(Ecofin Agency) - The Kada gold project in Guinea holds 923,000 ounces of gold, according to a 2023 estimate. To boost this estimate, Asara Resources, the project's owner, plans an exploration campaign by the year’s end.

On September 17, Asara Resources announced a share placement to raise $950,000 for its Kada gold project. Asara secured the funds from Barbet L.L.C FZ, a new investor, in exchange for a 12% stake.

Happy to welcome Barbet to the share register. Look forward to tapping into their Guinean expertise to advance the Kada Gold Project.

Entering Q4 debt free and well funded pic.twitter.com/XqqSVLiP8v

— Asara Resources (@asara_resources) September 16, 2024

"Barbet LLC FZ consists of a team of seasoned experts with a proven track record of developing projects in West Africa, including Guinea. We are eager to collaborate with them and leverage off their extensive understanding and knowledge of Guinea to advance the Kada project," said Tim Strong, CEO of Asara.

Asara intends to use the money to kick off exploration works at the mine in Q4 2024. According to a feasibility study published in October 2023, Kada holds at least 923,000 ounces of gold. Asara stated that the coming exploration campaign could increase this estimate, and even lead to an exploratory study.

Asara's main shareholders include Capital DI (17.42%), BPM Investments (7.32%), and Jetosea Pty Ltd (6.49%), as noted in a document dated February 2024.

Emiliano Tossou