3D Resources Ltd (ASX:DDD) is now positioned to tap Haiti’s potential as a land rich in mineral reserves with the company wrapping up due diligence and entering agreements to acquire controlling interest in two Haitian companies.
The companies are Delta Societe Miniere SA which owns the Morne Bossa gold project, and Ayiti Gold Company SA which owns the Grand Bois gold project.
3D Resources noted that the acquisitions provide it with both a near term producing gold opportunity and a longer term position in the developing Haiti mining industry which is currently undergoing significant change.
Haiti is focused on opening up the mining industry to foreign investment, and 3D Resources has positioned itself as a front runner.
3D Resources has completed a legal and technical due diligence.
On the ground details
The Morne Bossa and Grand Bois gold projects are located 30 kilometres apart, and they have been evaluated as independent stand-alone projects in the past.
With 3D Resources now having controlling interests in both projects, it provides the company with an opportunity to work the projects.
Both deposits are the oxidized caps of a polymetallic sulphide deposits, and as seen in the sections involve very limited stripping, and so simple mining.
The projects have a combined resource of 740,000 gold ounces.
In 2014, the Haitian government together with the World Bank began drafting a new mining code that would help open the country to new foreign investment from mining companies.
This new mining code is currently in the final stages of going through the Haitian parliament.
Once signed into law, this new mining code will very likely see a rush of companies to explore and build sustainable and economic mining operations, as has happened in other countries which updated their mining codes.