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Mako Gold plans aggressive exploration at Napié Gold Project in 2021

Snapshot

The company is exploring for multiple million-ounce gold deposits in the highly prospective Birimian greenstone belts in Côte d’Ivoire.

Mako Gold Ltd - Mako Gold pursues aggressive exploration at the Napié Gold Project for 2021

Quick facts: Mako Gold Ltd

Price: 0.115 AUD

ASX:MKG
Market: ASX
Market Cap: $29.49 m
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Mako Gold Ltd (ASX:MKG) conducted extensive exploration over its flagship Napié Project in Côte d’Ivoire during the September quarter and plans to pick up the pace in 2021, including on the newly granted Korhogo Nord Permit

The company is confident that its flagship Napié Project, which is an earn-in/JV with Perseus Mining Limited (ASX:PRU), shows potential for multi-million-ounce gold deposits as it sits in the same belt as Tietto Minerals Ltd’s (ASX:TIE) 2.2-million-ounce Abujar deposit.

Mako has a clear strategy of systematic exploration and growth that aims to extend existing high-grade mineralisation, test multiple high priority regional prospects and to support a future maiden resource estimate.

Tchaga drilling to date

During the company’s 10,000-metre drilling program at the Tchaga Prospect, a 1.6 kilometre-long mineralised trend has been defined and drilling also defined wide high-grade gold intercepts, including:

  • 13 metres at 20.82 g/t gold from 32 metres;
  • 36 metres at 3.09 g/t from 43 metres;
  • 28 metres at 4.86 g/t from 83 metres;
  • 25 metres at 3.43 g/t from 53 metres;
  • 23 metres at 2.46 g/t from 15 metres;
  • 14 metres at 5.46 g/t from surface; and
  • 7.7 metres at 11.65 g/t from 169 metres.

Notably, preliminary metallurgical tests have recovered over 94% gold, which along with the strong drilling results, provides the company with confidence as it moves towards targeting a maiden resource on the Tchaga Prospect.

In 2021 the company is focusing exploration on four key targets.

Ongoing exploration

The drill program is scheduled to continue through to at least quarter two of 2021 with the aim to underpin a maiden JORC resource.

A 1,500 metres drilling program is scheduled to commence on Tchaga East (three holes drilled to date with intersects up to 7 metres at 1.91 g/t gold) in November with the first drill rig.

A second drill will be mobilised in early December to test the Tchaga North (previous drill results up to 8 metres at 8.53 g/t gold) and Gogbala prospects.

Tchaga East and Gogbala have not been drilled since Mako’s maiden drilling program in 2018.

Gogbala target

The Gogbala prospect is the next major target at Napié and lies 6 kilometres south of Tchaga Prospect along the same mineralised structure.

 To date, only 24 RC wide-spaced holes have been drilled with gold mineralisation over a greater than 4-kilometre strike length.

An IP geophysical survey has commenced on the prospect which will assist in drill hole targeting for the upcoming 5,000 metres RC/DD drill program set to commence in December.

Korhogo Nord permit granted

During the quarter, the Korhogo Nord permit application was granted by Côte d’Ivoire Ministry of Mines with exploration to commence shortly.

The Korhogo Nord permit is valid for four years from the date of granting and can be renewed twice for a period of three years each.

Notably, Korhogo Nord is in the same greenstone belt that hosts Barrick Gold Corp’s (NYSE:GOLD) 4.9-million-ounce Tongon gold mine and Montage Gold Corp’s (CVE:MAU) 1.2-million-ounce Kone gold deposit, both in Côte d’Ivoire, as well as Teranga Gold Corp’s (TSE:TGZ) 2.7-million-ounce Wahgnion gold mine across the border in Burkina Faso.

The company is planning a methodical exploration program on Korhogo Nord which would begin with soil geochemistry, followed up by drilling and then airborne magnetics.

Mako anticipates the granting of the second permit application within the next quarter and believes the proximity of the prospect to Tongon processing and mine infrastructure (within 30 kilometres) has the potential to create accretive development and processing synergies if a gold deposit is discovered on the permit.

The location of the Napié Project and Korhogo Nord permit in Côte d’Ivoire.

Well-funded

During and subsequent to the quarter, Mako successfully completed two oversubscribed two tranche placements to raise a total of around $13.25 million before costs.

The placements position Mako with a strong cash and receivables balance of around $12.1 million to execute a systematic exploration and growth strategy that aims to extend existing high-grade mineralisation, test multiple high priority regional prospects and to support a future maiden mineral resource estimate.

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