Sierra Leone: Target Acquires New Licenses for Diamond, Gold Exploration

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RAPAPORT… Alluvial diamond miner Target Resources plc acquired a license in Sierra Leone’s Faiyama Area, Nomo Chiefdom, Kenema District. This license lies along a 30 mile length of the Moro River which forms the border with Liberia in the southeast.  It was previously held by Gondwana Investments SA but was never explored. 

This area is known for colored diamonds, which  have been and are still being recovered in the Makpele Chiefdom downriver from the license area, and are thought to be derived from a primary source different from those known in the Kono and Tongo fields.

Target Resources was also awarded a gold license in the Tane and Gbonkolenken Chiefdoms in the Tonkolili District of the Northern Province.

Nissim Levy, the company’s managing director, said, “We are delighted to have obtained these important licenses right at the start of the new government’s mineral licensing program, and believe the awards demonstrate the strength of our relationship with the new government in Sierra Leone. In our opinion, they add substantially to Target’s growth prospects and we look forward to maximizing the full potential of these licenses for our investors.”

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