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Mako Gold Limited (“Mako” or “the Company”; ASX:MKG) is pleased to advise that it has received positive assay results from the recent shallow Reverse Circulation (RC) drilling program from the Komboro Prospect, within the Company’s flagship Napié Project in Côte d’Ivoire. Komboro is located on a +23km soil anomaly and coincident 30km‐long Napié Fault and associated splays (Figure 1).
HIGHLIGHTS
- High‐grade gold discovery at Komboro is significant following release of maiden 868koz Au Inferred Mineral Resource Estimate (MRE) at Tchaga and Gogbala
- Validates Mako’s strategy to grow the Napié Gold Project to a multi‐million‐ounce system
- Reverse Circulation (RC) drilling program returned multiple shallow high‐grade intercepts, including 9m at 3.26g/t Au and 1m at 30.47g/t Au
- Significant results include:
- NARC741: 9m at 3.26g/t Au from 67m; including 3m at 7.29g/t Au from 67m; and
- 1m at 30.47g/t Au from 86m
- NARC743: 1m at 8.45g/t Au from 74m
- NARC753: 5m at 1.64g/t Au from 56m
- NARC741: 9m at 3.26g/t Au from 67m; including 3m at 7.29g/t Au from 67m; and
- 6 of 7 targets drilled returned significant gold values highlighting untapped potential of the northern part of the permit
- Komboro is a large‐scale regional prospect located on the +23km soil anomaly and coincident splays associated with the 30km‐long Napié Fault
- Results received from shortened Korhogo drilling program
Mako’s Managing Director, Peter Ledwidge commented:
“We are thrilled with the results of our new discovery at the Komboro Prospect as it has confirmed the presence of significant mineralisation at a 4th prospect on the Napié Project. The drill results validate the company’s growth strategy of identifying new areas for potential resource delineation following the recent delivery of the 868koz Inferred maiden MRE at Tchaga and Gogbala. We look forward to drilling more extensively along the 9km‐long intermittent artisanal mining sites at the end of the wet season”
Intervals above 0.5g/t Au cut‐off are reported in Appendix 1.
A map of the drill hole locations is shown in Appendix 2.
Results have also been received from the shortened maiden RC drill program on the Korhogo Project.
NEW MINERALISED ZONE DISCOVERED AT KOMBORO PROSPECT AT NAPIÉ
Results have been received from 23 shallow RC holes from a 2,824m drill program recently completed at Komboro Prospect.
The location of the Komboro Prospect is shown in Figure 1 relative to Tchaga and Gogbala, where the Company recently announced a maiden Inferred Mineral Resource of 22.5Mt at 1.20g/t Au for 868k contained ounces gold1.
Figure 1: Napié Project – Location of Komboro Prospect relative to Tchaga and Gogbala MRE at Napié with results and planned further drilling on all prospects
Seven targets were drilled with 6 of the 7 targets intersecting significant mineralisation (Figure 2).
Drill results include 9m at 3.26g/t Au, including 3m at 7.29g/t Au and, separately 1m at 30.47g/t Au in NARC741, as well as 1m at 8.41g/t Au in NARC 743 from the previously undrilled K1 Target (Figure 3).
Drilling at the K2 Target located on a separate structure 3km to the east, intersected 5m at 1.64g/t Au in NARC 753. (Figure 2).
Figure 2: Komboro Prospect: Drill targets K1 to K7 – Select new (yellow) and previous (white) RC results and previous AC results (blue) and rock chips (white italics)
Targets were identified from recent Air Core (AC) drilling which include 4m at 1.93g/t Au, 4m at 1.20g/t Au, and 4m at 1.10g/t Au, and from geological mapping and rock chip sampling. The majority of the holes were drilled on artisanal mining sites with large quartz veins which can be intermittently traced over 9km, as well as on other smaller artisanal sites, which were identified during recent geological mapping1.
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This article includes content from Mako Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
MKG:AU
Labyrinth Reinvigorates Exploration at Comet Vale
Key Points
- At the beginning of the quarter, Labyrinth announced the intention to divest Labyrinth Gold Project to Gold Projects WA Pty Ltd (‘GPWA’) for a cash consideration of USD $3,500,0001;
- Post-quarter LRL announced that the Project Sale Conditions were satisfied or waived and in addition2:
- the deposit of USD$175,000 paid by the purchaser, GPWA, to Labyrinth is now non- refundable in all circumstances;
- settlement is to occur by 15 May 2024; and
- interest of 6% per annum, to be accrued from 29 February 2024.
- Labyrinth announced the successful negotiation amending the terms of the Project Acquisition Agreement with G.E.T.T. Gold Inc. with respect to the obligation to deliver a 450 ounce Physical Gold Payment by 31 December 20233;
- The payment reduced to 200 ounces with the remaining 250 ounces to be paid upon profitable production at Labyrinth Mine (to be assumed by GPWA as part of Share Purchase Agreement (‘SPA’));
- Labyrinth received a significant tax refund of circa $470k in relation to Canadian resource expenditure4.
- At the beginning of the quarter, the assay results from a field program completed at Comet Vale in September 2023 were announced5:
- LCV0029: 129 g/t Au, 0.1% Cu
- LCV0033: 39.1g/t Au, 6.3% Cu and 271 g/t Ag
- LCV0028: 28.9 g/t Au, 3.0% Cu, 0.07% Co and 0.5% Ni
- LCV0017: 3.6 g/t Au, 8.4% Cu and 9.2 g/t Ag
- LCV0021: 8.5 g/t Au, 0.3% Cu
- The rock chips represent part of a nearly 3km corridor of high-grade gold, copper, cobalt, nickel, tungsten and silver.
Figure 1 – Comet Vale Project location, WA
COMET VALE
During the quarter, significant focus has been placed on the divestment of Labyrinth Gold Project in Canada. Meanwhile, targeting and planning of exploration activities is well underway at Comet Vale. Strong performance in the gold price this quarter shows no signs of slowing, bolstering Labyrinth’s interest in Comet Vale Gold Project. With gold and base metal potential still high, the Company is leaving no stone unturned in finding suitable drill targets to truly test the potential.
LRL has previously announced the commitment to refocus exploration activities at Comet Vale Project near Menzies, Western Australia. The project is a joint venture project between Labyrinth (51%) and Sand Queen Gold Mines Pty Ltd (49%). In 2023 an updated Mineral Resource Estimate was completed on the Comet Vale Underground (‘UG’) and Open Pit (‘OP’) historic resource (see Table 1 and 2)6. Figure 2 demonstrates the substantial Resource growth potential of the currently only shallowly defined Sand George mineralisation.
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This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
