Manas, set to be renamed Turaco Gold, will initially pay Resolute A$1 million for permits covering more than 6000sq.km, with the miner divesting as it focuses on its gold mines in Mali (Syama) and Senegal (Mako).

Resolute is a shareholder in Manas, holding a circa 20% stake post a $3.5 million placement currently being finalised by the junior.

The fundraising will take Manas' cash holdings to about $7 million.

Manas is also set to undertake a one-for-10 share consolidation, with it having 2.76 billion shares prior to today's announcement.

Manas' most advanced exploration target is set to be Boundiali, a "significant gold discovery" where infill and step out drilling is planned immediately at deal completion.

All up, Manas will hold about 8400sq.km of ground in Cote d'Ivoire.

Shares in Manas were up 28.5% to 0.9c, capitalising the company at $25 million.