Mako Gold Ltd (ASX:MKG) has increased its footprint in Côte d’lvoire after a decree from the country’s Ministry of Mines granting the Ouangolodougou Permit, which covers 111 square kilometres of prospective tenure within 15 kilometres of Barrick Gold Corp’s (NYSE:GOLD) (TSE:ABX) (FRA:ABR) 4.9-million-ounce Tongon Gold Mine.
Ouangolodougou and the Korhogo Nord permit now constitute the Korhogo Project, which collectively covers 296 square kilometres over 17 kilometres of faulted greenstone granite contact, with both permits 100%-owned by Mako.
The Ouangolodougou permit is valid for four years from the date of granting and can be renewed twice for a period of three years each.
Maiden exploration program
Mako managing director Peter Ledwidge said: “We are pleased to have secured a further 111 square kilometres of prospective tenure in Côte d’Ivoire, within the same Birimian greenstone belt as Barrick’s 4.9-million-ounce Tongon Gold Mine.
“To our knowledge, no previous exploration has been conducted on the Ouangolodougou permit, so we are excited to be launching a maiden exploration program on the permit shortly.
“Our primary focus remains the Napié Project, where we currently have two drills operating around the clock.”
Korhogo is in the same greenstone belt of Barrick Gold’s Tongon mine and Montage Gold Corp’s (CVE:MAU) 1.2 million ounces Kone gold deposit, both in Côte d’Ivoire, as well as Teranga Gold Corp’s (TSE:TGZ) (OTCMKTS:TGCDF) (FRA:0TGA) 2.7 million ounces Wahgnion gold mine across the border in Burkina Faso.
The proximity to Barrick’s Tongon processing and mine infrastructure has the potential to create accretive development and processing synergies should Mako be successful in discovering a gold deposit on the Korhogo Project.
Ouangolodougou, as well as Korhogo Nord, were selected by Mako as they cover significant greenstone-granite contact along a regional fault.
The company believes that the strategic location of the permits presents excellent targets for high-grade orogenic shear-hosted gold deposits.
Ouangolodougou has 10 kilometres of faulted greenstone/granite contact, while Korhogo Nord has 7 kilometres of contact.
Mako is planning a methodical exploration program on the Korhogo Project, which will commence shortly with a soil sampling program.
A maiden drilling program is planned at Korhogo once the soil sampling results are received.
Tchaga East, Tchaga and Gogbala update
The planned 1,500 metres reverse circulation (RC) drill program on the Tchaga East Prospect is now complete and the rig has returned to the Tchaga Prospect to resume resource definition drilling.
A total of 1,679 metres was drilled in 16 holes at Tchaga East.
Samples will be shipped to the lab shortly, with assay results anticipated in mid to late February.
Also, four holes of the 5,200-metre RC drill program on the Gogbala Prospect have been completed.