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Mako Gold Limited (“Mako” or “the Company”; ASX:MKG) is pleased to announce a maiden JORC compliant (2012 edition) Inferred Mineral Resource Estimate (MRE) of 22.45Mt at 1.20g/t Au for 868,000 contained ounces of gold on the Tchaga and Gogbala prospects, within the Company’s flagship Napié Project (Napié) in Côte d’Ivoire. Tchaga and Gogbala are two of four prospects currently being explored by the Company, which are located on a +23km soil anomaly and coincident 30km‐long Napié Shear.
HIGHLIGHTS
- Mako Gold is pleased to announce its maiden JORC 2012 Mineral Resource Estimate (MRE) at the Tchaga and Gogbala Deposits, that forms part of its flagship Napié Project located in Côte d’Ivoire
- Robust shallow deposit with 93% (808koz) of resource within 150m ofsurface and 68% (591koz) within 100m of surface
- Grade increases with depth at both deposits
- Tchaga and Gogbala are two of the four known prospects being explored on the Napié Project and
exhibit a clear pathway to significant resource growth
- Tchaga:
- Deeper drilling below the maximum 195m MRE base returned high‐grade results which were not included in the resource estimate and demonstrate immediate upside
- Gogbala:
- Resource is open along‐strike and can be increased cost‐effectively by shallow drilling
- Resource can be increased rapidly at depth below the 160m MRE base where high‐grade resource blocks were not included in the MRE
- Tchaga:
- Additional resource potential yet to be explored at Tchaga North and Komboro validates the gold district potential at Napié, and underpins Mako’s goal to define a multi‐million‐ounce deposit
- Preliminary metallurgical test work at Tchaga indicates high recoveries over 94% in oxide and fresh rock, demonstrating gold is recoverable via conventional cyanide leaching
NEXT STEPS
- The MRE provides a strong platform for significant short and long‐term resource growth
- Mako has systematically explored ad defined Mineral Resources over only 4.4km of the 30km long mineralised Napié Shear, representing c.13% of prospective Napié shear drilled to date
- RC and diamond drilling is planned to test high priority extensional targets along strike and at depth focusing on expanding the MRE at both Tchaga and Gogbala
- Shallow drilling scheduled to target the 4.5km strike‐length between Tchaga and Gogbala
- RC drilling ongoing at Komboro and planned at Tchaga North, both high priority regional targets, to follow up on 4m at 101.31g/t Au in AC, and 8m at 8.53g/t Au and 1m at 215g/t Au in RC
Mako’s Managing Director, Peter Ledwidge commented:
“The maiden Mineral Resource Estimate is a significant milestone for Mako Gold. It is the first step in our vision to discover a multi‐million‐ounce resource base at the Napié Project. This resource represents only 4.4km of the 30km shearzone and we have only ‘scratched the surface’ with respect to the broader exploration upside at Napié. We see a clear pathway to deliver a significant increase in the resource.
“The resource is shallow with Gogbala estimated to a maximum depth of 160m and Tchaga estimated to a maximum depth of 195m, significantly less than the 300m average resource depth for recent projects located in West Africa. Some of the high‐grade results returned from Tchaga and Gogbala were not included in the MRE as they were below the MRE base depth. The grade of the resource improves with depth. This indicates the potential for near‐term growth by deeper drilling at Tchaga and Gogbala. Encouragingly, there are several kilometres of undrilled portions of the Napié shear between Tchaga and Gogbala as well as a parallel shear at Gogbala that includes more than 4km of strike that remains to be drilled. These provide exceptional targets for near‐term resource expansion.
“We plan to recommence drilling shortly on high‐priority shallow targets at Gogbala which we consider a rapid, low‐cost pathway for near‐term resource growth. We also have plans to drill depth extensions at Gogbala and Tchaga, while we continue to explore the Tchaga North and Komboro prospects, with the aim of advancing the Napié Project to a world‐class multi‐million‐ounce deposit.”
GLOBAL RESOURCE
The maiden MRE comprises the Tchaga and Gogbala prospects which constitute only 4.4km of the 30km‐ long Napié Shear. Only 13% of the Napié Shear has been systematically drilled, indicating the strong potential for resource growth at Napié by drilling between Tchaga and Gogbala as well as on other undrilled portions of the Napié Shear (Figure 1).
The Napié maiden MRE is much shallower than the average 300m depth for recent resources1 in West Africa. The maximum resource depth, which is constrained due to limited deeper drilling, is 195m at Tchaga and 160m at Gogbala.
Part of the Company’s near‐term growth strategy is to drill below the current limits of the MRE at Tchaga and Gogbala as shown by the vertical blue arrows on Figure 1, below.
The grades at Tchaga and Gogbala increase with depth, as shown in Table 1, supporting the strategy that deeper drilling has the potential to add higher‐grade ounces to the resource.
Figure 1: MRE on Tchaga and Gogbala which cover 4.4km of prospective 30km‐long Napié Shear Zone
Table 1: MRE grade and tonnage by depth
Click here for the full ASX Release
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
Providence Gold Mines
Investor Insight
Providence Gold Mines’ portfolio of past-producing gold assets with a resource potential of 1 to 4 million ounces, makes it a compelling investment opportunity for investors seeking exposure to undervalued, high-potential gold assets amid a current gold bull market.
Overview
Providence Gold Mines (TSXV:PHD,OTCQB:PRRVF,GR-FRANKFURT:7RH1) is a junior gold exploration company focused on the revitalization of the historic Providence Group of Mines and further unlocking the potential of its high-grade gold deposits within the Mother Lode Gold Belt in Sonora, California. This prolific gold district has historically reportedly produced over 128 million ounces of gold, making it one of the most significant gold-producing regions in North America.
Providence Gold is strategically positioned to benefit from the current gold bull market, as global economic uncertainty, inflationary pressures, and rising demand for safe-haven assets continue to drive gold prices to historic highs. With a portfolio of past-producing gold mines, high-grade drill targets, and a near-term pathway to production through stockpile processing, the company is poised to potentially generate significant value for shareholders. The Providence Group of Mines consists of seven patented mineral claims: Bonita, Consuelo, Fair Play, Good Enough, McCarthy, Mexican and Providence.
This past-producing gold asset was historically one of the more famous high-grade mines in the Mother Lode Belt, with reported production grades exceeding 1 oz/ton (or 31 g/t gold). Mining operations ceased in 1916, leaving behind significant unmined high-grade ore at depth, as well as gold-bearing stockpiles that have since been identified as a near-term cash flow opportunity.
Providence Gold Mines is led by professionals with extensive experience in discovery of new mines in the mother lode district and corporate finance. Their combined expertise in geology, capital markets and project execution positions the company for successful exploration and potential near-term production. This, combined with high-grade historical production, modern geological exploration techniques, and near-term catalysts, Providence Gold is well-positioned to emerge as a high-value gold exploration and development play in a rising gold market.
Company Highlights
- Providence Gold controls a portfolio of gold mines in Tuolumne County, California, situated in the heart of the historic Mother Lode district, a region that has produced over 128 million ounces of gold to date.
- The Providence Group of Gold Mines, consisting of seven patented staked mineral claims, was historically a high-grade producer, with reported grades grossly exceeding 1.0 oz/ton.
- The company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple gravity-based processing.
- Utilizing 3D terrestrial LIDAR laser scanning technology and traditional exploration methods, Providence Gold has identified new high-grade drill targets beneath and between historical stopes, supporting a resource potential estimate of 1 to 4 million ounces.
- The company has outlined a 4,000-meter core drilling program, targeting high-grade zones identified through 3D modeling, trenching and soil geo chemistry and traditional mapping.
Key Project
Providence Group of Mines
The Providence Group of Mines, located in Tuolumne County, California, sits within the Mother Lode Belt, a historic gold-producing region responsible for over 128 million ounces of gold production since the 19th century. The Mother Lode Belt is one of the most significant gold districts in the United States, characterized by high-grade mesothermal vein-hosted orogenic gold deposits. The district features structurally controlled mineralization associated with regional shearing and faulting, forming a series of gold-bearing quartz veins that have been the focus of both historic and modern mining operations.
Gold mining at the Providence Mines dates back to 1894, with extensive production recorded until 1916. At the time of closure, the mine was actively extracting high-grade ore, but operations ceased due to a dispute and a regional fire that destroyed surface infrastructure, rather than depletion of mineral resources. Historical reports indicate the mine's lower levels, specifically from the 10th to 12th levels, were actively being developed into rich ore shoots at the time of shutdown, suggesting that significant mineralization remains in place.
The ore shoots within the Providence Gold system are reported to have historically produced between 30,000 to 50,000 ounces per stope, with average gold grades exceeding 1 oz/ton (31 g/t gold). The McCarthy Mine, one of the key areas within the Providence Group, has returned surface samples with gold assays ranging from 77 g/t to 97 g/t gold, further demonstrating the district’s exceptional high-grade potential. Importantly, the historical mine workings only reached a depth of 100 feet, leaving down-dip extensions of the ore body entirely unexplored.
Modern structural interpretations and geophysical surveys suggest that gold mineralization at Providence is open at depth and along strike, with a strong likelihood of additional undiscovered high-grade ore shoots. Given that mining operations in the early 20th century were limited by technology and capital, the potential for discovering new gold zones using modern exploration techniques remains highly attractive.
Exploration and Development Plans
Providence Gold has embarked on a multi-phase exploration strategy designed to assess the down-dip and strike extensions of near surface, historically mined high-grade gold veins, as well as evaluate the potential for bulk-tonnage, low-grade gold mineralization at surface. The company’s technical approach integrates cutting-edge technologies, including 3D terrestrial LIDAR scanning, geophysical surveys and targeted diamond drilling.
One of the most significant near-term opportunities is the processing of historical stockpiles, which were initially misclassified as waste but have since been confirmed to contain gold mineralization. Recent trenching and bulk sampling returned positive assay results, with recovery tests demonstrating that gold can be efficiently extracted using simple crushing and gravity separation methods. Since the stockpile material is already milled, this initiative could provide a near-term source of revenue while exploration drilling advances.
The primary exploration initiative at Providence is a 4,000-meter core drilling program, targeting previously untested areas near surface, beneath and between the historical stopes. The company has identified high-priority drill targets based on 3D geological modeling and interpretation of compiled data, which suggest that gold-bearing structures extend well beyond the historically mined zones.
Another key aspect of Providence’s exploration strategy is the development of a digital 3D mine model, integrating historical production data, drill results, 3D Lidar surveys and structural interpretations. This modeling enables the team to simulate mineralized zones, predict ore shoot continuity, and optimize future mining scenarios.
Near and Long-term Development Plan Going Forward
In the near-term, the company has identified gold-bearing stockpiles from historical operations that could provide an immediate cash-flow opportunity through simple crushing and gravity-based processing.
In the long-term, Providence remains focused on developing its assets through a phased approach which includes:
- Phase 1 Drilling (2025-2026): Targeting high-grade extensions of previously mined stopes, validating historical resource potential.
- Phase 2 Resource Definition (2025-2026): Expanding the drill program to delineate an NI 43-101 compliant resource, incorporating both high-grade underground targets and bulk-tonnage surface mineralization.
- Preliminary Economic Assessment & Engineering Studies (2026-2027): Evaluating the feasibility of underground mining operations, along with potential processing of the historical stockpiles for early cash-flow generation.
- Permitting & Development (2028+): Advancing toward potential production, leveraging California’s permitting framework and existing infrastructure within the Mother Lode Belt.
Management Team
Ronald A. Coombes - President, CEO & Director
Ronald Coombes brings over 25 years of experience in mineral exploration and project development. He has successfully managed multiple mining ventures, including a molybdenum project that grew from a $1.5 million to $288 million market cap in just 12 months. Throughout his career, Coombes has reviewed and assessed over 100 mining projects across Canada, the US and Mexico, specializing in fundraising, acquisitions and early-stage resource development. He is also a director of Lincoln Mining, which is currently advancing the Pine Grove Gold Deposit in Nevada.
Rodger Young - Chairman, Vice-president & Director
Rodger Young has extensive expertise in international financing, particularly in the natural resources sector. He was the founder and director of a major finance house based in London, specializing in raising capital for mining and resource-based projects. His experience in corporate governance, financial structuring, and investment strategies provides Providence Gold with a strong foundation for securing capital and advancing its projects.
Dr. Lee Groat - Qualified Person & Senior Advisor
Dr. Lee Groat is a renowned geologist and professor at the University of British Columbia. With expertise in structural geology, economic mineral deposits, and exploration strategy, he has contributed significantly to advancing mineral projects globally. His technical leadership ensures Providence Gold’s exploration programs are guided by cutting-edge geological analysis and best industry practices.