The Conversation (0)
Mako Gold Limited (“Mako” or “the Company”; ASX:MKG) is pleased to advise that it has received the results of the 11,000m auger drilling program on the Ouangolodougou and Korhogo Nord permits which constitute the Korhogo Project1 . The permits collectively cover 296km2 hosting 17km of faulted greenstone granite contact as shown in Figure 1. Both permits are 100% owned by Mako and are readily accessible from the Mako Field Office.
HIGHLIGHTS
- Auger drill results confirm 2km-long +20ppb gold anomaly & multiple high-priority targets at Korhogo
- 2,000m maiden reverse circulation (RC) drill program to commence imminently
- Further exploration including RC drilling planned on additional targets
- The 100% Mako owned Korhogo Project has no previously recorded drilling and covers 296km2 of prospective tenure located within 15-30 km of Barrick’s 4.9Moz Tongon Gold Mine
- Mako’s core focus remains its flagship Napié Project where a maiden Mineral Resource Estimate (MRE) is on-track for June 2022
Mako’s Managing Director, Peter Ledwidge commented:
“We are pleased that the recently completed 11,000m auger drilling program has returned large gold anomalies which pave the way for the imminent start of a maiden RC drilling program at Korhogo. The first target to be drilled is a 2km-long +20ppb gold auger anomaly with high grade cores over 60ppb Au, coincident with the faulted greenstone/ granite contact. We are highly encouraged by these coincident anomalies as this validates our motivation for acquiring these permits and increases the chance of the Company making another significant gold discovery”.
Korhogo is located in a fertile greenstone belt that hosts Barrick Gold’s 4.9Moz Tongon gold mine and Montage Gold’s 4.5Moz Kone gold deposit, both in Côte d’Ivoire, as well as Endeavour’s 2.7Moz Wahgnion gold mine just across the border in Burkina Faso (Figure 5).
A maiden 2,000m RC drill program is planned on one of the first of several anomalies outlined by the 11,000m auger program (Figure 2). The auger gold anomalies are coincident with the soil anomalies and geophysical structural anomalies identified through Mako’s previous field work.
Four fences of heel to toe RC holes will be drilled (where the bottom of one hole when projected to surface is the collar of the next hole), covering approximately 900m of the highest auger anomalies (Figure 3).
Ongoing exploration at the Korhogo Project will consist of further RC drilling on other high priority targets, as well as additional auger drilling along the structural trends in order to extend current anomalies or discover new anomalies which would then be tested with RC drilling.
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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.
