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AFRICA

Blue sky for Mako

Perth, Western Australia 21
November 9 - 10 by Mark Andrews

21
Perth, Western Australia
November 9 - 10

The world’s pre-eminent gold exploration event

Napié covers a strike length of about 30km in highly prospective
25 years of world-class discoveries from Birimian greenstone covering 224sq km in Cote d’Ivoire

43 countries around the globe lue Ocean Equities rates Mako Gold Ltd’s high-grade McIntyre said Blue Ocean looked for companies with
Bdrilling results to date at Tchaga as “excellent” and has institutional scale potential and Mako fits that mould with a
set a spec buy target of 28c/share and strategic target of possible maiden resource at Tchaga of 400,000-500,000oz
35c/share for the company. gold @ 2 g/t to be announced in Q1.
Mako was trading at 12c/share in early December. “But longer term we see potential for that to grow to 2-3 moz
Results in particular to impress Blue Ocean are the recent plus. With that in mind, we think the company’s current EV
32m @ 7.1 g/t gold from 13m (including 9m @ 22.73 g/t from of only $15 million looks way too cheap,” McIntyre said.
36m) and 13m @ 20.8 g/t from 32m (including 9m @ 29.5 Tchaga is within the Napié gold project, which Mako is
g/t announced in August). earning up to 75% of from freshly crowned GMJ Miner of the
A maiden resource at Tchaga, Cote d’Ivoire, is expected in Year 2020 Perseus Mining Ltd by taking the project through
Q1 with Mako ramping up drilling with two rigs at the time to feasibility.
of print. In the back half of 2020, Tchaga has been subject to
“In terms of risk/reward, MKG [Mako ASX ticker] is one of our 10,000m RC drilling – results from 28 holes were pending
top gold picks at the moment. It is pre-resource and is run at the time of print – with follow-up on the 32m @ 7.1 g/t
gold hit targeted before the focus shifts back to the southern
www.newgengold.com by the proven ex-Orbis team who are applying a very similar area of Tchaga for the resource drill out.
approach that they did at Orbis. West Africa seems to be
attracting a bit more of a discount than normal at present. Furthermore, Mako will have the capacity to drill Tchaga
But, there will no doubt be a catch up at some stage. If MKG East (1,500m) and Gogbala (5,000m RC/diamond) with a
For all enquiries about presenting, exhibiting or attending please contact
was reporting its recent results of 10m @ 20-plus g/t from second rig arriving on site imminently.
Mitchelle Matambo on (+61) 8 9321 0355 or email mitchelle@paydirt.com.au 30m in WA it would probably have a market cap north of McIntyre said also attractive was Mako’s attention to detail
$100 million already,” Blue Ocean analyst Steuart McIntyre in planning its drilling programmes.
told GMJ.
“We also like that the company’s overheads are very low
“I think one of the key things to highlight is that they have
Jointly organised by: compared to peers, only around $600,000 per annum
done the preliminary met work already and shown its free over the past two years. They’re pretty lean and mean and
milling in both the oxide and fresh, so it is great to know it’s assess any potential business costs in terms of how many
not refractory.” metres of drilling it equates to… we really like that.”
Keith Yates & Associates Pty Ltd

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