FAMBINA Gold Concession
The Fambina Concession covers 42 sq km partially contiguous with and to the south and east of the Sanoukou Concession (See MAP). The addition of the Fambina concession, which extends south to within 1.5 km of the Company's 100 sq km Dabia Ouest concession, brings the total area now held in the Kenieba district to 166 sq km and expands the opportunity to build on previous exploration success.
The Company's Vice President of Exploration, Mamadou Keita (M.Sc.Geo.), is familiar with the Fambina concession and a recent property visit by the Company's Malian geologist confirmed the important presence of orpailleurs, or hand miners. The acquisition of this concession, together with the Sanoukou and the Dabia Ouest concessions provides the Company with an exceptional opportunity to take a district exploration approach for gold, linking areas of orpaillage and favourable geology along the Birimian greenstone belt of Western Mali. Great Quest is planning a program of geological mapping and rock and soil sampling.
Under the terms of the Fambina option agreement, the Company may earn a 95% interest in the Fambina concession by making payments totalling approximately C$99,000 over 3 years. After the initial payment of C$42,550, the second payment is due in eighteen months. On completion of the payments the Company will hold a 100% interest subject to a 5% carried net profit interest and the reserve interest of the Government of Mali. The Convention d'Etablissement permit is in place and the Arrête de la Miniere permit was granted July 7, 2009.
The Company's Vice President of Exploration, Mamadou Keita (M.Sc.Geo.), is familiar with the Fambina concession and a recent property visit by the Company's Malian geologist confirmed the important presence of orpailleurs, or hand miners. The acquisition of this concession, together with the Sanoukou and the Dabia Ouest concessions provides the Company with an exceptional opportunity to take a district exploration approach for gold, linking areas of orpaillage and favourable geology along the Birimian greenstone belt of Western Mali. Great Quest is planning a program of geological mapping and rock and soil sampling.
Under the terms of the Fambina option agreement, the Company may earn a 95% interest in the Fambina concession by making payments totalling approximately C$99,000 over 3 years. After the initial payment of C$42,550, the second payment is due in eighteen months. On completion of the payments the Company will hold a 100% interest subject to a 5% carried net profit interest and the reserve interest of the Government of Mali. The Convention d'Etablissement permit is in place and the Arrête de la Miniere permit was granted July 7, 2009.
