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Mako Gold advances along a gold-paved road in West Africa

Snapshot

The company closed a one for four non-renounceable entitlement offer on June 25, 2019, with acceptances received from 102 shareholders raising $409,745.

Drilling at Napie

Quick facts: Mako Gold Ltd

Price: 0.077 AUD

ASX:MKG
Market: ASX
Market Cap: $6.9 m
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  • The company restarted its Cote d’lvoire drilling program at the Napie Gold Project in May to infill and test the strike extent of broad gold zones.
  • Gold was discovered at the Niou project in January 2019 in a 1,210-metre reverse circulation drilling program

What does Mako Gold do?

Mako Gold Ltd (ASX:MKG) is focused on the discovery of large high-grade gold deposits in highly prospective and under-explored terrains in Cote d’lvoire, Burkina Faso and other West African countries.

The company listed on the ASX in April 2018 following an oversubscribed $6 million IPO with a $2 million cornerstone investment from prominent West African gold producer Resolute Mining Limited (ASX:RSG).

Mako Gold is moving along the golden path with exploration successes at two projects - Napie in Cote d’lvoire and Niou in Burkina Faso.

Both are in gold-bearing West African greenstone belts, which hosts multiple multi-million-ounce gold deposits.

The company was founded by managing director Peter Ledwidge, general manager exploration Ann Ledwidge and country manager Ibrahim Bondo with chairman Mark Elliott subsequently coming on board as a founder.

Peter Ledwidge's more than 30-year career has been focused primarily on gold exploration in Canada, Africa and Australia.

Most recently he spent six years working for Orbis Gold Limited (ASX:OBS) and securing Orbis' permits in Burkina Faso and Cote d’lvoire.

He played a critical role in the discovery of the Nabanga gold deposit in Burkina Faso and contributed geological ideas which helped achieve success for the company including discovery of the Natougou gold deposit, which is being developed by TSX-listed Semafo.

Ann Ledwidge has more than 25 years' experience and has worked in various commodities but has focused primarily on gold and base metals projects for junior and major companies in Canada, Africa and Australia.

She ran her own consultancy in Yukon, Canada, for a number of years, providing technical expertise to junior exploration companies and previously worked as a mining inspector for the Canadian government.

Most recently she held the position of general manager exploration with Orbis Gold in Burkina Faso until their recent takeover by Semafo.

With Orbis she led the project team responsible for the Natougou discovery and advanced the Nabanga and Natougou projects to resource estimation stage.

Previous success with Orbis for Peter and Ann Ledwidge, including starting feasibility on 2 million ounces at 3.4 g/t at the Boungou deposit, is one of the reasons Resolute was attracted to Mako Gold as a cornerstone investor.

Chairman Mark Elliot has more than 40 years’ experience in economic geology, exploration, mining and project development.

His corporate management roles have included acting as chairman and managing director for several ASX-listed companies with experience in negotiating joint ventures to transitioning from exploration to production and capital raisings.

What does Mako Gold own?

The company has two highly prospective projects with the flagship Napie project in the north central part of Cote d’lvoire, southeast of the city Korhogo.

Mako is earning up to a 75% interest in the project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited (ASX:PRU).

A reverse circulation drilling program restarted at Napie in May to follow-up on previous multiple high-grade intersections including 28 metres at 4.86 g/t gold and 25 metres at 3.43 g/t.

The program is concentrating on areas proximal to the mineralised shear on the Tchaga prospect and is regionally testing undrilled areas along the interpreted shear between the Tchaga and Gogbala prospects.

The Niou Gold Project is in the Goren greenstone belt in central Burkina Faso, north of the capital Ouagadougou.

In January 2019 Mako Gold discovered gold at Niou with assays up to 53.80 g/t with no previous drilling being undertaken on the permit.

The discovery was a result of methodical exploration completed by the company, including soil geochemical sampling, geological mapping, rock chip mapping and airborne geophysics.

The 1,210-metre reverse circulation drilling program was designed to test two targets within a broad zone of shearing associated with a major regional fault coincident with a gold anomaly along a 7-kilometre strike.

Inflection points

  • The company hopes to uncover further projects following Ledwidge’s upcoming trip to Africa
  • Mako Gold is set to spend $600,000 on exploration and evaluation this quarter
  • Further drilling is planned for both the Napie and Niou projects

“Next step to progress towards a resource”

Mako Gold managing director Peter Ledwidge said the company was pleased to be drilling again on the Napie project.

He said: “The current drilling campaign aims to extend mineralisation to 1.4 kilometres on the Tchaga prospect which we view as the next step to progress towards a resource.

“We also want to highlight the ‘blue sky’ along 9 kilometres of the 17-kilometre interpreted shear, demonstrating the potential for one or more large gold deposits.

“Mako looks forward to providing results of the drilling program.”

 

Links

https://www.makogold.com.au/
https://www.facebook.com/MakoGoldLtd/
https://twitter.com/MakoGoldLtd
https://www.linkedin.com/company/mako-gold/

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