West African focused gold explorer, Mako Gold has received assay results from its latest drill program on the Tchaga Prospect at the Company’s 224 km2 Napié Project in Côte d’Ivoire.
Mako will earn up to a 75% interest in the Napié Project under a farm-in and joint venture agreement with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited.
Mako currently holds a 51% interest in the permit and is operator of the project and intends to fast-track the Napié Project and can earn up to 75% by taking the project to feasibility.
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The drilling program consisted of 412m of diamond drilling (DD) in 4 holes on the Tchaga Prospect.
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.
The current drilling program builds on the positive results received from previous drill programs on the Tchaga Prospect which included:
36 m at 3.09g/t Au from 43 m – hole NARC107
28 m at 4.86g/t Au from 83 m – hole NARC057
25 m at 3.43g/t Au from 53 m – hole NARC017
18 m at 3.25g/t Au from 39 m – hole NARC080
23 m at 2.46g/t Au from 15 m – hole NARC084
17 m at 2.43g/t Au from 86 m – hole NARC055
30 m at 1.16g/t Au from 117 m – hole NARC101
Gold mineralisation had been tested to 120 m vertical depth by the company’s previous drill programs.
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The current DD program has confirmed gold mineralisation down to 185 m, has highlighted high-grade gold at depth and has extended the continuity of down-dip gold mineralisation.
Gold mineralisation remains open at depth and along strike.
The Company intends to use its drill-for-equity facility 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.
The Company intends to follow up the positive DD results with an RC drilling program.
The incorporation of structural information from the oriented core into the interpretation will allow for better targeting of the RC drill holes, thereby making better use of shareholder funds.
Mako’s MD, Peter Ledwidge, says that Geodrill’s commitment to a drill for equity facility is an endorsement of Mako’s project by a respected TSX-listed drilling company.
“Additionally, 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 m down to 185 m vertical metres and that we have encountered high-grade mineralisation at those depths.”