Mako Gold Shares Jump on Increased Gold Project Footprint (ASX:MKG)
The share price of West Africa-focused gold explorer Mako Gold Ltd [ASX:MKG] has received a boost today upon securing permitting for its Ouangolodougou prospect in the Ivory Coast.
At time of writing the MKG share price is up 4.35% to trade at 12 cents per share.
When we last visited the MKG share price it had rocketed 19% thanks to some of its best drill results to date.
Shares appear to have gained a new level since then, digging themselves out of the 10-cent mark they had traced for the past six months.
MKG moves next to four-million-ounce neighbour
In its latest market update, MKG announced it had been granted the Ouangolodougou permit by the Ivory Coast Ministry of Mines.
The new 111km2 digs are located within 15 kilometres of Barrick Gold Corp’s [NYSE:GOLD] 4.9Moz Tongon Gold Mine.
Source: Mako Gold
MKG’s Managing Director Peter Ledwidge commented:
‘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.’
Ouangolodougou along with the Korhogo Nord permit now constitute the Korhogo Project, which collectively covers 296km2 over 17 kilometres of faulted greenstone granite.
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The same greenstone belt as Barrick’s Tongon Project.
The tenements also share the greenstone belt with Montage Gold Corp’s [CVE:MAU] 1.2Moz Kone gold deposit and Teranga Gold Corp’s [TSE:TGZ] 2.7Moz Wahgnion gold mine across the border in Burkina Faso.
MKG said a soil-sampling program will begin shortly at the Korhogo Project and a maiden drilling program is planned once the soil-sampling results are received.
Lookout for Mako this year
Like I detailed in my last write up about MKG, the explorer is planning to ramp up activity this year.
Which could yield some exciting results for shareholders.
Its projects are also located in the West African Birimian Greenstone Belts, which hosts more than 70 +1Moz gold deposits.
MKG currently holds 51% in the slightly more advanced Napié Gold Project and can earn up to 75% through the delivery of a feasibility study.
But the company fully owns the Korhogo Gold Project, Barrick’s close neighbour.
In my opinion, we could see more speculators take a punt on MKG up until we see the soil samples from Korhogo.
But I don’t expect we’ll receive those until after late February, when MKG says they’ll have assay results from the Tchaga East prospect at Napié.
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