Manas Resources (ASX: MSR) has identified 5.56 grams per tonne gold and numerous other assays exceeding 1g/t gold during a soil sampling program at the Mbengue gold project in Cote d’Ivoire, which is close to Barrick Gold’s Tongon mine.
The company collected 4,783 soil samples across a 250m by 250 grid, with 13 of the samples assaying above 1g/t gold and 114 samples exceeding 0.1g/t gold.
According to Manas, the results highlight a number of strong gold anomalies between 2km and 12km long and within 6km of Barrick’s Tongon mine, which is the largest in the West African country and expected to produce up to 270,000 ounces of gold in 2019 after generating 230,096oz in 2018.
Mbengue is also less than 30km from Teranga’s Wahgnion gold operation and 90km from Perseus Mining’s (ASX: PRU) Sissingue mine.
Manas is earning a 70% stake in Mbengue by spending US$2 million on exploration across the 400 square kilometre project over two years.
As part of the earn-in campaign, Manas has drill tested several historical prospects with the Turaco target returning 9m at 5.05g/t gold from 60m and 21m grading 2.11g/t gold from 6m.
Meanwhile, drilling at the Madala prospect unearthed 7m at 7.54g/t gold.
Manas noted that Turaco and Madala were within 10km of Barrick’s Tongon processing plant and along 9km strike.
A 5,000m aircore drilling program will begin within the next month to test the main soil anomalies reported today.
Under the company’s timeline, Manas hopes to release a maiden resource for Mbengue during the first quarter of next year.
To fund exploration at the project, Manas had $8.3 million in cash reserves at the end of the March quarter.
To-date, Manas has secured a 20% interest in Mbengue.
This morning’s news of the successful soil sampling program at Mbengue pushed Manas’ share price up 50% to reach $0.003.