling exploration characteristics that demonstrate exceptional potential for gold discovery. In addition, the permit's strategic location provides multiple advantages for systematic exploration activities.

The Metalsgrove Mining Ltd Vavoua Permit offers the following key features:

• Coverage of 75+ strike kilometres of shear zones associated with significant gold mineralisation
• Proximity to major deposits: Located within the same geological belt as the operating Abujar mine
• Encouraging geological indicators: Aeromagnetic surveys reveal complex structural settings including pressure shadows and low-strain zones
• Historical context: Strongly anomalous auger results from adjacent permits suggest mineralised trends extend into the Vavoua area

Systematic Soil Sampling Campaign

MetalsGrove has designed a comprehensive two-phase soil sampling programme to accelerate target identification. However, this systematic approach ensures thorough evaluation whilst maintaining operational efficiency throughout the exploration process.

Phase 1: Broad-Spaced Regional Sampling

The initial sampling will cover approximately 600 sample points on a 1km x 1km grid pattern. The programme utilises the innovative PortablePPB technique, an Australian-developed method enabling rapid on-site gold analysis with results available within 48 hours.

This rapid turnaround capability allows the exploration team to immediately conduct infill sampling when anomalies are detected. Consequently, this maximises field efficiency whilst crews remain on-site, reducing overall exploration costs.

Phase 2: Targeted Infill Programme

Following identification of "gold corridors" from broad-spaced sampling, the programme will progress to higher-density sampling. Moreover, this targeted approach enables precise delineation of mineralised zones before drill testing commences.

The infill programme includes:

• Initial infill: 400m x 100m spacing
• Detailed sampling: 200m x 50m spacing where stronger anomalies emerge
• Verification analysis: Conventional fire assays to confirm identified targets before drill testing

Central West Gold Project Portfolio

The Metalsgrove Mining Ltd Vavoua Permit represents one component of a strategic four-permit portfolio in central-west Côte d'Ivoire. Additionally, this consolidated land position provides significant exploration scale and geological diversity.

Understanding the PortablePPB Technology

The PortablePPB technique represents a significant advancement in field-based gold analysis, enabling real-time exploration decision-making. Furthermore, this technology has revolutionised gold exploration efficiency across West Africa's Birimian belt.

How the Technology Works

The process involves a partial extraction method using the GLIX-20® reagent, similar to traditional techniques but without hazardous chemicals. Soil samples are processed through a 12-hour tumbling process with a collector device, which is then analysed using specialised equipment.

Exploration Advantages

The PortablePPB technology provides several distinct advantages for the Metalsgrove Mining Ltd Vavoua Permit exploration programme:

• Rapid results: 48-hour turnaround enables immediate follow-up sampling
• Cost efficiency: Reduces mobilisation costs by allowing real-time programme adjustments
• Quality assurance: Certified control devices ensure accuracy and reliability
• Safety profile: Uses non-dangerous reagents compared to traditional methods

The technology has proven instrumental in discovering multiple +1 million-ounce gold deposits throughout Côte d'Ivoire. Consequently, this demonstrates its effectiveness in this specific geological setting.

Geological Setting and Prospectivity

Côte d'Ivoire hosts approximately 35% of West Africa's Birimian Group rocks, the primary source of the region's multi-million-ounce gold deposits. In addition, the country represents one of the world's largest Proterozoic gold-producing regions, providing exceptional geological foundations for mineral discovery.

The Metalsgrove Mining Ltd Vavoua Permit area exhibits several key geological characteristics that enhance exploration potential. Moreover, these features align with successful gold discoveries throughout the region.

Structural Complexity

Aeromagnetic surveys have identified complex structural settings that commonly host significant gold mineralisation. These include:

• Low-strain zones: Areas where rock deformation has been minimal, often preserving mineralisation
• Pressure shadow zones: Structural areas adjacent to granite intrusions where gold-bearing fluids commonly accumulate
• Major fault systems: Continuation of the Abujar fault structures associated with significant gold mineralisation

Regional Mineralisation Trends

Strongly anomalous auger results from neighbouring permits to the south suggest mineralised structures extend into the Vavoua permit area. This geological continuity provides confidence in the permit's exploration potential and supports the systematic sampling approach.

Investment Thesis and Market Position

The granting of the Metalsgrove Mining Ltd Vavoua Permit reinforces the company's strategic positioning within West Africa's premier gold province. Furthermore, the permit's location within the Abujar-Napié gold corridor places MetalsGrove alongside established producers and advanced development projects.

Competitive Advantages

MetalsGrove has established several key competitive advantages through this strategic permit acquisition:

• Proven geological setting: Located within the same structural belt as operating mines
• Strategic land position: 75+ strike kilometres of prospective shear zones under single ownership
• Rapid exploration capability: PortablePPB technology enables accelerated target identification
• Experienced partnerships: Joint venture arrangements with established local operators

Near-Term Catalysts

Several key milestones will drive investor interest over the coming months. However, the systematic approach ensures steady news flow whilst maintaining exploration momentum.

1. Completion of Zuénoula sampling: Currently underway on the adjacent permit
2. Vavoua soil sampling results: Expected February-March 2025
3. Target definition: High-priority drill targets anticipated following soil sampling
4. Drill programme planning: Subject to positive sampling results

Joint Venture Structure and Economics

MetalsGrove operates the Metalsgrove Mining Ltd Vavoua Permit through a structured joint venture arrangement with Générale des Mines et Carrières S.A.R.L (GEMICA). Additionally, the company can earn up to 80% interest through systematic exploration expenditure:

• 40% interest: Achieved through A$200,000 expenditure
• 60% interest: Requires accumulated A$425,000 expenditure
• 80% interest: Requires accumulated A$750,000 expenditure

Upon successful exploration and potential mining permit application, MetalsGrove holds rights to acquire an additional 10% interest for A$2.1 million. Consequently, this could achieve 90% project ownership in a proven gold district.

Exploration Timeline and Immediate Priorities

The systematic approach to exploring the Metalsgrove Mining Ltd Vavoua Permit reflects industry best practices for early-stage gold exploration in West Africa. Moreover, this structured timeline ensures comprehensive evaluation whilst maintaining operational flexibility.

What Are the Immediate Activities?

The company has outlined clear priorities for the next six months of exploration activities:

• Complete ongoing Zuénoula permit soil sampling
• Commence Phase 1 Vavoua broad-spaced sampling
• Process and interpret initial geochemical results
• Plan infill sampling programmes based on anomaly patterns

Medium-Term Objectives

Looking ahead to Q2-Q3 2026, MetalsGrove will focus on advancing the most promising targets identified through systematic sampling:

• Execute Phase 2 targeted infill sampling
• Complete fire assay verification of priority targets
• Design maiden drilling programmes
• Advance remaining permit applications

The structured timeline ensures systematic evaluation whilst maintaining operational flexibility to respond to positive exploration results. Furthermore, this approach maximises the probability of significant gold discoveries.

Regional Context and Market Opportunity

Côte d'Ivoire's emergence as a significant gold producer has attracted major international mining companies and investors. In addition, the country's stable political environment, developed infrastructure, and supportive mining policies create favourable conditions for exploration activities.

The Metalsgrove Mining Ltd Vavoua Permit benefits from this established mining environment whilst offering exposure to underexplored geological terrain with demonstrated mineral potential. Moreover, the permit's proximity to operating mines provides access to established infrastructure and skilled workforce capabilities.

Why This Matters for Investors

The permit granting represents tangible progress in MetalsGrove's African gold strategy, moving from application stage to active exploration. Furthermore, the company's systematic approach using proven technologies in a prolific gold belt positions shareholders for potential resource discoveries.

With rapid assay capabilities and experienced exploration partnerships, MetalsGrove is positioned to deliver timely results and maintain exploration momentum. The upcoming soil sampling campaign provides clear near-term catalysts for share price appreciation, particularly given the permit's strategic location.

The granting of the Metalsgrove Mining Ltd Vavoua Permit establishes MetalsGrove as an active explorer in one of West Africa's most prospective gold regions. Consequently, systematic exploration programmes are designed to unlock potential value in this proven mineral province.

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