Mako looks to more than double Côte d’Ivoire landholding
Mako Gold Ltd (ASX:MKG) has lodged two applications for exploration permits with the Ministry of Mines in Côte d’Ivoire covering a total area of 296 square kilometres.
The Australian based exploration company has gold projects in Côte d’Ivoire and Burkina Faso in the gold-bearing West African Birimian Greenstone Belts, which hosts more than 60 +1Moz gold deposits.
If granted, these two new permits would more than double the company’s footprint in Côte d’Ivoire to 520 square kilometres.
The permit applications were strategically selected by Mako to cover significant greenstone-granite contact as these contacts present excellent targets for shear-hosted orogenic gold deposits.
The following map shows the greenstone/granite contact areas within Mako’s permit applications, and it also shows the location of the tenements of some of the world’s biggest mining companies in close proximity.
Of particular note is Barrick Gold’s 4.9 million ounce Tongon Gold Mine which is situated less than 30 kilometres from the tenements Mako has applied for.
This is not only significant from a geological perspective, but it would also place a prospective gold project in close proximity to Barrick’s processing plant.
It is worth noting that the tenement to the north which Mako has applied for is only 15 kilometres from the Tongon mine.
Permit applications have recently been granted within 3-6 months of applying and provide the title holder with 100% ownership of the permit.
Gold hits six-year high
Shares in Mako surged 20% in July on the back of promising exploration results and a substantial uptick in the gold price.
Given the precious metal hit US$1486 per ounce overnight, predominantly due to safe haven buying, share prices of companies such as Mako could receive another boost today.
Not only is the gold price poised to surpass the psychological US$1500 per ounce mark, but it is now trading at levels not seen for more than six years.
While it is not guaranteed that the permits will be granted, Mako has no reason to believe that the Côte d’Ivoire Ministry of Mines would not approve the applications and grant the permits.
To management’s knowledge, no previous work has been completed on these tenements, and the company’s intention would be to commence exploration shortly after the granting of the permits.