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Mako well-funded for 2020 drilling program


Published 12-DEC-2019 11:22 A.M.


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Mako Gold Limited (ASX:MKG) has received firm commitments for a $680,000 placement of shares from sophisticated, professional and institutional investors to further support the company’s January step-out drilling at the Napie (Tchaga) project in Côte d'Ivoire.

The placement price of 7 cents per new share represents a 9% discount to Mako’s last closing share price of 7.7 cents.

Subscribers to the placement will also be issued with one 10 cent option expiring November 30, 2020 for every five shares issued.

This leaves the company well-funded for its planned high-impact drilling program in early 2020, building on its recent exceptional results at Tchaga.

One of the most promising results received throughout 2019 came to hand at the start of December as the company announced that one of the holes drilled at the Tchaga prospect returned 36 metres at 3.1 g/t gold.

Promising results earlier in the year included 28 metres at 4.9 g/t gold and 18 metres at 3.3 g/t gold.

Focusing on 1.4 kilometre strike length

Mako has outlined significant wide zones of gold mineralisation at the Tchaga Prospect over a 1.4 kilometre strike length.

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Infill drilling will tighten up some of the widely spaced drilled areas to help progress the project towards a JORC Inferred Resource.

Funds will also be used for further drilling, exploration planning, funding the costs of the raising and to provide additional working capital.

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