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Mako Gold’s operations unaffected by recent attack in eastern Burkina Faso

The Niou Gold Project is in the centre of the country, well away from the area of the attack.

Mako Gold Ltd - Mako Gold’s operations unaffected by recent attack in eastern Burkina Faso
The company is currently focusing on Napié Gold Project in Côte d’Ivoire

Mako Gold Ltd’s (ASX:MKG) staff and operations in Burkina Faso are unaffected by the recent attack that occurred in the east of the country.

The company’s Niou Gold Project is some 50 kilometres northwest of the capital Ouagadougou on a bitumen road and is not in a ‘Do not travel’ zone, according to Australia’s Department of Foreign Affairs (DFAT).

Company statement

In a statement, Mako Gold said: “This event reflects a security situation mostly motivated by foreign actors and we are confident in the resolve of Burkina Faso’s government to eliminate this threat.

“Mako Gold would like to extend its condolences to the families and colleagues of the deceased and injured in Burkina Faso resulting from this attack.”

Focus in Côte d’Ivoire

The majority of Mako’s employees in West Africa are focused on the Napié Gold Project in Côte d’Ivoire where Mako is completing a 2,000-metre reverse circulation (RC) drilling program.

Earlier this year, well before the recent event in Burkina Faso, that it would prioritise activities on the Napié project, which is more advanced than Niou.

Mako is progressing the Napié project quickly in the hopes of outlining a resource in the near term.

It still plans to advance the Niou project and will, of course, evaluate security closely prior to deploying field staff.

Moral support to government

The company has also extended its moral support to the Burkina Government, which is working hard to improve security in the east and north of the country, where the majority of such activity has occurred.

“It is important all investors and the wider business community appreciate that this activity is motivated largely by foreign parties and wider geopolitical challenges and enjoys little to no support within Burkina Faso itself,” Mako said.

Gold discovery

In July 2016 wholly-owned Burkina Faso subsidiary Mako Gold SARL signed an option agreement with a Burkinabe private company for 100% ownership of the Niou permit.

Mako, which is in the process of transferring the permit to its subsidiary, announced a gold discovery at the project on January 29, 2019.

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

Mako currently holds a 51% interest in the permit and is operator of the project.

Quick facts: Mako Gold Ltd

Price: 0.074 AUD

Market: ASX
Market Cap: $8.36 m

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