(Ecofin Agency) - Last weekend, Savary Gold, the mining company that operates Karankasso project in Burkina Faso announced that it had sold 33.33 million of its shares to SEMAFO at $0.06 each. Thanks to this transaction, SEMAFO owns 15.5% of Savary.

The TSXV-listed company (Savary Gold) said it would use the fund ($2 million) to advance its Karankasso gold project by conducting technical studies and drillings.

Savary is a Canadian gold exploration and development company. It operates Karankasso project along with Sarama Resources via a joint venture and it holds 69.5% of this project.

Karankasso project, whose mineral resource is estimated at 805, 000 oz, is located in Houndé Greenstone Belt where SEMAFO’s Mana mine, Roxgold’s Yaramoko project, and Endeavour’s Houndé mine are all located.

 Louis-Nino Kansoun