Mako Gold has completed a $10 million placement on the dawn of commencing its 45,000-metre drill program across its assets in Côte d’Ivoire.
The oversubscribed placement will further assist Mako in uncovering gold mineralisation across the Napié and Korhogo projects.
“The completion of the second tranche of the $10 million capital raise gives the company a clear runway to execute our aggressive exploration strategy,” Mako managing director Peter Ledwidge said.
“The board of directors have approved up to 45,000 metres of drilling, which gives the company the green light to continue drilling on the Napié Project and to commence a maiden drilling program on the Korhogo project.”
The second tranche share placement is comprised of 60.6 million shares at 8 cents per share for $4.9 million.
“Due to the recent outstanding results received on the Tchaga prospect, the company will extend the expected date of its maiden mineral resource estimate as it continues to expand the footprint at the Tchaga prospect.”
Drilling will resume at the company’s Tchaga prospect following the first phase of drilling at the Gogbala prospect, which is comprised of a 10,000-metre reverse circulation and diamond drilling program over a two-kilometre-long area.
“We look forward to providing assay results shortly from diamond drilling at Tchaga and from reverse circulation drilling at Gogbala.”
Mako has also taken advantage of two assay laboratories to return assay turnaround to three to four weeks.
Following the placement, the company remains fully funded to deliver the 45,000-metre drill program with $15 million in cash reserves.
Ten-thousand metres of aircore drilling is planned following a soil geochemical program that will commence after October’s rain season and the assay results of the soil sampling program are received.
Mako Gold recently entered a binding agreement with Perseus Mining to grow its ownership of the flagship Napié project to 90 per cent.