(Ecofin Agency) - In just one year, Canadian company Koulou Gold has doubled the area of its projects in Côte d'Ivoire, reflecting growing interest from mining investors in the country's gold potential, estimated at 600 tonnes of reserves.

Koulou Gold announced on January 13 that it acquired the Assuéfry permit, enhancing its presence in Côte d'Ivoire. The company has expanded its exploration portfolio from 694 km² to 1,857 km² in 2024.

The Assuéfry permit covers 335.88 km², and Koulou Gold can obtain up to a 90% interest in the project through exploration work. With a current capital of C$1.7 million (about $1 million), the company plans to raise funds in early 2025 to support exploration at Assuéfry.

This year, work planned at Assuéfry includes soil sampling, an airborne magnetic survey, and drilling at least 10,000 meters. Koulou Gold is also active at the Sakassou and Kouto sites, where it undertook some exploration works in 2024. This year, the company plans to do some sampling at Sakassou and a magnetic drone survey at Kouto.

While Koulou Gold is still in the early stages of exploration for these projects, the significant gold potential in Côte d'Ivoire and the proximity of some projects to existing gold deposits provide promising signs for the company.

“Acquiring the Assuéfry permit, adjacent to the remarkable Assafou discovery [Endeavour Mining’s deposit with over 100 tonnes of gold], represents a pivotal milestone for Koulou Gold. The economic potential of this area is immense, and our exploration strategy aims to unlock its full value,” said Alex Ruggieri, CEO of Koulou Gold.

Côte d'Ivoire wants to double its gold output over the next five years, reaching 100 tonnes. While Koulou Gold's contributions to production may not be realized until later in the decade, its presence highlights increasing investor interest in Côte d'Ivoire's mining sector.

This article was initially published in French by Emiliano Tossou

Edited in English by Ola Schad Akinocho