(Ecofin Agency) - ASX-listed Novo Litio entered into a binding agreement with Apollo Consolidated to acquire 80% of the company’s gold assets in Côte d’Ivoire. Focus assets include three permits (two in Korhogo and one in Boundiali) covering 830 km², at the junction of two renowed greenstone belts, where two major projects (Syama and Tongon) are located.

Under agreed terms, Novo will pay Apollo A$250,000 of exclusivity fees after completion of a due diligence. Upon acquisition settlement, Novo will issue 90 million shares to get the 80% stake in Apollo's African subsidiary that holds the projects. Meanwhile, Apollo will retain a 20% interest free until a decision to mine.

“The company is very excited to be acquiring such high-quality gold exploration projects in an increasingly sought-after gold province,” said Justin Tremain, CEO of Novo. Over the next 2 years, Novo will spend $5 million on exploration, hoping to quickly define a maiden JORC resource at the Apollo projects.