Nexus Gold to Raise Capital to Expand Operations in Burkina Faso

In communique issued on 12 April 2024, the Canadian mining firm Nexus Gold announced its plan to raise capital in order to expand its operations in the Dakouli II project in Burkina Faso. The communique emphasized the current favorable conditions as gold hit a new record price of USD 2,300 per once in March 2024.

“West Africa is known to possess one of the largest reserves of gold on the planet and Dakouli is situated right along the Goren Greenstone Belt which is rich in gold. We note enthusiastically the rise in price on gold and deems it the right moment to intensify our operations in West Africa.“

Nexus Gold Chairman and CEO Milad Zareian

Dakouli II is situated about 100 km north of the capital city of Ouagadougou and it covers an area of 98 square kilometers. In 2020, drilling exploration revealed ore with gold content from 0.35 gram per tonne (gpt) to as high as 14.5 gpt at relatively low depths.

Burkina Faso has experienced somewhat of a gold rush recently, and several companies are involved in gold mining across the country. Despite the perceived high risk of insecurity and terrorism, many miners — lured by the prospect to get rich quick — hope to strike it lucky.