Debt-free Galiano, which operates the Asanko gold mine in Ghana, had ended March with about $65 million in cash.

Galiano said the 167sq.km ABG property included four exploration licences and was strategically located on the Senegal Mali shear zone, which hosted established gold deposits including Barrick's Loulo-Gounkoto complex. 

"Acquiring the ABG Mali properties is a small but meaningful step for Galiano," CEO Greg McCunn said.

"We believe that the properties have a lot of promise including several attractive intercepts from previous drilling.

"Including Asumura, we now have two greenfield projects, both of which are located in prospective geological regions."

He said a review of historical work at ABG Mali was underway, with soil sampling and geophysical surveys planned ahead of drill targeting scheduled for 2022.

Galiano had started exploration last week at Asumura in Ghana, saying it hadn't received much attention in recent years while the company focused on operating Asanko.

"This year, we are excited to begin field work to explore this opportunity to create value for Galiano shareholders through exploration," McCunn said last week.

Asanko, a 50:50 joint venture with Gold Fields, produced 249,904 ounces of gold in 2020 and is expected to deliver 225,000-245,000oz this year.

Shares in Galiano (TSX: GAU), which changed name from Asanko Gold last year, are trading near the middle of a one-year range and closed up 7.3% yesterday to C$1.695 to value it at $380 million (US$309 million).

Barrick closed up 4.2% to $27.30 and is capitalised about $49 billion (US$40 billion).