The company has issued 53,665,125 shares at an issue price of 5 cents per share after the second tranche was approved by shareholders at a general meeting of the company held on July 7, 2020.
With existing cash reserves of $3.2 million, which includes the net proceeds from the placement, and proceeds from the recent divestment of the Niou Project ($1 million), Mako is well-funded to execute a systematic exploration and growth strategy at the Napié Gold Project in Côte d’Ivoire.
This work program aims to extend existing high-grade mineralisation, test multiple high-priority regional prospects and deliver a maiden mineral resource estimate.
The capital raising funds will also be used to cover corporate costs and general working capital requirements.
A 10,000-metre reverse circulation (RC) and diamond drill program is ongoing at the Napié Project and will continue through the remainder of 2020.
The drill program will test high-priority drill targets at Tchaga to expand mineralised zones and test new undrilled targets along strike to the north and south of previously drilled intersections, including:
- 36 metres at 3.09 g/t gold from 43 metres;
- 28 metres at 4.86 g/t from 83 metres;
- 25 metres at 3.43 g/t from 53 metres; and
- 7.7 metres at 11.65g/t from 169.9 metres.
The drilling will also advance Tchaga towards a maiden JORC-compliant resource through infill drilling and following up on previous wide and high-grade drill results and test other high-priority prospects on the Napié permit including Gogbala, Tchaga North and Tchaga East.
First assay results are expected in mid to late July.