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Mako Gold managing director shows faith in gold strategy through on-market purchase

Peter Ledwidge has this month purchased more than 246,000 shares with a value exceeding $20,360.

Mako Gold Ltd - Mako Gold managing director shows faith in gold strategy through on-market purchase
The company is set to begin a drilling program at the Tchaga prospect

Mako Gold Ltd (ASX:MKG) managing director Peter Ledwidge has demonstrated his confidence in the company’s West African gold strategy by purchasing more than 246,000 shares on-market.

The October 25 transaction, which was valued in excess of $20,360, takes his stake in the company to more than 8.014 million shares, held in direct and indirect interests.

Shares of the company, which has a market cap of around $7.71 million, last traded on Friday at 8.6 cents, up from 7.5 cents the previous day.

RC drilling set to start

Mako Gold is about to start a 2,000-metre reverse circulation (RC) drill program at its Tchaga Prospect within the Napié Gold Project in Cote d’lvoire.

This will follow the recently completed and successful 27-hole RC program at Tchaga and other regional targets during July 2019.

A number of strong gold intersections were recorded at Tchaga including 18 metres at 3.25 g/t gold from 39 metres at 23 metres at 2.46 g/t gold from 15 metres.

These results doubled the strike extent of gold mineralisation on the prospect to 1-kilometre.

The company is focusing on Tchaga in its endeavour to outline a JORC-compliant gold resource.

Mako’s flagship project is Napié in north-central Côte d’Ivoire where it is earning up to a 75% interest.

Quick facts: Mako Gold Ltd

Price: 0.084 AUD

ASX:MKG
Market: ASX
Market Cap: $7.53 m
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Full interview: Mako Gold encouraged by positive test results from Tchaga...

Mako Gold Limited (ASX:MKG) managing director Peter Ledwidge updates Proactive on receiving excellent gold recoveries (average 94.5%) from preliminary metallurgical test work at Tchaga prospect within the Napie Gold Project in Cote d’Ivoire, West Africa. Test work was carried out on 17...

on 2/10/19

2 min read