Mako earns 51% interest at Napié in quick time

By Trevor Hoey. Published at Jul 24, 2019, in Mining

Mako Gold Ltd (ASX:MKG) has earned a 51% interest on its Farm-in Joint Venture Agreement (FJVA) with Occidental Gold SARL (OG), a subsidiary of Perseus Mining Ltd (ASX:PRU) for the 224 square kilometre Napié Permit in Côte d’Ivoire.

The agreement which was signed on September 6, 2017 relates to the area outlined in red on the following map.

There have been numerous discoveries and are large producing mines in the region that Mako is exploring in.

It is evident from the numerous discoveries and large producing mines in the region that Mako is in the heart of gold territory.

Under the terms of the agreement, Mako had up to three years to spend US$1.5 million on exploration on the permit in order to reach its first milestone and earn-in 51% of the project.

Management has made a good impression in fast tracking exploration and reaching that milestone in less than two years, just over one year after listing on the ASX.

Mako can move to 75% on DFS completion

Arguably the most significant development to emerge in conjunction with meeting this milestone is an opportunity for Mako to earn up to 75% of the Napié Project.

According to the terms of the FJVA, if Mako continues to sole-fund expenditure on the Napié Permit, Mako can increase its interest up to 75% by completing a definitive feasibility study (DFS) on the permit.

If Mako completes a DFS, Occidental Gold can then elect to contribute post-DFS.

At that time, a joint venture company would be formed between Mako, OG and Australian African Investment Fund (AAIF), which has a pre-existing JVA with Occidental.

Facilitating this opportunity has been Occidental’s parent company, Perseus Mining’s decision to focus on developing its core assets, albeit stressing the potential that lies in the Napié Project.

On this note, Perseus group exploration manager Doug Jones said, “Perseus recognises the potential demonstrated by results from Mako’s exploration at Napié to date, but has decided its primary focus must remain on its core assets whilst retaining exposure to the exploration up-side at Napié.

“We believe the project is in good hands and look forward to continuing positive news flow as Mako advances its programs over the coming months.”

The recently completed exploration campaign has delivered impressive outcomes with drill results including 28 metres at 4.9 g/t gold and 25 metres at 3.4 g/t gold.

With assay results expected shortly there is the potential for further share price momentum after the company’s shares increased nearly 20% in late June/early July.

View Our Investment Portfolios

S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.

Conflict of Interest Notice

S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.

Publishers Notice

The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.

Australian ASX Small Cap stocks | Why is Australia’s leading small cap publication

Founded seven years ago, is Australia’s leading and longest standing website for investor and finance news, education and expert opinion.

Published by StocksDigital, Finfeed was created to report daily on the comings and goings of ASX listed stocks in the small cap market.

As the first digital publication dedicated specifically to this space, Finfeed soon became the most trusted publication in the market, quickly garnering over two million page views – a number that continues to rise. provides its readers with informative articles that tackle the latest in market moving #ASX small cap news, plus exclusive content you won’t find anywhere else. It is aimed at those with an interest in investing, market education, company performance, start-ups and much more. is the only media organisation operating under the strength of a Financial Services License and is backed by leading journalists and analysts all with brands of their own.

The website aims to inform, educate and entertain with content that drills down into the heart of financial matters.

Finfeed is a leading source of investor and market information, with everything investors need to know about how to invest written in a way that anyone can understand. 

Over the years, the website has expanded beyond exclusively reporting on small caps, to profile Australia’s leading ASX listed small, mid and large caps as well as some of the country’s most successful CEOs and business leaders to find out what makes them tick.

Every day you will find fresh content covering:

Fast Facts

Over 4,000 articles published

Over 2.3 Million Page Views and counting

Over 10,000 followers on social media

Subscriber list growing by 2% monthly

Thanks for subscribing!