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Mako Gold completes $3.25 million capital raising to fund Napié Gold Project drilling

The company is fully funded for its 2020 exploration program following completion of the placement and definitive sale of the Niou Project.

Mako Gold Ltd - Mako Gold completes $3.25 million capital raising to fund Napié Project drilling
The placement will help fund ongoing drilling at Napié Project in Côte d’Ivoire

Mako Gold Ltd (ASX:MKG) has completed the second $2.68 million tranche of an oversubscribed share placement for total proceeds of approximately $3.25 million.

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.

Funding exploration

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.

Drilling program

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.

Quick facts: Mako Gold Ltd

Price: 0.115 AUD

ASX:MKG
Market: ASX
Market Cap: $29.49 m
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