The group is part of Cassius Resources (Ghana) Limited which has exclusive rights to acquire the Obuasi Group, Victor Group and Parcel 3 tenement licenses and Mining rights over areas prospective for gold in the Upper East Region of Ghana situated near the regional centre of Bolgatanga.
The project is within the Paleoproterozoic Nangodi greenstone belt in northeast Ghana close to the border with Burkino Faso.
There is significant historical and current production from a number of gold mines in the region, as well as from numerous small artisanal workings.
The Shaanxi gold mine and associated artisanal workings are situated near to the project. Shaanxi is developing underground workings on a concession purchased from local artisanal miners. The mining development is following narrow high-grade veins along a sheared lithological contact.
Cassius plans to develop and substantially enhance an existing mining operation on the project areas to explore, mine, process, market and sell gold.
The initial project will operate as a Large Scale Mining License (pursuant to the provisions of the relevant legislation in the Minerals and Mining Act (2006) with a project area covering approximately one hundred and fifty (150) acres.
Cassius has well established and respected Ghanaian contacts and representatives to aid with its strategy.
Production is expected to commence in 2015 with an initial targeted average production rate of 53,000 oz Au per annum when in full production. Estimated OPEX of USD$400-$500/oz.