Sproule, who was most recently with Kin Mining and Force Commodities, vended in the Alahine and Mansala licences for around 63% in the new Polymetals Resources, with the shares priced at A15c.
Polymetals is seeking to raise $5-7 million at 20c per share to fund gold exploration within Guinea's share of the prolific Siguiri Basin, about 40km from AngloGold Ashanti's Siguiri mine, which has produced some six million ounces over its 20-year life.
Sproule's selling point is that the basin is both notable for its widespread gold anomalism, and has little vacant land, so Polymetals offers an opportunity to explore some 112sq.km of a relatively immature area within a province that produces over 500,000ozpa.
Both Alahine and Mansala host historical and operating artisanal gold mining operations, but have seem limited systematic exploration.
Predictive Discovery's emerging Bankan discoveries are to the south, and Golden Rim Resources' Kada project is to the west.
In Alahine, there have been two soil sampling programs and one reconnaissance RC drilling campaign 2019-20. Less work has been conducted in Mansala.
Both show significant gold anomalism, and the soil surveys returned values exceeding 40 parts per billion over 16% of the combined total area.
In Alahine, the anomalism covers some 8km in the eastern part of the licence. The 21 RC drillhole intersected several zones, with low-grades of 0.62-0.99gpt in the upper 41m, over 12m at 3.09gpt from 89m and 14m at 1.09gpt from 135m. The hole was terminated in mineralisation.
Polymetals needs to raise cash with funding expected to run out in July.
Sproule is a mechanical engineer and mine developer who has been largely self-employed in the Australian mining industry for 35 years, often under the Polymetals name. He will continue as a non-executive chairman.
Independent non-executive directors are Sproule's former exploration manager Dr Christopher Johnston and property developer/investor Christopher Schroor.
Polymetals' CEO is Alexander Hanly, who will be supported at the executive level by CFO Vince Fayad and veteran geologist Henry Tebar as exploration manager.
With COVID-19 restricting global travel, day-to-day operations will be run by a country manager, Guinean national Aguibou Bah, who previously filled a similar role at TSX-listed Cassidy Gold.
The company hopes to list in mid-June.
