Pasofino Gold, a Canadian mineral exploration company, has announced that the company is engaging with other potential buyers after an exclusivity agreement with a buyer for a $75m (C$105.59m) acquisition deal expired.
Pasofino Gold, 53% owned by Hummingbird Resources, has expanded due diligence access to other interested parties and is coordinating preliminary site visits.
The company owns the Dugbe gold project and prospects in southern Liberia. The Dugbe gold project is known for its two major gold deposits, Dugbe F and Tuzon.
The project also includes several unexplored prospects with potential for gold mineralisation, such as the Bukon Jedeh area, a priority gold target, and the DSZ target.
Discovered by Hummingbird Resources in 2009 and 2011, these deposits are proximal to the Dugbe Shear Zone, a key feature for gold mineralisation in West Africa.
Exploration at the Dugbe gold project has been extensive, with Hummingbird Resources conducting 74,497m of diamond coring up until 2012.
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By GlobalData
Pasofino added 14,584m of drilling at the project in 2021, leading to a measured and indicated mineral resource estimate of 3.3 million ounces (moz).
In 2019, Hummingbird Resources secured a 25-year mineral development agreement with the Liberian Government, providing a stable operational framework for the Dugbe gold project, including tax and duty stabilisation and a 10% free carried government interest.
Pasofino Gold started exploration works at the Dugbe gold project in October 2020.
Following a definitive feasibility study completed in June 2022, Pasofino declared a mineral reserve estimate for the project, predicting a 14-year life of mine based on the open-pit mining of both the Tuzon and Dugbe deposits.
Pasofino Gold completed a 11-hole, 1,328m diamond drilling at Bukon Jedeh, near its 3.3moz Dugbe gold project in Liberia, in June 2024.
