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Mako Gold results of up to 1-metre at 47.3 g/t gold extend Tchaga at depth

Diamond drilling has intersected several high-grade zones and confirmed down-dip continuity of the gold mineralised zone.

Mako Gold Ltd - Mako Gold results of up to 1-metre at 47.3 g/t gold extend Tchaga at depth
The new results have taken Tchaga a step closer to a mineral resource estimate

Mako Gold Ltd (ASX:MKG) results of up to 1-metre at 47.3 g/t gold from 172 metres have extended mineralisation at depth on Tchaga prospect within the Napié Gold Project in Côte d’Ivoire.

A four-hole diamond drilling (DD) program for 412 metres has intersected several high-grade zones and confirmed down-dip continuity of the gold mineralised zone.

Open at depth

Mineralisation has been extended from 120 to 185 vertical metres and Tchaga remains open at depth and along strike.

The 47.3 g/t intercept was part of a 3.55-metre intersection from 171.7 metres that assayed 23.06 g/t and this, in turn, was within 7.7 metres at 11.65 g/t from 169 metres.

High-grade results

Other results from hole NARC058DD1 are:

  • 1.8 metres at 3.86 g/t from 162.2 metres;
  • 3.25 metres at 1.23 g/t from 179.75 metres;
  • 8.1 metres at 2.02 g/t from 199.9 metres, including 2.1 metres at 4.54 g/t from 199.9 metres; and
  • 2 metres at 1.87 g/t from 218 metres.

“Closer to mineral resource”

Mako’s managing director Peter Ledwidge said: “The high-grade results we have received from this short four-hole DD program further increases our confidence in the potential of the Napié project, and in the short-term, advances the Tchaga prospect one step closer to a mineral resource.

“I am highly encouraged that we have extended gold mineralisation from 120 down to 185 vertical metres and that we have encountered high-grade mineralisation at those depths.”

Another hole, NADD008, returned 2.3 metres at 16.04 g/t from 64.7 metres, including 1-metre at 28.06 g/t from 64.7 metres.

Hole NARC056DD returned 6 metres at 1.85 g/t  from 174 metres, including 1-metre at 8.19 g/t from 177.9 metres; and 7.4 metres at 1.29 g/t from 183 metres, including 1.6 metres at 3.3 g/t from 185 metres.

Mako’s Napié project is in Côte d’Ivoire.

Two of the four DD holes extended previous reverse circulation (RC) drill holes to test mineralisation at greater depth and to test for continuity of gold mineralisation down dip.

Current and previous drill results have confirmed the presence of multiple gold mineralised zones along a strike length of 1.4 kilometres.

Shares have been up as much as 8% in early trade to 6.8 cents.

Drill-for-equity facility

The company intends to use its drill-for-equity facility with Geodrill Ltd (TSE:GEO) (OTCMKTS:GDLLF) as partial payment for the drilling program.

Under the terms of the agreement, Mako can elect to pay half of the drilling invoices in shares to Geodrill, thereby helping to conserve cash reserves.

Ledwidge said that Geodrill’s commitment to a drill for equity facility was an endorsement of Mako’s project by a respected TSX-listed drilling company.

RC follow-up

Make intends to follow-up the positive DD results with an RC drilling program and incorporating structural information from the oriented core into the interpretation will allow for better targeting of these holes.

Mineralisation on Tchaga is associated with a 23 kilometre-long gold soil and auger anomaly and is along a coincident +17 kilometre-long shear zone, thought to be a major control for gold mineralisation.

Mako will earn up to a 75% interest in the 224 square kilometre Napié project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited (ASX:PRU) (TSE:PRU).

The company, which holds a 51% interest in the permit and is project operator, intends to fast-track Napié and can earn up to 75% by taking the project to feasibility.

Quick facts: Mako Gold Ltd

Price: 0.036 AUD

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Market Cap: $3.62 m
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Full interview: Mako Gold assay results prove exceptional from latest RC...

Mako Gold Ltd (ASX:MKG) managing director Peter Ledwidge updates Proactive on exceptional gold assay results from the company’s latest RC drilling program on the Tchaga Prospect at the Napie Project in Cote d’Ivoire. Drilling intersected multiple wide zones of gold mineralisation. Ledwidge...

on 5/12/19

3 min read