Columbus Gold (TSX: CGT; US-OTC: CGTFF) wants to become a dominant player in the fledgling gold mining industry in French Guiana, an overseas department of France on the northeast coast of South America, which is made up mainly of tropical rainforest.
The junior and its Russian partner, Nordgold, already own 44.9% and 55.01% of the Montagne d’Or gold deposit in northwestern French Guiana, where they are moving forward with permitting and development.
But they’re looking to expand their footprint, and, as part of that strategy, Columbus entered into an agreement in August 2018 to acquire up to a 70% stake in Iamgold’s (TSX: IMG; NYSE: IAG) Maripa gold project in eastern French Guiana, 50 km south of the capital city of Cayenne. Maripa consists of five contiguous exploration permits spanning 120 square kilometres.
Continue reading at The Northern Miner.