West Africa-focused explorer Mako Gold (ASX: MKG) has confirmed the first assays from a 90-hole drilling program, which kicked off last month at its flagship Napié project in Côte d’Ivoire, have intersected two wide zones of high-grade gold mineralisation.
The company said the first five holes from the 10,000m reverse circulation and diamond drilling program at the Tchaga prospect delivered multiple intercepts and showed two high-grade zones contained within broader mineralised envelopes.
Best results from these zones were 14m at 5.46 grams per tonne gold from surface, including 5m at 11.28g/t gold from surface.
Other assays were 3m at 2.35g/t gold from 17m; 7m at 1.45g/t gold from 56m; and 9m at 4.08g/t gold from 80m including 2m at 9.47g/t gold from 83m.
Tchaga is associated with a gold soil anomaly exceeding 40 parts per billion, coincident with a shear zone of more than 30km in length and thought to be a major control for gold mineralisation.
Mako managing director Peter Ledwidge said the assays confirm wide and high-grade intervals within a greater than 1km strike length of gold mineralisation outlined to date.
“The two mineralised zones encountered on this section are geologically similar to mineralisation found on sections 330m to the north, which increases our confidence in the continuity of mineralisation along strike,” he said.
“The reported assays are from a limited area in the south end of Tchaga and we look forward to reporting further results as we progress our drilling northwards,” Mr Ledwidge added.
The Napié project is located in West Africa’s prolific Birimian Greenstone Belt, which hosts more than 70 gold deposits of more than 1 million ounces each.
In mid-2019, Australian-based Mako entered into a farm-in and joint venture agreement on the Napié permit with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining (ASX: PRU).
Under the terms of the agreement, Mako had up to three years to spend $2.15 million on Napié exploration to earn 51% equity.
The company retains the option to increase this to 75% equity through the delivery of a project feasibility study.
This week, Mako announced it had completed a $3.25 million capital raising to extend existing high-grade mineralisation, test multiple high-priority regional prospects and deliver a maiden mineral resource estimate for Napié.
The two-tranche share placement issued 65 million new and fully-paid ordinary shares in Mako at $0.05 per share.
Tranche 1 comprised up to 11.3 million shares to raise approximately $600,000 and was not subject to shareholder approval.
Tranche 2 comprised up to 53.7 million shares to raise approximately $2.65 million and was subject to approval at the company’s annual meeting this month.
Mr Ledwidge said the placement was strongly supported by existing shareholders and introduced a number of new domestic and international investors to the company’s register.
“The significant interest we received provides strong validation of [our] flagship Napié project and [our] Tier-1 exploration team, who have demonstrated track record of success in West Africa,” he said.
“With a strike length of 30km, multiple mineralised structures and less than 10% explored to date, we believe Napié has the potential to host multi-million-ounce gold deposits.”
In addition to funding Napié’s exploration, Mr Ledwidge said the proceeds will cover corporate costs and general working capital requirements.