Mako Gold drives resource growth at Napié with $2.6m placement

Mako’s vision for delineating a multi-million-ounce gold camp at the Napie project in Côte d’Ivoire is being recognised through ongoing support for its recent $2.6m placement.

According to the company, a large number of technical-driven shareholders, as well as the introduction of several new institutional and sophisticated investors, have supported the placement including cornerstone backing from North American resource fund Dundee Corporation to maintain a 9.6% stake.

Now that Mako (ASX:MKG) has secured binding commitments to raise $2.6 million at a price of $0.03 per share, a follow-on loyalty option offer to raise an additional $678,000 will take place to all eligible shareholders registered on a record date of Friday, May 12.

Strategic plan: uncovering new potential and drill testing

With the placement locked-in, $1.35m in cash reserves and a US$2m drill-for-equity facility in the bag, MKG says it is well-placed to execute its growth strategy and expand the existing 868,000oz gold resource through drill testing.

Exploration plans include drill testing high priority auger anomalies and extensional targets at Napié, as well as technical studies including structural geology assessment, and follow-up field activities to better understand the recently uncovered potential for large scale manganese on its Korhogo project.

Recently, around 22 rock chip samples returned highly significant manganese values at Korhogo, averaging 22% manganese, which indicate consistent mineralisation over each of the 7km strike lengths.

Field work to better understand manganese opportunity

“We look forward to kicking off our 2023 drilling campaign soon, which will consist of a combination of extensional drilling to drive resource growth, as well as investigating the highest priority multi-kilometre targets identified in our recent 25,000m auger drilling programs,” MKG managing director Peter Ledwidge says.

“Somewhat unexpected, but a very interesting development for Mako, is the recent discovery of significant manganese mineralisation over a combined 14km strike at our Korhogo Project.

“Given the consistent values returned in all samples collected the and scale potential demonstrated by the extensive strike-length, in a region already hosting an operating manganese mine, we will be undertaking further field works to better understand this opportunity”.

Loyalty option offer

Mako will work with the legal and advisory teams to ensure this loyalty option offer is available to as many shareholders as possible and practical, based on jurisdictional requirements outside of Australia and New Zealand.

The proposed record date to determine eligibility for the loyalty options offer will be on or around Friday, May 12 and only eligible shareholders will be offered the opportunity to apply for surplus to their pro-rata entitlement.

This article was developed in collaboration with Mako Gold, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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