Announcement • Feb 03
Mako Gold Limited Announces Board Changes Mako Gold Limited and Aurum Resources limited refer to the off- market takeover offer by Aurum Resources Limited which was announced to ASX on 11 October, 2024 and to the Bid Implementation Agreement which was announced to ASX on 16 October 2024 As per the terms of the BIA Mako Mr. Peter Ledwidge and Mr. Michele Muscillo have resigned as Directors of Mako Gold Limited. Announcement • Jan 30
Shares of Mako Gold Limited to Delist from ASX Following Aurum Takeover Aurum Resources Limited ("Aurum") advised that the securities of Mako Gold Limited ("Mako") are due to be suspended from quotation on the ASX from the close of trading on 3 February 2025. This follows the compulsory acquisition notice released by Aurum on 24 January 2025, subsequent to its successful takeover offer for Mako. Delisting of Mako shares from the ASX is expected to occur on the third business day following the suspension date. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.8m free cash flow). Earnings have declined by 1.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.8m market cap, or US$8.59m). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Announcement • Jan 07
Mr. Peter Ledwidge Steps Down as Managing Director of Mako Gold Limited Mako Gold Limited announced that Mr. Peter Ledwidge has stepped down as Managing Director of the company. He continues as a Non-Executive Director of the company. New Risk • Nov 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: AU$14.8m (US$9.61m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.8m free cash flow). Share price has been highly volatile over the past 3 months (24% average weekly change). Earnings have declined by 1.3% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (AU$14.8m market cap, or US$9.61m). Minor Risk Shareholders have been diluted in the past year (49% increase in shares outstanding). Announcement • Oct 18
Aurum Resources Limited (ASX:AUE) entered into a Bid Implementation Agreement to acquire Mako Gold Limited (ASX:MKG) from Dundee Corporation (TSX:DC.A), SPARTA Invest AG, DELPHI Unternehmensberatung Aktiengesellschaft and Geodrill Limited (TSX:GEO), David Harper and others for AUD 18.5 million. Aurum Resources Limited (ASX:AUE) entered into a Bid Implementation Agreement to acquire Mako Gold Limited (ASX:MKG) from Dundee Corporation (TSX:DC.A), SPARTA Invest AG, DELPHI Unternehmensberatung Aktiengesellschaft and Geodrill Limited (TSX:GEO), David Harper and others for AUD 18.5 million on October 16, 2024. Mako shareholders will receive 1 Aurum share for every 25.1 Mako shares Aurum will offer to existing holders of the Class A Options, consideration of 1 AUE share for every 170 Class A Options held and Class B Options, consideration of 1 AUE share for every 248 Class B Options held. The transaction is subject to approval of merger agreement by target board. The expected completion of the transaction is November 25, 2024.
Euroz Hartleys Limited acted as legal advisor to Mako Gold. HopgoodGanim and Allion Legal acted as legal advisor to Aurum Resources. New Risk • Sep 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -AU$4.8m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$4.8m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 1.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Revenue is less than US$1m (AU$19k revenue, or US$13k). Market cap is less than US$10m (AU$8.88m market cap, or US$6.13m). Announcement • Sep 27
Mako Gold Limited, Annual General Meeting, Nov 28, 2024 Mako Gold Limited, Annual General Meeting, Nov 28, 2024. New Risk • Aug 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Australian stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 4.3% per year over the past 5 years. Shareholders have been substantially diluted in the past year (69% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$9.76m market cap, or US$6.44m). New Risk • Feb 22
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 65% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (27% average weekly change). Earnings have declined by 9.4% per year over the past 5 years. Shareholders have been substantially diluted in the past year (65% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$9.31m market cap, or US$6.13m). Announcement • Feb 15
Mako Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 2 million. Mako Gold Limited has completed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 200,000,000
Price\Range: AUD 0.01
Security Features: Attached Options Announcement • Nov 19
Mako Gold Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million. Mako Gold Limited has filed a Follow-on Equity Offering in the amount of AUD 0.5 million.
Security Name: Shares
Security Type: Common Stock Announcement • Nov 18
Mako Gold Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million. Mako Gold Limited has filed a Follow-on Equity Offering in the amount of AUD 2 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 86,401,227
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Security Features: Attached Options
Security Name: Shares
Security Type: Common Stock
Securities Offered: 113,598,773
Price\Range: AUD 0.01
Discount Per Security: AUD 0.0006
Security Features: Attached Options
Transaction Features: Subsequent Direct Listing Board Change • Nov 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 1 highly experienced director. Independent Non-Executive Director Steve Zaninovich was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 07
Mako Gold Limited, Annual General Meeting, Nov 30, 2023 Mako Gold Limited, Annual General Meeting, Nov 30, 2023. New Risk • Sep 26
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10.0m free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$8.06m market cap, or US$5.18m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Share price has been volatile over the past 3 months (13% average weekly change). New Risk • Sep 10
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10.0m free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (AU$13.2m market cap, or US$8.44m). Minor Risk Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). New Risk • Jul 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-AU$10.0m free cash flow). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (AU$16.1m market cap, or US$10.9m). Announcement • May 11
Mako Gold Limited has announced a Derivatives Offering in the amount of AUD 0.677999 million. Mako Gold Limited has announced a Derivatives Offering in the amount of AUD 0.677999 million.
Security Name: Loyalty Option
Security Type: Equity Option
Securities Offered: 135,599,766
Price\Range: AUD 0.005
Transaction Features: Rights Offering Announcement • Feb 08
Mako Gold Limited Announces Infill Auger Commences on Highest Priority Targets At Napie Mako Gold Limited announced that it has commenced the phase 2 infill auger program of the multi-rig, 25,000m auger program on the Company's 90% owned Napié Project in Côte d'Ivoire. Napié hosts a +23km soil anomaly and coincident 30km-long Napié shear and associated splays. Phase 1 exceeded the Company's objective to demonstrate the multi-million-ounce gold potential of Napié by identifying several mineralised footprints equal to or several times larger than Tchaga or Gogbala along the extensive 30km shear and associated faults at Napié. The program began with orientation auger drilling over the current Tchaga and Gogbala deposits, and identified continuous auger anomalies thereby validating that auger works well on Napié to identify gold mineralisation. The phase 2 infill program will tighten up the line and sample spacing from 400m X 100m to 200m X 50m, thereby adding more detail to the previously announced anomalies from the first regional phase of auger drilling 1. 1 This will provide more precise drill targets when the company begins a resource expansion drilling program. A total of 800 drill holes are planned for 8,000m of drilling. Five auger rigs are on site in order to expedite drilling, in order to launch into an RC/DD drilling program as soon as results are received from the laboratory. First results are expected towards the end of February. The infill program will focus on Tchaga North and Gogbala, along strike of the Tchaga and Gogbala deposits, which form the basis of the maiden 868koz MRE 2. The high-priority areas include: Tchaga North where 11km of gold mineralisation was identified. Limited previous drilling by Mako returned 8m at 8.53g/t Au, 1m at 215g/t Au and 4m at 101.31g/t Au 3; The 1.4km-long zone south of the Gogbala deposit which returned 55.90g/t Au and 1.79g/t Au in; auger transition samples outside of the resource in an area of no previous RC/DD drilling; The area west of Gogbala which hosts an approximate 800m-long gold anomaly parallel to Gogbala. Announcement • Feb 01
Mako Gold Limited Receives Assay Results from Structural Diamond Drill (DD) Hole from the Tchaga Prospect Mako Gold Limited announced that it has received assay results from a structural diamond drill (DD) hole from the Tchaga Prospect, within the Company's 90% owned Napié Project in Côte d'Ivoire. Tchaga is located on a +23km soil anomaly and coincident 30km-long Napié Fault. Drill hole NADD020 was completed for the following reasons and achieved all the objectives. To get a complete stratigraphic section from surface to depth in order to increase the structural knowledge of the Napié deposits. NADD020 was carefully selected so that a complete cross section of lithological units and structures would be intersected. The drill hole achieved this and will be carefully reviewed, along with previous DD holes by structural consultants when they commence their studies in March 2023. To test for shallow mineralisation, west of Tchaga, outside the mineral resource current boundary. A broad intersect of 23m at 1.01g/t Au from 53m was discovered. The company believes that follow- up shallow drilling, after the structural interpretation may locate higher-grade intersections in the vicinity of this zone. This underscores Mako's belief that the limits of the potential resource extend beyond what is currently defined. To test for mineralisation at depth and to gain a better understanding of controls to gold mineralisation. Two zones of mineralisation which include 7.7m at 1.24g/t Au from 425m, and 28.9m at 1.17g/t Au from 436.1m were intersected at depth. The Company believes that this hole will provide critical information and once structural studies are completed, the information from these intersects hold potential for Mako to vector into possibly higher-grade mineralisation. The structural consultants will commence their work in March and will use the NADD020 along with other DD holes drilled at Napié to integrate a structural model with the current Mineral Resource Estimate. Once this is completed, the information will help to target further mineralisation through identification of a plunge direction of mineralisation or other structural controls to vector in to the high-grade "sweet spots" on the Napié Project, as Mako moves towards a Mineral Resource update. Phase 2 of the auger drilling program is scheduled to commence later this week with 5 auger rigs. Once results are received RC drilling will commence on targets with the highest potential for resource expansion. Mako Gold Limited is an Australian based exploration Company focused on advancing its Napié Gold Project (224km2) in Côte d'Ivoire located in the West African Birimian Greenstone Belts which hosts more than 70 +1Moz gold deposits. Senior management has a proven track record of high-grade gold discoveries in West Africa and aim to deliver significant high-grade gold discoveries. On 14 June 2022, a maiden Mineral Resource Estimate was reported in accordance with JORC (2012) at Tchaga and Gogbala. Mako Gold entered into a farm-in and joint venture agreement on the Napié Permit with Occidental Gold SARL, a subsidiary of West African gold miner Perseus Mining Limited in 2017 1. Subsequently Mako renegotiated the agreement with Perseus and has now consolidated its ownership in the Napié Project from 51% to 90% 2. In addition, Mako Gold has 100% ownership of the Korhogo Project comprising two permits (296km2) covering 17km of faulted greenstone/granite contact (high-grade gold targets) located within 30km of Barrick's operating Tongon Gold Mine (4.9Moz Au) in a highly prospective greenstone belt that also hosts Montage Gold's 4.5Moz Kone gold deposit, both located in Côte d'Ivoire, as well as Endeavour's 2.7Moz Wahgnion gold mine across the border in Burkina Faso. Results are reported with a 0.5g/t cut-off grade with 2m internal waste unless noted otherwise. Intercepts of 1m at less than 1g/t Au are not considered significant and are not reported Areas shaded in yellow represent assays over 10 gram/metres and are considered highly significant. Bolded results represent assays greater than 5 gram/metres (length X Au grade). Announcement • Jan 25
Mako Gold Limited Receives Positive Results from Phase 1 of the 25,000m Auger Drilling Program on Napié Project Mako Gold Limited announced that it has received positive results from phase 1 of the 25,000m auger drilling program on the Company's 90% owned Napié Project in Côte d'Ivoire. Phase 1 has exceeded the Company's objective to demonstrate the multi-million-ounce gold potential of Napié by identifying several mineralised footprints equal to or several times larger than Tchaga or Gogbala along the extensive 30km shear and associated faults at Napié. The program began with orientation auger drilling over the Tchaga and Gogbala deposits, which form the basis of the maiden 868koz MRE 1. The purpose of the orientation program was to ensure that auger would be effective in identifying significant gold mineralisation in other areas on Napié. Large, continuous auger anomalies were returned from Tchaga and Gogbala, thereby validating that auger works well on Napié to identify gold mineralisation. During the orientation survey samples were collected and analysed at the laterite/saprolite interface (transition zone) as well as end of the hole (EHS) within the saprolite. High-grade results were returned from the transition zone including 55.90g/t, 2.20g/t Au and 1.79g/t Au. Only EHS was analysed for the rest of the program since it worked well to identify the gold mineralised zones during the orientation phase. Phase 1 of the 25,000m auger drilling program is complete with all assays received. A total of 1,420 holes were drilled at a line spacing of 400m and sample spacing of 100m for 14,462m drilled. A total of 1,681 samples were submitted for bottle roll analysis. A thematic location map of historic and current auger holes is shown in Appendix 1. Coordinates and results 8ppb and above are shown in Appendix 2. The highest priority targets identified by auger for RC/DD drilling are as follows: Tchaga North where 11km of gold mineralisation was identified. Limited previous drilling by Mako returned 8m at 8.53g/t Au, 1m at 215g/t Au and 4m at 101.31g/t Au 2. The area between Tchaga and Gogbala where auger identified a 5.6km gold mineralised trend. Limited previous drilling by Mako returned 1m at 30.89g/t Au, 17m at 1.68g/t Au, 4m at 4.82g/t Au and 5m at 3.28g/t Au 3. The 1.4km-long zone south of the Gogbala deposit which returned 55.90g/t Au and 1.79g/t Au in transition samples outside of the resource in an area of no previous RC/DD drilling. The auger drilling program has successfully narrowed down wide soil anomalies coincident with the 30km-long Napié shear and associated splays. This will allow the Company to vector in to more specific drill targets for resource expansion. An excellent example of how the auger is refining the drill targets is at Tchaga North, where the soil anomaly (shown in yellow) is up to 2km wide. Auger has identified two new parallel zones which provide precise drill targets. Next Steps: The phase 2 auger drilling program, which will consist of tightening up the grid to 200m X 50m on select targets identified in phase 1, should commence in late January. Results from phase 2 are scheduled for mid to late February with planned RC/DD drilling to commence shortly thereafter. Announcement • Nov 16
Mako Gold Limited Announces 25,000M Auger Program Commences At Napié Mako Gold Limited advised that it has commenced a multi-rig, 25,000m auger drilling program on the company's 90% owned Napié Project in Côted'Ivoire. Napié hosts a +23km soil anomaly and coincident 30km-long Napié shear and associated splays. Historic auger drilling on certain portions of the permit have outlined anomalies associated with shears and faults at Napié. Orientation auger drilling on the Tchaga and Gogbala deposits, which form the basis of the maiden 868koz MRE, will highlight the auger signature of these deposits. Once the orientation drilling is complete on the Tchaga and Gogbala deposits, all drill rigs will be mobilised to sequentially complete each planned auger grid. Phase 1 of the program will commence with 400m spaced lines with samples collected every 100m along the line. The phase 2 infill program will consist of 200m spaced lines with samples collected every 50m from prospective areas identified in Phase 1. The purpose of the program is to demonstrate the multi-million-ounce gold potential of Napié by identifying several footprints equal or larger than Tchaga and Gogbala along the extensive 30km shear and associated faults at Napié. An RC drilling program will be planned on the best auger anomalies to prioritise the next resource drill targets. The auger program, by vectoring in on the large soil anomalies, will reduce the number of RC/DD drill holes required to expand the current MRE. It is expected mineralisation from broad soil anomalies will be narrowed down which should reduce the number of drill holes required to test targets along drill fences. This will expedite resource expansion and reduce RC/DD drilling costs for future resource updates. Five Landcruiser-mounted auger rigs will be used to cost effectively fast-track the drilling program. All of the auger rigs will work together on each grid in order to systematically ship the samples to the lab as soon as the drilling is completed on each grid. This will optimise the assessment of results in preparation for planned follow-up RC drilling. Mako geologists are currently on the ground mapping and rock chip sampling the greenstone/granitecontacts of the Napié and Korhogo projects, which typically are ideal places for high-grade gold deposition.Geologists will also map and rock chip sample all granites at Napié and Korhogo to search for pegmatitesassociated with the granites, in order to evaluate the potential for critical minerals. Announcement • Sep 22
Mako Gold Limited, Annual General Meeting, Nov 09, 2022 Mako Gold Limited, Annual General Meeting, Nov 09, 2022. Announcement • Jul 12
Mako Gold Limited Receives Highgrade Gold Discovery At Komboro Prospect At Napié Mako Gold Limited announced that it has received positive assay results from the recent shallow Reverse Circulation (RC) drilling program from the Komboro Prospect, within the company's Napié Project in Côte d'Ivoire. Komboro is located on a +23km soil anomaly and coincident 30kmlong Napié Fault and associated splays. Results have also been received from the shortened maiden RC drill program on the Korhogo Project.NEW MINERALISED ZONE DISCOVERED AT KOMBORO PROSPECT AT NAPIÉ: Results have been received from 23 shallow RC holes from a 2,824m drill program recently completed at Komboro Prospect. The location of the Komboro Prospect relative to Tchaga and Gogbala, where the company recently announced a maiden Inferred Mineral Resource of 22.5Mt at 1.20g/t Au for 868k contained ounces gold. Seven targets were drilled with 6 of the 7 targets intersecting significant mineralization. Drill results include 9m at 3.26g/t Au, including 3m at 7.29g/t Au and, separately 1m at 30.47g/t Au in NARC741, as well as 1m at 8.41g/t Au in NARC 743 from the previously undrilled K1 Target. Drilling at the K2 Target located on a separate structure 3km to the east, intersected 5m at 1.64g/t Au in NARC 753. Targets were identified from recent Air Core (AC) drilling which include 4m at 1.93g/t Au, 4m at 1.20g/t Au, and 4m at 1.10g/t Au, and from geological mapping and rock chip sampling. The majority of the holes were drilled on artisanal mining sites with large quartz veins which can be intermittently traced over 9km, as well as on other smaller artisanal sites, which were identified during recent geological mapping1. The highly encouraging results from K1 and K2, located along separate structures and which are splays off the Napié shear, points to the enormous prospectivity in the north of Napié. Testing of these areas has only just begun and further drilling is planned at Komboro following the end of the wet season. Drilling will focus along strike of targets which have delivered positive results as well at other targets along the 9kmlong intermittent artisanal mining sites. Results Received From Shortened Rc Drilling Program At Korhogo Project: Results have been received for 14 RC drill holes totaling 1,378m of a planned 2,000m maiden drill program on the Korhogo Project. No significant results were received since the greenstone/granite target was not reached. The drill program was stopped short to allow further groundwork to be completed in order to vector in to the greenstone/granite target. The cessation of the drill program also coincided with the discovery, through geological mapping, of the 9kmlong artisanal mining site at Komboro on the Napié Project; it was therefore decided that mobilising the drill rig to Napié was higherpriority in order to complete drilling at Komboro prior to the onset of the wet season. Localised areas of the Korhogo Nord permit and significant auger anomalies on Korhogo Nord and Ouangolodougou remain to be tested. Announcement • Jun 14
Mako Gold Limited Delivers 868Koz Maiden Resource to Provide Strong Growth Platform at Napié in Côte d'Ivoire Mako Gold Limited (‘Mako’ or ‘the Company’) announced 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 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 30kmlong Napié Shear. 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. The Napié maiden MRE is much shallower than the average 300m depth for recent resources 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 nearterm growth strategy is to drill below the current limits of the MRE at Tchaga and Gogbala as shown by the vertical blue arrows. The grades at Tchaga and Gogbala increase with depth, supporting the strategy that deeper drilling has the potential to add highergrade ounces to the resource. The maiden Mineral Resource Estimate at Napié is classified as Inferred. Detailed metallurgical test work and nearterm infill drilling will assist with lowcost reclassification to Indicated. The majority of the resource is in fresh rock, with less than 11% in the shallow (3,040m deep) oxide zone. The resource at Tchaga comprises 14.6Mt at 1.16g/t Au for 545koz contained ounces of gold. The resource is shallow and includes highgrade lodes shown in red and pink. The grades increase with depth where the grade of the deposit below 150m increases to 1.38g/t Au. Further drilling at depth may provide an uplift in the grade of the deposit. The resource at Tchaga was estimated to a maximum depth of 195 meters. Although geological modelling showed continuity of mineralisation, the density of the drilling below 195m is currently insufficient to support classification into the MRE, and as such, some highgrade lodes were excluded. Planned deeper drilling, such as in the grey areas, has the potential to significantly increase the resource with minimal drilling. The resource at Gogbala comprises 7.8Mt at 1.29g/t Au for 323koz contained ounces of gold. The resource is shallow and includes highgrade lodes shown in red and pink in Figure 4. The grade of the deposit is higher at Gogbala than at Tchaga and grade also increases with depth, where the grade of the deposit below 150m increases to 1.90g/t Au. Further drilling at depth may provide an uplift in the grade of the deposit. The resource at Gogbala was estimated to a maximum depth of 160 meters. There was very limited drilling below 150m depth therefore some highgrade blocks, were excluded from classification into the MRE. Similar to Tchaga, planned further deep drilling has the potential to significantly increase the resource in the nearterm. The Company plans to continue its extensive drilling programs at Napié in order to quickly advance towards a multimillionounce resource base. In addition to the potential pathways to resource growth at depth at Tchaga and Gogbala, there are several large targets at Napié which provide a low cost, rapid path to resource extension through shallow drilling: 1. Infill drilling on the 4.5km section between Tchaga and Gogbala - Mako has completed only limited drilling along this section of the Napié shear, which has returned positive drilling results. The drilling strategy is to work outwards (to the north and south) of known positive results along the shear so that the extent and density of drilling can add resources. The goal is to close the gap between Tchaga and Gogbala and have a semicontinuous resource over the entire 4.5km stretch of Napié shear between the two currently defined resource areas. 2. Gogbala multikm shallow resource growth - Gogbala presents significant shallow growth potential along multikilometre stretches of the Napié shear that has had limited or no drilling. The 4.5kmlong eastern splay of the Napié shear where only a small part of the resource was included (white resource outline in the pink ellipse). Mako just began drilling the area in the small resource block prior to cutting off drilling for the MRE. Drilling immediately north and south of the small resource block is the higher priority target when drilling resumes at Gogbala. The Company believes that there is potential for significant resource growth on the 4.5km stretch of the eastern splay of the Napié shear. This is the faster and lower cost approach to resource expansion since this would only require shallow drilling with 100 to 150m deep RC holes. The 2km long northern extension of the northern block of the MRE. Mako has drilled intermittently in this area with positive drill results, but insufficient density of drill holes precluded the inclusion results from this area of the MRE. Using the same strategy, and drilling outwards from previous positive drill results, provides a clear pathway to outlining further resources in this 2km gap. This approach overlaps with the strategy outlined in point 1, with the goal of adding significant resources north of Gogbala and south of Tchaga. The gap between the north and south resource blocks at Gogbala will be drilled with the goal of infilling the resource between the two blocks. This has the potential to significantly improve the contiguous mineralised strike length at Gogbala. Current drilling at the Komboro Prospect and planned drilling at the Tchaga North Prospect are a key element of Mako's broad strategy to define multimillionounce resource at Napié, which the Company believes has district scale potential. Komboro Prospect - A 2,700m drilling program is currently underway at the Komboro Prospect on highpriority targets generated by recent AC drilling and from geological mapping and rock chip sampling. Results from AC drilling include 4m at 1.93g/t Au, 4m at 1.20g/t Au, and 4m at 1.10g/t Au. Recent geological mapping identified artisanal mining sites with large quartz veins which can be intermittently traced over 9km in old and current artisanal mining pits. Recent and historic rock chip results from sampling of the artisanal mining sites include 13.40g/t Au, 8.43 g/t Au, 7.41g/t Au and 5.93g/t Au. Assays for the ongoing drilling program are pending. Announcement • Jun 02
Mako Gold Limited Receives Assay Results from Shallow Aircore Drilling Program from Tchaga North and Komboro Prospects Mako Gold Limited announced that it has received all assay results from the recent shallow aircore (AC) drilling program from the Tchaga North and Komboro prospects, within the Company's flagship Napié Project in Côte d'Ivoire 1. Tchaga North and Komboro are located on a +23km soil anomaly and coincident 30km-long Napié Fault (Figure 1). The average depth of the holes is 28m with all holes ending within the oxide zone. Samples were composited to 4m intervals. Results have been received from 151 shallow AC holes drilled on six targets at Tchaga North from a cost- effective scout drilling program. A 2km-long gold mineralised zone (purple arrow on Figure 2) has been identified where AC drilling returned up to 4m at 101.31g/t Au and previous RC drilling by the Company in 2018 returned 8m at 8.53g/t Au and 1m at 215g/t Au with visible gold2. This zone lies 2km north of the Tchaga Prospect on ourNapié Project which continues to deliver district scale potential. In addition, historic rock chip sampling in the 2km mineralised zone returned results which include 23.70g/t Au, 14.00g/t Au, 8.09g/t Au and 5.12g/t Au 3. A 2,700m RC drill program has commenced at the Komboro Prospect. Targets have been identified from recent AC drilling, where 192 shallow AC holes were drilled on six targets, and from geological mapping and rock chip sampling. Results from AC drilling include 4m at 1.93g/t Au, 4m at 1.20g/t Au, and 4m at 1.10g/t Au. Recent geological mapping identified artisanal mining sites with large quartz veins which can be intermittently traced over 9km in old and current artisanal mining pits. Some of the quartz veins are more than 1m wide as shown in Figures 6 and 7. Rock chip sampling was conducted on the artisanal mining sites. Several assays are pending but results received to date include 8.43 g/t Au, 5.12 g/t Au and 4.84g/t Au. Previous results from Mako sampling and historic results include 13.40g/t Au, 7.41g/t Au, and 5.93g/t Au. Current drilling at the Komboro Prospect and planned drilling at the Tchaga North Prospect are a key element of Mako's broad strategy to identify a multi-million-ounce deposit on the Napié Project, which the Company believes has district scale potential. The upcoming maiden MRE at Tchaga and Gogbala is on schedule for delivery by mid-June of this year. The plan following the MRE is to continue drilling the 7km section of the Napié Fault from the north end of Tchaga to the south end of Gogbala, where there are large undrilled zones, with the goal of growing the resource rapidly. In conjunction with this, the Company is drilling at Komboro and plans to drill at Tchaga North with the aim of identifying new areas along the 30km-long Napié fault for resource drill-out. This strategy would provide for quick growth at Tchaga and Gogbala following the maiden MRE and underpin a clear pathway to overall growth by identifying new mineralised zones for additional resources at other prospects on Napié. Announcement • May 26
Mako Gold Limited Receives the Final Assay Results from 49 Reverse Circulation and Diamond Drilling Holes from the Gogbala Prospect Mako Gold Limited announced that it has received the final assay results from 49 reverse circulation (RC) and diamond drilling (DD) holes from the Gogbala Prospect, within the Company's flagship Napié Project in Côte d'Ivoire. Gogbala is located on a +23km soil anomaly and coincident 30km-long Napié Fault. Significant wide and high-grade mineralisation was intersected in 40 of the 49 holes drilled at Gogbala, which includes 4.3m at 5.67g/t Au and 11.2m at 7.40g/t Au including 1m at 54.05g/t Au in NARC294DD and 13m at 3.34g/t Au in NARC712. All holes were drilled in the 2km-long high-priority area which is the focus of extensional drilling for the upcoming maiden MRE scheduled for completion in early to mid-June 2020. Mineralised zones show continuity along strike and down dip. Gold mineralisation remains open in all directions with significant growth potential. The latest results are significant for several reasons: The width and grade of mineralisation increases with depth in certain areas. It is important to note that most drilling at Gogbala is less than 150 vertical meters and remains open at depth, which suggests that one pathway to growth post maiden MRE is to drill deeper. Mineralised intervals, such as 11.2m at 7.40g/t Au and 13m at 3.34g/t Au, are from extensional drilling in the high-priority MRE zone and will potentially add ounces to the upcoming MRE. Several drill holes have more than one wide, high-grade interval, such as 11.2m at 3.19g/t Au and 5.1m at 3.75g/t Au in NARC661DD, which confirms multiple mineralised zones at Gogbala. Announcement • May 13
Mako Gold Limited Announces Maiden RC Drill Program Commences at Korhogo Project Mako Gold Limited commenced a 2,000m maiden RC drilling program at the Korhogo Nord Permit which, with the Ouangolodougou Permit constitute the Korhogo Project . The permits collectively cover 296km2 hosting 17km of faulted greenstone granite contact. Both permits are 100% owned by Mako and are readily accessible from the Mako Field Office. 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. Previous work completed by Mako includes airborne magnetics/radiometric geophysics, soil geochemical sampling, and the recent 11,000m auger drilling program 1. Interpretation of the results on these previous programs has identified several high-priority targets. The maiden drilling program will focus on the first target, a 2km-long +20ppb gold auger anomaly with high grade cores over 60ppb gold, coincident with the faulted greenstone/granite contact. Drilling has commenced on the first of four fences of heel to toe RC holes (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. 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. The Company is also pleased to advise that resource drilling has been completed at Gogbala and Tchaga at its Napié Project and that drill data is being transferred to specialist consultants for the calculation of the maiden Mineral Resource Estimate (MRE). Announcement • May 04
Mako Gold Limited Identifies 2Km Gold Anomaly At Korhogo, Maiden RC Drill Program Imminent Mako Gold Limited announced that it has received the results of the 11,000m auger drilling program on the Ouangolodougou and Korhogo Nord permits which constitute the Korhogo Project 1. Both permits are 100% owned by Mako and are readily accessible from the Mako Field Office. 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. A maiden 2,000m RC drill program is planned on one of the first of several anomalies outlined by the 11,000m auger program. 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 surfaceis the collar of the next hole), covering approximately 900m of the highest auger anomalies. 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. It is interesting to note the size of the footprint of the nearby 4.9Moz Tongon gold mine operated by Barrick, compared to the size of auger and structural anomalies on the Ouangolodougou and Korhogo Nord permits. This bolsters the Company's confidence that the Korhogo permits could host large gold deposits. Mako management recently travelled to the Korhogo Project in Côte d'Ivoire. Evidence of strong shearing was observed in outcrop proximal to the faulted greenstone/granite contact. This demonstrates strong tectonic movement, supporting the theory of nearby faulting at the greenstone/granite contact. Faulting at the contact could be a major pathway for gold bearing fluids and increases the odds of making a gold discovery along the faulted contact. Announcement • Apr 27
Mako Gold Limited Receives Assay Results from 43 Reverse Circulation Holes from the Ongoing Drill Program at the Gogbala Prospect Mako Gold Limited announced that it has received assay results from 43 reverse circulation (RC) holes from the ongoing drill program at the Gogbala Prospect, within the Company's Napié Project in Côte d'Ivoire. Gogbala is located on a +23km soil anomaly and coincident 30km-long Napié Fault. Significant wide and high-grade mineralisation was intersected in 36 of the 43 holes drilled at Gogbala, including 4m at 14.78g/t Au in NARC668, which includes 2m at 27.83g/t Au, and 6m at 4.28g/t Au in NARC703DD, which includes 1m at 14.65g/t Au. The majority of holes were drilled in the 2km-long high-priority area which is the focus of extensional drilling for the upcoming maiden MRE scheduled for Q2-CY22, with some holes drilled outside of the high-priority zone which have confirmed two emerging new mineralised zones. Select significant results from previous drilling at Gogbala 1 include: 17m at 4.13g/t Au from 57m in NARC660, 20m at 3.41g/t Au from 19m in NARC531, 12m at 5.39g/t Au from 11m in NARC035, 35m at 1.72g/t Au from 43m in NARC553, 7m at 6.70g/t Au from 6m in NARC518, 23m at 1.81 g/t Au from 19m in NARC535, 20m at 1.92g/t Au from 33m in NARC535, 9m at 3.77g/t Au from 48m in NARC 579, 6m at 5.37g/t Au from 105m in NARC569. 8m at 4.29g/t Au from 82m in NARC532, 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in NARC066, 6m at 4.97g/t Au from 68m in NARC317, 17m at 1.67g/t Au from 45m in NARC027, 1m at 30.89g/t Au from 46m in NARC616, 8m at 2.87g/t Au from 49m in NARC524, 9m at 2.52g/t Au from 55m in NARC534 and 3m at 6.40g/t Au from 58m in NARC313. Announcement • Mar 31
Mako Gold Limited Announces Wide High-Grade Results Returned from Gogbala Mako Gold Limited announced that it has received assay results from 39 reverse circulation holes from the ongoing drill program at the Gogbala Prospect, within the Company's Napié Project in Côte d'Ivoire. Gogbala is located on a +23km soil anomaly and coincident 30km-long Napié Fault. WIDE AND HIGH-GRADE GOLD INTERCEPTED AT GOGBALA: Significant wide and high-grade mineralisation was intersected in 35 of the 39 holes drilled at Gogbala, including 17m at 4.13g/t Au in NARC660, which includes 5m at 12.02g/t Au. Select significant results from previous drilling at Gogbala 1 include: 20m at 3.41g/t Au from 19m in NARC531; 12m at 5.39g/t Au from 11m in NARC035; 35m at 1.72g/t Au from 43m in NARC553; 7m at 6.70g/t Au from 6m in NARC518; 23m at 1.81 g/t Au from 19m in NARC535; 20m at 1.92g/t Au from 33m in NARC535; 9m at 3.77g/t Au from 48m in NARC 579; 6m at 5.37g/t Au from 105m in NARC569; 8m at 4.29g/t Au from 82m in NARC532; 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in NARC066; 6m at 4.97g/t Au from 68m in NARC317; 17m at 1.67g/t Au from 45m in NARC027; 1m at 30.89g/t Au from 46m in NARC616; 8m at 2.87g/t Au from 49m in NARC524; 9m at 2.52g/t Au from 55m in NARC534; 3m at 6.40g/t Au from 58m in NARC313. SIGNIFICANCE OF RESULTS: In addition, the extension of mineralisation along strike at shallow depths indicates upside for discovery of further mineralisation at depth. An example of this is shown on the cross section which has two DD holes planned to target the depth extension of mineralisation for inclusion in the upcoming MRE. 2) Multiple zones of gold mineralisation continue to be intersected in drilling, such as NARC651 which returned 10m at 1.63g/t Au and 10m at 3.35g/t Au, including 1m at 22.29/t Au. The multiple mineralized zones intersected at Gogbala confirms the similarities of the stacked lodes that are commonly intersected on the Tchaga Prospect and indicates the possibility of discovering further stacked zones with ongoing drilling, thereby increasing the overall width of mineralisation at Gogbala. THIRD DRILL IS BEING MOBILISED TO GOGBALA: A third drill rig is currently being mobilised to the Gogbala Prospect in order to accelerate drilling for the upcoming maiden MRE. The rig is expected to arrive on site within two weeks. There is currently one RC rig and a DD rig operating around the clock. The RC rig will target shallow extensional targets while the DD rigs will drill deeper holes with the aim of increasing the resource at depth. Announcement • Feb 25
Mako Gold Limited Announces Assay Results from 25 Reverse Circulation (RC) Holes from the Ongoing 10,000M Drill Program At the Gogbala Prospect Mako Gold Limited announced that it has received assay results from 25 reverse circulation (RC) holes from the ongoing 10,000m drill program at the Gogbala Prospect, within the Company's Napié Project in Côte d'Ivoire. Gogbala is located on a +23km soil anomaly and coincident 30km-long Napié Fault. Significant mineralisation was intersected in 18 of the 25 holes drilled at Gogbala, such as 5m at 4.61g/t Au in NARC610, 15m at 1.17g/t Au which includes 5m at 2.15g/t Au in NARC623, and 1m at 30.89g/t Au in NARC619. Most of the holes were drilled in the 2km-long high-priority area which is the focus of extensional drilling for the upcoming maiden MRE scheduled for Q2-CY22. The Company is highly encouraged by results from drill holes in an emerging zone, located approximately 2km NE of the MRE priority area, which includes 1m at 30.89g/t Au in NARC619, as this demonstrates the potential for Gogbala to grow. Follow-up drilling on these zones is planned with the aim to include these areas in the maiden MRE. Select significant results from previous drilling at Gogbala 1 include: 20m at 3.41g/t Au from 19m in NARC531; 12m at 5.39g/t Au from 11m in NARC035; 35m at 1.72g/t Au from 43m in NARC553; 7m at 6.70g/t Au from 6m in NARC518; 23m at 1.81 g/t Au from 19m in NARC535; 20m at 1.92g/t Au from 33m in NARC535; 9m at 3.77g/t Au from 48m in NARC 579; 6m at 5.37g/t Au from 105m in NARC569; 8m at 4.29g/t Au from 82m in NARC532; 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in NARC066; 6m at 4.97g/t Au from 68m in NARC317; 17m at 1.67g/t Au from45m in NARC027; 8m at 2.87g/t Au from 49m in NARC524; 9m at 2.52g/t Au from 55m in NARC534; 3m at 6.40g/t Au from 58m in NARC313. The latest results are significant for several reasons. The mineralised intervals, such as 5m at 4.61g/t Au and 15 at 1.17g/t Au, are from extensional drillingand will add potential ounces to the upcoming MRE. Several drill holes intersected multiple zones of gold mineralisation, such as NARC598 which intersected three gold zones totalling 14m and NARC609 which intersected three gold zones totalling 24m. This is similar to the Tchaga Prospect and indicates the possibility of discovering further stacked zones with ongoing drilling, thereby widening the overall mineralisation width at Gogbala. Recent results confirm that Gogbala displays repeating stacked lodes along the D1 Napié fault, like Tchaga, which increases confidence for the Company' goal of delineating a multi-million-ounce resource on the Napié Permit through exploration along the entire length of the 30km Napié fault. Several gold intersects were returned from emerging zones 1 and 2km NE of the high-priority MRE area, such as 3m @ 2.32g/t and 1m at 30.89g/t Au respectively. This indicates a clear path to increasing the mineralised footprint north of Gogbala with the goal of outlining a larger resource both pre and post the maiden MRE. Announcement • Feb 10
Mako Gold Limited Commences Aircore Drilling Program on the Komboro and Tchaga North Prospects at its Napié Project in Côte D'ivoire Mako Gold Limited advised that it has commenced a 15,000m Aircore drilling program on the Komboro and Tchaga North Prospects at the Company's Napié Project in Côte d'Ivoire. Tchaga North is located on a +23km soil anomaly and coincident 30km-long Napié Fault and associated fault splays. Komboro is located on the same 30km fault and associated fault splays coincident with a 4km soil/auger anomaly. At Komboro the structure takes a jog from the NE to the NEE which may indicate dilational zones that are conducive to gold deposition. Drillhole fences are strategically placed over high-priority targets. Targets were generated based on anomalous data from previous exploration which includes soil/auger geochemistry, structures identified from geophysical interpretation, rock chip assays, and RC/DD drilling by the Company1. Heel to toe fences (where the bottom of one hole when projected to surface is the collar of the next hole), ranging from 300 to 600m in length, cover the exploration targets. The purpose of the program is to make new discoveries in previously undrilled areas of the Napié permit and then to follow these up with RC drilling. The longer-term objective, assuming AC and RC drilling identify new mineralised zones, is to define resources on newly discovered zones thereby adding mineral inventory and enabling Mako to update its MRE subsequent to the maiden MRE scheduled for second quarter of calendar year 2022. This is in line with the Company's strategy to discover several deposits along the 30km Napié Fault with the goal of outlining several million ounces of gold in the near-term. Drilling has commenced at Komboro and will then proceed to Tchaga North when Komboro drilling is completed. Announcement • Feb 07
Mako Gold Limited Announces 7,000M Auger Drilling Program Commences on Korhogo Project Mako Gold Limited has commenced a 7,000m, 1,400-hole auger drilling program on the Ouangolodougou and Korhogo Nord permits which constitute the Korhogo Project. 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 easily accessible from the existing Mako Field Office. Korhogo is located in a highly prospective 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 across the border in Burkina Faso. The auger drilling grids cover large prospective areas identified from the interpretation of the airborne magnetics geophysical survey and the 400m X 100m preliminary soil geochemical survey, which were completed by the Company in 2021. Review of the soil sampling data and subsequent ground truthing of anomalous soil sample locations by Mako geologists indicated that a tighter grid of follow-up soil sampling, as was previously planned, may not be the best follow-up exploration method in this area. Large portions of the permit are covered with transported material which mask soil anomalies. The anomalous soil samples which were returned from the preliminary program were not in transported material. The soil anomalies are generally located along structures (faults), interpreted from the airborne geophysical survey. The auger grids were planned to cover the highest priority coincident soil and geophysical targets. Two Landcruiser-mounted auger rigs will be used in order to fast-track the drilling program. Both rigs will work together on each grid in order to send the samples to the lab as soon as the drilling is completed on each grid. This will speed up the assessment of results by the Company in preparation for the 10,000m AC drilling program which is planned as soon as the results from the auger program are received. The soil geochemical anomalies with the planned auger grids are shown in Figure 3. It is interesting to note the size of the footprint of the nearby 4.9Moz Tongon gold mine operated by Barrick, compared to the size of auger grids and the strike-length of the soil anomalies on the Ouangolodougou and Korhogo Nord permits. This bolsters the Company's confidence that the Korhogo permits could host large gold deposits. Announcement • Jan 18
Mako Gold Limited Announces High-Grade Gold from Drilling At Tchaga and Gogbala Projects Mako Gold Limited advised that it has received assay results from 32 reverse circulation (RC) and diamond drilling (DD) holes from the 10,000m drilling program atthe Gogbala Prospect, and 7 RC/DD holes from the ongoing 10,000m drilling program at the Tchaga Prospect, at the Company's Napié Project in Côte d'Ivoire. Gogbala and Tchaga are located on a +23km soil anomaly and coincident 30km-long Napié Fault. HIGH-GRADE GOLD INTERCEPTED AT GOGBALA: Results are reported from 32 RC/DD holes of the current 10,000m drill program. Several high-grade intervals were intersected with 20 holes intersecting significant mineralisation including 9m at 3.77g/t Au in NARC579, 6m at 5.37g/t Au in NARC569 which include 3m at 9.61g/t Au, and 1m at 28.93g/t Au in NARC584. The best results were returned from extensional drilling along strike or below previous positive drill intersects, which extends the mineralised zones. Extensional drilling is ongoing to follow up on these and other previous results. It is noteworthy that some IP chargeability anomalies were also tested with the hopes of intersecting pyrite- associated gold. No significant results were returned from those targets. This in no way reduces the prospectivity of the Gogbala Prospect proximal to the D1 Napié fault and +40 ppb soil anomaly where wide and high-grade gold intercepts have been consistently returned. Further drilling is planned to extend the fences SE into the soil anomaly. Current drill results confirm the similarities with the Tchaga Prospect which hosts stacked high-grade gold lodes and increases the Company's confidence as Mako advances Gogbala towards a maiden MRE. TCHAGA DRILL RESULTS: Results have been received from 7 RC/DD holes from Tchaga. Four of the seven holes intersected significant mineralisation. The holes were designed as part of the ongoing extensional drilling program to extend mineralisation at Tchaga. Hole NARC467DD returned 5.8m at 6.96g/t Au including 1m at 34.62g/t Au in the diamond extension of the previously reported RC portion of the hole which intersected 26m at 1.01g/t Au. A dedicated DD rig is currently drilling to test mineralisation at depth. The latest results are significant for several reasons. Gogbala) The high-grade mineralised intervals, such as 6m at 5.37g/t Au and 1m at 28.93g/t Au and 9m at 3.77g/t Au are from extensional drilling and should add potential ounces to the upcoming MRE.) Recent results confirm that Gogbala displays repeating stacked lodes along the D1 Napié fault, like Tchaga, which increases confidence for the Company' goal of delineating a multi-million-ounce resource on the Napié Permit) Mineralisation encountered to date at Gogbala is shallow (generally less than 100m vertical depth). Deeper drilling is warranted with the aim of increasing the mineralised footprint at depth with the goal of outlining a larger resource. Tchaga: Extensional drilling has been extending the mineralised zones both at depth and along strike, thereby adding potential ounces for the upcoming maiden MRE. Most of the drilling at Tchaga has been relatively shallow. The diamond drill rig will allow deeper targets to be tested. Further deeper drilling will follow, contingent on the results of holes in progress. NEXT STEPS: Drilling resumed on 4 January 2022 at Napié with a DD rig at Tchaga and a multi-purpose RC/DD rig at Gogbala, both operating double shifts. This will provide frequent news flow with assay turnarounds currently anticipated to be under 4 weeks. The maiden Mineral Resource Estimate for Tchaga and Gogbala is scheduled for first half of 2022. Announcement • Sep 09
Mako Gold Limited Announces High-Grade Drill Results At Gogbala Confirm Similarities with Tchaga Mako Gold Limited advised that it has received the first batch of assay results from the 10,000m reverse circulation (RC) drilling program at the Gogbala Prospect and six diamond drill (DD) results from the Tchaga Prospect, both at the Company's Napié Project in Côte d'Ivoire. Gogbala and Tchaga are located on the same +23km soil anomaly and coincident 30km-long NapiéFault. Results are reported from the first 15 holes of the first phase of the planned 10,000m drill program as announced to ASX on 12 August 2021. Twelve of the 15 holes intersected significant mineralisation including 7m at 6.16g/t Au from 6m in NARC518 and 8m at 2.87g/t Au from 49m in NARC524. The aim of the Gogbala drill program is to target high-grade areas identified from previous drilling by the Company and to work outwards with the goal of delineating stacked lodes. This targeting technique has worked well at the Tchaga Prospect a few kilometres north. Mako sees many similarities in structurally controlled gold deposition between Gogbala and Tchaga. The "pinch and swell" characteristic of mineralisation observed at Tchaga is also present at Gogbala, which lends itself well to follow-up drilling along strike and down dip as shown by the planned drill-hole to target a widening zone of the "pinch and swell". The Company believes that Gogbala has the potential to host similar stacked gold lodes as those identified on the Tchaga Prospect, and therefore has the potential to host a significant gold deposit. Intervals above 0.5g/t Au cut-off are reported. include: 12m at 5.39g/t Au from 11m in NARC035, 6m at 4.97g/t Au from 68m in NARC317, 3m at 6.40g/t Au from 58m in NARC313, 6m at 2.67g/t Au from 42m in NARC034, 7m at 2.73g/t Au from 77m in NARC065; and 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in NARC066 Results from six DD holes from Tchaga have been received. All holes intersected significant mineralisation. The holes were designed as part of the ongoing resource drill-out to test mineralisation along strike and at depth. Several holes had multiple gold intersects. Further drilling is planned at Tchaga to continue testing the large soil anomaly and extend the gold mineralisation along strike and at depth. Announcement • Jul 07
Mako Gold Limited's Drilling Continues to Expand Mineralised Footprint at Tchaga Mako Gold Limited announced that it has received assay results for further reverse circulation (RC) and diamond drill (DD) holes from the ongoing drilling program at the Tchaga Prospect at the Company's Napié Project in Côte d'Ivoire. Infill and extensional drilling continue to delineate and expand the gold mineralised zones as the Company progresses towards its Maiden JORC Mineral Resource Estimate. Two holes reported on include diamond tails of RC drill holes which have already been reported, including NARC404DD which had returned 17m at 3.06g/t Au1. The westernmost lode intersected near surface in NARC405DD extends mineralisation along strike (SW) of previously reported high-grade results including 13m at 20.82g/t Au in NARC145 1. Further drilling is planned along strike and at depth. Significant potential exists to extend the mineralisation by drill testing more of the soil anomaly, as well as testing the emerging lodes intersected in drilling to the north and south of existing lodes. Mineralisation at Tchaga remains open along strike and at depth. Select significant results from previous drilling at Tchaga are shown alongside the new results in and 2 which include: 41m at 4.51g/t Au from 17m in NARC216; 32m at 7.1g/t Au from 13m in NARC184; 13m at 20.82g/t Au from 32m in NARC145; 9m at 22.73g/t Au from 36m in NARC184; 36m at 3.09g/t Au from 43m in NARC107; 28m at 4.86g/t Au from 83m in NARC057; 26m at 4.34g/t au from surface in NARC214; 25m at 3.43g/t Au from 53m in NARC017; 14m at 5.46g/t Au from surface in NARC124; 18m at 3.25g/t Au from 39m in NARC080; 23m at 2.46g/t Au from 15m in NARC084; 17m at 2.43g/t Au from 86m in NARC055; 7.7m at 11.65g/t Au from 169m in NARC058DD; 4m at 8.24g/t Au from 70m in NARC130.
Tchaga is located on the +23km soil anomaly and coincident 30km-long interpreted structure. Significant potential also exists at the other prospects, such as Gogbala and Tchaga North which are also situated on the coincident soil/auger and structural anomaly. Announcement • Jun 04
Mako Gold Limited Receives Assay Results for Further Reverse Circulation and Diamond Drilling Holes Mako Gold Limited advised that it has received the assay results for further reverse circulation (RC) and diamond drilling (DD) holes from the ongoing drilling program at the Tchaga Prospect at the Company's flagship Napié Project in Côte d'Ivoire. The current results, including 17m at 3.06g/t Au in NARC404DD and 9.85m at 6.63g/t Au in NARC419DD, validate methodical approach of infill drilling as well as drilling along-strike, and down-dip of previously identified mineralised lodes. This increases the footprint of each lode and targets new lodes, with the aim of delivering a significant Maiden Mineral Resource Estimate later this year. Multiple stacked lenses extend in a northeast-southwest direction. To date the drilling has been
concentrated in the eastern portion of the 1.8km x 0.5km wide Tchaga soil anomaly. All mineralised lodes remain open along strike to the north-east and the south-west, as well as at depth. Significant potential exists to extend the mineralisation by drill testing more of the soil anomaly, as well as
testing the emerging lodes intersected in drilling to the north and south of existing lodes. Tchaga is located on the +23km soil anomaly and coincident 30km-long interpreted structure. Significant potential also exists at other prospects, such as Gogbala where recent reconnaissance drilling
highlighted a 2km-long priority target for follow-up drilling in the coming months. Announcement • May 19
Mako Gold Limited Announces Drilling Extends Gogbala Gold Mineralised Trend to over 7Km Mako Gold Limited advised that it has received the assay results for the final 23 holes of the 53 hole 5,677-metre reverse circulation (RC) drill program from the Gogbala Prospect, and for 13 holes of the 1,466m RC drill program from Target H, on the Company's Napié Project in Côte d'Ivoire. HIGHLIGHTS: Assay results received for final 23 RC holes from Gogbala wide-spaced drilling and 13 RC reconnaissance holes from Target H exploration drilling located between Gogbala and Tchaga prospects; Select significant intersections from final drill holes received at Gogbala include:NARC352: 5m at 3.28g/t Au from 91m; including 1m at 10.74g/t Au from 92m and NARC351: 3m at 2.36g/t Au from 42m. Final Gogbala results complete the preliminary drilling phase and pave the way for step-out drilling on two 1km-long high-priority targets (following up 12m at 5.39g/t Au from 11m in NARC035) as well as 5 secondary targets over a 4km strike-length; Wide-spaced drilling on Target H returned 22m at 0.25g/t Au in NARC366, confirming the continuity of the mineralised gold system between the Gogbala and Tchaga prospects: Follow up drilling will be planned to vector in on high-grade gold on Target H and drilling ongoing at Tchaga Prospect and assay results pending for 55 RC and 6 DD holes. Announcement • May 12
Mako Gold Limited Announces Airborne Helicopter Geophysical Survey on the Korhogo Project Mako Gold Limited advised that the airborne helicopter geophysical survey on the Korhogo Project ("Korhogo" or "the Project") is complete 1. The Korhogo Project comprises the Korhogo Nord and Ouangolodougou permits and covers 296km2 over a 17km strike of faulted greenstone-granite contact as shown in Figure 1. The project is 100% owned by Mako and is easily accessible from the existing Mako Field Office. The survey was flown along 100m spaced lines at an altitude of 20-30m in a northwest and southeast direction to fly perpendicular to the regional faults and splays. The survey collected magnetic and radiometric data on both permits. Regional faults (grey dashed lines on Figure 1) are a key conduit or "plumbing system" for gold bearing fluids at Korhogo. Identifying primary and secondary faults from the airborne survey, in conjunction. Mako has recently signed a contract with a second assay laboratory in Côte d'lvoire to solve the issue of slow turn-around times for drilling results. There have been delays in reporting assay results on the Tchaga and Gogbala prospects on the Napié Project due to a recent equipment breakdown at the assay lab. The second lab operates under ISO accreditation (as does the current laboratory that Mako uses). Having a second facility to assay drill samples will help Mako release drilling results in a more timely fashion. In addition, sending their current drill samples to the new lab will allow first lab to process the backlog of assays that are currently pending. Mako announced that assays will be forthcoming shortly on both the Tchaga and Gogbala prospects. Announcement • Mar 15
Mako Gold Limited Announces Gogbala Results Confirm Potential for High-Grade Gold System Mako Gold Limited (Mako or the Company) is pleased to advise that it has completed the 53 hole 5,677-metre reverse circulation (RC) drill program on the Gogbala Prospect and has received assays for 30 of the 53 holes. In addition, assay results have been received for all 16 RC holes totalling 1,679 metres on the Tchaga East Prospect. Both prospects, along with the main Tchaga Prospect, are located on the Company's flagship Napié Project in Côte d'Ivoire. The Gogbala drilling was designed to test along the +23km soil anomaly and coincident 30km-long structure that also hosts gold mineralisation 4km to the north at the main Tchaga Prospect. Fourteen wide-spaced drill fences were planned over a 4km strike-length on the prospect. Results in this release are from 10 of the 14 fences which cover the southern portion of Gogbala, from 30 of the 53 drill holes completed in this phase of drilling. Multiple wide and high-grade zones of gold mineralisation were intersected at Gogbala, with a similar style of mineralisation as observed at Tchaga. Gold was intersected on all completed drill fences. Eleven holes returned assays over 5 gram-metres, including 6 holes which returned assays greater than 10 gram-metres. Follow-up drilling is planned once the Company receives assay results from all holes. This will allow the Company to prioritise targets on the most prospective mineralised zones in order to define and extend gold mineralisation. Gold was intersected in 12 of the 16 RC drill holes completed on Tchaga East. Three widely-spaced fences of drill holes were designed over an 800m-long section of the 8km interpreted shear to test the intersection of D1 (earlier) and D2 (later) structures interpreted from the airborne magnetic survey, which are coincident with the +40ppb soil anomaly. Twelve of the 16 holes intersected gold. The southern-most fence of holes intersected 1m at 14.95g/t Au in NARC283 and 1m at 7.12g/t Au in NARC280. At this early stage of exploration on this prospect, it is encouraging that nearly all holes contained mineralisation. The Company had previously drilled three RC holes on Tchaga East, two of which returned intersects greater than 5 gram-metres including 7m at 1.91g/t Au in NARC 041 1. Since only 3 drill fences over 800m of the 8km-long interpreted shear were tested, follow-up drilling is recommended in the future to further test Tchaga East as a potential high-grade satellite deposit, being just 2km east of Tchaga where the Company is working towards a maiden resource. Drilling is ongoing at the Tchaga Prospect. Now that drilling is completed on the Gogbala Prospect, the second drill has moved to Tchaga to accelerate drilling on the extensional and infill maiden drilling program. One drill is used for RC drilling and the other is drilling deeper DD holes, to outline a maiden resource to 150m vertical depth. The soil geochemical program on the Korhogo Project 1 is rapidly progressing with four crews on the ground. The Korhogo Project was strategically selected by Mako as it covers the greenstone-granite contact along a regional fault. Regional faults provide the plumbing for gold bearing fluids. It is notable that splays are evident in the regional faults on both permits. The soil sampling grids on the permits cover two splays, which the Company consider high-priority exploration targets. A high-resolution airborne geophysical survey is scheduled to commence shortly. A maiden drilling program is planned following the airborne geophysical survey and after receipt of the soil sampling results. Announcement • Mar 12
Mako Gold Limited Receives Assays for A Further 15 Reverse Circulation and 4 Diamond Drill Holes from the Ongoing Drill Program At the Tchaga Prospect Mako Gold Limited announced that it has received assays for a further 15 reverse circulation and 4 diamond drill holes from the ongoing drill program at the Tchaga Prospect on the Company's Napié Project located in Côte d'Ivoire. The purpose of this program is to advance the prospect towards a maiden resource estimation. Wide gold mineralised intersections with internal high-grade intervals were returned from the stacked mineralised zones within the maiden resource target area on the Tchaga Prospect. All holes were drilled in the revised SE orientation (135o azimuth) following ongoing structural studies and 3D modelling. The results reported in this release extend known mineralisation at depth as shown on the three cross sections. Mineralisation identified in drilling to date at Tchaga extends as stacked lenses, oriented SW-NE over a strike of greater than 1km, and over a width of up to 500m. All mineralised lodes remain open along strike to the north-east and the south-west, as well as at depth. Mineralised lodes are also open to the north-west and potential exists to identify additional parallel, stacked, gold-bearing lodes. The object of current and future drilling is to widen and extend (along strike and at depth) the mineralised lodes outlined to date, as the Company moves towards definition of a maiden resource. Recent drilling at Tchaga confirms high-grade mineralisation within broader lower-grade mineralised envelopes. Areas with a higher density of stockwork veins yield higher-grade results within the broader altered mineralised envelope. Drilling to date has generally been shallow (within 100m vertical depth from surface) with only limited holes testing for gold mineralisation below this depth. Four DD holes were completed to extend mineralisation further at depth on broad spaced sections, however assay for these holes remain pending. It is noteworthy that three of four RC pre-collars of the DD holes intersected significant mineralisation in the upper RC portion of the hole. Announcement • Feb 22
Mako Gold Limited Announces Exploration Commences on Recently Granted Korhogo Permits Mako Gold Limited advised that it has commenced a soil geochemical survey on the Korhogo Project. The Ouangolodougou and Korhogo Nord 1 permits were recently granted and constitute the Korhogo Project which collectively covers 296km2 over 17km of faulted greenstone granite contact. Both permits are 100% owned by Mako and are easily accessible from the existing Mako Field Office. Korhogo is located in a highly prospective greenstone belt that hosts Barrick Gold's 4.9Moz Tongon gold mine and Montage Gold's 3.2Moz Kone gold deposit, both in Côte d'Ivoire, as well as Endeavour's 2.7Moz Wahgnion gold mine across the border in Burkina Faso. The Korhogo Project was strategically selected by Mako to cover the greenstone-granite contact along a regional fault. Regional faults provide the "plumbing" for gold bearing fluids. It is notable that splays are evident in the regional faults on both permits. The soil sampling grids on the permits cover two splays, which the Company consider high-priority targets for gold mineralisation. The Company will deploy four crews to complete the soil geochemical sampling as quickly as possible. A maiden drilling program is planned at Korhogo once the assay results of the soil sampling are received. Announcement • Jan 22
Mako Gold Limited Increases Its Footprint in Côte D'ivoire with Granting of Ouangolodougou Permit Mako Gold Limited announced that it has received the decree from the Ministry of Mines in Côte d'lvoire for the Ouangolodougou Permit ("Ouangolodougou" or "the Permit"). As per regulations set out in the 2014 Côte d'Ivoire Mining Code, the Ouangolodougou permit is valid for 4 years from the date of granting and can be renewed twice for a period of three years each. Ouangolodougou along with the Korhogo Nord permit constitute the Korhogo Project ("Korhogo") which collectively covers 296 sqkm over 17km of faulted greenstone granite contact. Both Permits are 100% owned by Mako. Korhogo is located in the same greenstone belt that hosts Barrick Gold's 4.9Moz Tongon gold mine and Montage Gold's 1.2Moz Kone gold deposit, both in Côte d'Ivoire, as well as Teranga Gold's 2.7Moz Wahgnion gold mine across the border in Burkina Faso. The proximity to Barrick's Tongon processing and mine infrastructure (within 15-30km) 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 strategically selected by Mako as they cover significant greenstone-granite contact along a regional fault shown in grey on. Regional faults provide the "plumbing" for gold bearing fluids. In shear-hosted high-grade gold deposits, gold is often remobilised from greenstones and over time, deposited in the granites which are brittle and have a good network of open spaces (faults). In addition, at the interface of the greenstones and granites, the geochemistry changes, which typically causes the precipitation of gold within the granites. Because of the above, the Company believes that the strategic location of the permits present excellent targets for high-grade orogenic shear-hosted gold deposits. The Company announced that the planned 1,500m RC drill program1 on the Tchaga East Prospect is complete and that 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. Announcement • Jan 20
Mako Gold Limited Announces Second Drill Rig Added at Napié - 5,200M Drill Program Commenced on Gogbala Prospect Mako Gold Limited announced that a second drill rig has arrived on site and commenced a 52-hole 5,200m reverse circulation (RC) program on the Gogbala Prospect on the Company's Napié Project located in Côte d'Ivoire. The drill program follows up on previous success from wide-spaced holes drilled by the Company in 2018 and early 2019, where 16 of 24 holes intersected significant gold results over 5 gram-metres, including 7 holes with intercepts over 10 gram-metres. Drill holes were targeted using the latest data from the recent IP survey and the airborne mag. Multiple fences of RC holes are planned, targeting IP chargeability, and D1 (N-S) and D2 (SW-NE) structures, coincident with the 5km-long portion of the permit-scale 23km-long soil/auger anomaly. In addition, some fences were strategically placed along strike or beneath previous positive intercepts to test the continuity of mineralisation. Select significant results from previous drilling include: 12m at 5.39g/t Au from 11m in hole NARC035; 17m at 1.68g/t Au from 45m in hole NARC027; 6m at 2.67g/t Au from 42m in hole NARC034; 7m at 2.73g/t Au from 77m in hole NARC065; and 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in hole NARC066. The Company is pleased to advise that the 1,500m RC drill program on the Tchaga East Prospect is almost complete, with 13 of the 16 planned holes drilled. Its local geologists are logging the RC chips and samples will be sent to the lab for assaying shortly. Assay turn-around times at the lab are typically 2 to 3 weeks. Announcement • Jan 13
Mako Gold Limited Receives Assays for a Further 51 Reverse Circulation and 2 Diamond Drill Holes from the Ongoing RC and DD Program on the Company's Napié Project Mako Gold Limited advised that it has received assays for a further 51 reverse circulation (RC) and 2 diamond drill (DD) holes from the ongoing RC and DD program on the Company's Napié Project located in Côte d'Ivoire. The purpose of this program is to support proposed maiden Resource at Tchaga in 2021. Multiple wide gold mineralised intersections with internal high-grade intervals were returned from the stacked mineralised zones within the maiden resource target area on the Tchaga Prospect. All holes were drilled in the revised SE orientation (135o azimuth) following ongoing structural studies and 3D modelling. Intervals above 0.5g/t Au cut-off are reported in Appendix 1. A map of the new Tchaga RC hole locations is shown in Appendix 2. Significant new results include: NARC216 (ended in mineralisation); 41m at 4.51g/t Au from 17m; including 3m at 8.16g/t Au from 17m; 6m at 9.4g/t Au from 43m; and 3m at 16.34g/t Au from 53m 15m at 1.32g/t Au from 103m. NARC217: 4m at 1.89g/t Au from 64m; 21m at 2.26g/t Au from71m; including 1m at 16.85g/t Au from 72m; 7m at 1.7g/t Au from 95m. NARC243: 5m at 21.99g/t Au from 70m; including 1m at 107g/t Au from 71m; NARC244DD: 12.75m at 1.8g/t Au from 48.1m; including 0.75m at 15.86g/t Au from 60.1m; 15m at 2.02g/t Au from 105m; including 0.7m at 19.07g/t Au from 109.7m; and 0.5m at 16.96g/t Au from112.4m; 5m at 2.22g/t Au from 123m. NARC268: 11m at 1.92g/t Au from 86m; including 2m at 4.58g/t Au from 88m. NARC203DD: 7.9m at 4.63g/t Au from 122.8m; including 1m at 27.61 g/t Au from 126m. NARC225: 5m at 3.8g/t Au from 11m; including 2m at 8.36 g/t Au from 11m. NARC232: 5m at 3.19 g/t Au from 80m; including 1m at 9.01g/t Au from 81m. NARC258: 5m at 3.18g/t Au from 89m; including 1m at 10.76g/t Au from 89m. NARC228: 1m at 19.5g/t Au from 95m. NARC221: 3m at 4.78g/t Au from 7m. NARC231: 3m at 4.2g/t Au from 55m. NARC230: 3m at 4.04 g/t Au from 87m; including 1m at 9.74g/t Au from 88m; NARC236: 3m at 3.59g/t Au from 37m; including 1m at 9.53g/t Au from 38m. NARC238: 7m at 1.51 g/t Au from 80m. NARC237: 10m at 1.1g/t Au from 58m. NARC224: 10m at 1.03g/t Au from 64m. Previous select drill results on the Tchaga Prospect include: 13m at 20.82g/t Au from 32m in NARC145; 9m at 22.73g/t Au from 36m in NARC184; 36m at 3.09g/t Au from 43m in hole NARC107: 28m at 4.86g/t Au from 83m in hole NARC057; 26m at 4.34g/t au from surface in hole NARC214; 25m at 3.43g/t Au from 53m in hole NARC017; 14m at 5.46g/t Au from surface in hole NARC124; 18m at 3.25g/t Au from 39m in hole NARC080; 23m at 2.46g/t Au from 15m in hole NARC084; 17m at 2.43g/t Au from 86m in hole NARC055; 38m at 1.64g/t Au from 5m in hole NARC180; 7.7m at 11.65g/t Au from 169m in hole NARC058DD; 4m at 8.24g/t Au from 70m in hole NARC130. Recent drilling at Tchaga confirms high-grade mineralisation within broader lower-grade mineralized envelopes. Areas with a higher density of stockwork veins yield higher-grade results within the altered mineralised envelope. Drilling to date has generally been shallow (within 100m vertical depth from surface) with only limited holes testing for gold mineralisation below this depth. Wide, high-grade intercepts have been identified to 80m vertical depth on Section AB. The Company has planned a deeper RC/DD drill hole to test for deeper high-grade mineralisation, shown as a dashed blue line. Mako continues to use its targeting strategy of drilling between or along strike of lower grade drill holes to target the high-grade cores within the mineralised zone. Due to the nature of Birimian shear-hosted orogenic gold mineralisation, it is expected that gold grades will vary from one drill hole to the next, however, overall, the mineralisation appears to be robust and continuous remain open to the SW and NE and at depth. 1,500M RC DRILL PROGRAM COMMENCED ON TCHAGA EAST: The Company advised that the 1,500m drilling program has commenced on the Tchaga East Prospect, which is located approximately 2km east of the Tchaga prospect along an 8km-long interpreted shear. Tchaga East has not been drilled since Mako's maiden drilling program in 2018. Only three RC holes were drilled on Tchaga East two of which had drill intersects greater than 5 gram-meters including 7m at 1.91g/t Au in NARC 041 1. The re-interpretation of the airborne mag survey had not been completed when the three holes were drilled in 2018. Drill fences are targeting the intersection of D1 and D2 structures interpreted from the airborne mag, which are coincident with the +40ppb soil anomaly. Discontinuity of the soil anomaly is likely caused by masking of soils due to alluvium (creeks). Drilling is expected to take approximately 10 days. Once drilling is completed on Tchaga East, the drill rig will return to the Tchaga Prospect. GOGBALA EXPLORATION UPDATE: The IP geophysical survey on Gogbala 1 has been completed. IP identifies disseminated sulphides, such as pyrite, and has proven to be an effective target definition tool at the Tchaga Prospect 6km north of Gogbala. The data from the IP survey has been used in planning drill holes for the upcoming 5,000m RC/DD drill program. The Company anticipates the arrival of a second drill rig on site shortly to commence drilling and will advise once drilling has started. Announcement • Nov 19
Mako Gold Limited Announces That Shallow, High-Grade Gold Zone Confirmed At Tchaga with Assays Up to 143G/T Au Mako Gold Limited announced that it has received assays for a further 4 reverse circulation (RC) holes from the ongoing 10,000m RC and diamond drill (DD) program on the Company's 224km2 Napié Project in Côte d'Ivoire. Very high-grade results were returned from one of the stacked mineralised zones within the maiden resource target area on the Tchaga Prospect (Figure 1). The holes were drilled in the revised SE orientation which resulted from recent structural studies and 3D modelling. The drill program follows up on previous high-grade intercepts in the mineralised zone which include 13m at 20.82g/t Au and 18m at 3.25g/t Au. Significant new results returned from the high-grade zone include: NARC184; 9m at 1.17g/t Au from 13m; and
5m at 2.16g/t Au from 27m; and 9m at 22.73g/t Au from 36m; including 2m at 92.95g/t Au from 36m (including 1m at 143.6g/t Au) Averages 32m at 7.1g/t Au from 13m to 45m. NARC182
15m at 3.59g/t Au from 16m; including; 1m at 31.66g/t Au from 26m; and NARC185; 4m at 14 .26g/t Au from 33m; including 1m at 51.11g/t Au from 33m. This zone trends northeast-southwest with a north-westerly dip which is why the new SE drilling direction is ideal to intersect gold mineralisation from this trend. The mineralised zone remains open in all directions.
Further drilling is planned in this area to maximise the size potential of the high-grade mineralised zone to form part of a maiden JORC resource in Q1-CY21. A location map showing the high-grade mineralised zone within the larger Tchaga resource target are. Locally within the Tchaga Prospect, gold mineralisation is associated with later, northeast-southwest trending,
cross-cutting structures, producing the stacked lenses. The stacked lenses remain open in all directions and significant strike length remains to be drill tested. Previous select drill results on the Tchaga Prospect include 1: 13m at 20.82g/t Au from 32m in NARC145; 36m at 3.09g/t Au from 43m in hole NARC107; 28m at 4.86g/t Au from 83m in hole NARC057; 25m at 3.43g/t Au from 53m in hole NARC017. 14m at 5.46g/t Au from surface in hole NARC124; 18m at 3.25g/t Au from 39m in hole NARC080; 23m at 2.46g/t Au from 15m in hole NARC084; 17m at 2.43g/t Au from 86m in hole NARC055; 30m at 1.16g/t Au from 117m in hole NARC101; 7.7m at 11.65g/t Au from 169m in hole NARC058DD; 4m at 8.24g/t Au from 70m in hole NARC130. The Tchaga Prospect, along with other prospects identified to date on the Napié Permit, is associated with a +40ppb gold soil anomaly coincident with a +30km-long shear zone, thought to be a major control for gold mineralisation. Potential for outlining significant gold mineralisation exists on all prospects within the Napié Permit. Upcoming programs on various prospects, including adding a second drill rig in early December to test regional targets. Announcement • Nov 09
Mako Gold Limited Announces the Wide and High-Grade Intercepts Continue to Support Significant Gold Discovery At Tchaga Mako Gold Limited advised that it has received assays for a further 19 reverse circulation (RC) and 14 diamond drilling (DD) drill holes from the ongoing 10,000m RC and DD drill program on the Company's 224km2 Napié Project in Côte d'Ivoire. Drill results were returned from the Tchaga Prospect within the maiden resource target area, as well as from new conceptual exploration targets outside the maiden resource target area. The Tchaga Prospect is associated with a +40ppb gold soil anomaly coincident with a +30km-long shear zone, thought to be a major control for gold mineralisation. Assay results have been received for an additional 8 RC and 13 DD drill holes on the resource target area on the Tchaga Prospect concentrating on the southern part of the Tchaga Prospect where gold mineralised intercepts are shown in Figure 2, shaded pink. Intervals above 0.5g/t Au cut-off are reported in Appendix 1. The drill program follows up on positive results received on the Tchaga Prospect in order to advance towards a maiden JORC resource. Significant results within resource target area include: NADD012- 10.26m at 4.76g/t Au from 76.5m; including, 1m at 32.49g/t Au from 79m, NARC180 (hole ended in mineralisation), 38m at 1.64g/t Au from 5m NADD010, 5m at 2.0g/t Au from 41m; including, 1.75m at 4.48g/t Au from 44.25m; and 18.2m at 1.89g/t Au from 67.8m; including- 0.8m at 14.94g/t Au from 77m, NADD013- 9m at 2.15g/t Au from 47m; and 5m at 2.69g/t Au from 86m. NARC107DD (DD extension of previous RC hole), 18.5m at 1.15g/t Au from 114m; and 36m at 3.09g/t Au from 43m (previously released RC intercept). 2NARC178- 6m at 4.56g/t Au from 73m; and 14m at 1.59g/t Au from 92m, NARC179- 4m at 4.56g/t Au from 42m; and 7m at 1.37g/t Au from 89m, NARC163- 7m at 1.96g/t Au from surface. Previous select drill results on the Tchaga Prospect include 3: 13m at 20.82g/t Au from 32m in NARC145, 36m at 3.09g/t Au from 43m in hole NARC107, 28m at 4.86g/t Au from 83m in hole NARC057, 25m at 3.43g/t Au from 53m in hole NARC017, 14m at 5.46g/t Au from surface in hole NARC124, 18m at 3.25g/t Au from 39m in hole NARC080, 23m at 2.46g/t Au from 15m in hole NARC084, 17m at 2.43g/t Au from 86m in hole NARC055, 30m at 1.16g/t Au from 117m in hole NARC101, 7.7m at 11.65g/t Au from 169m in hole NARC058DD and 4m at 8.24g/t Au from 70m in hole NARC130. Mako has been concentrating its resource drilling on the south part of the Tchaga Prospect with the goal of outlining the maiden resource in the southern part of the resource target area (black square within the blue rectangle in Figure 3) and then growing the resource on the northern part of Tchaga. Structural studies and 3D modelling based on the diamond drill core has indicated that there are at least three sets of veins which form a stockwork of veins at Tchaga. As was recently announced 4 the drilling direction has been changed to northwest-southeast which has been determined to be the optimum direction to intersect the various vein orientations. Most of the holes in this release were drilled in the old west-east direction. The change in drilling direction targets N-S trending veins as well as SW-NE trending veins which both have a steep westerly to sub-vertical dip. In addition, the structural studies and 3D modelling have identified a sub-horizontal set of veins which are intersected by the current inclination of drilling (usually - 55o). The stockwork of vein systems explains the very wide zones of gold mineralisation company have been consistently intersecting in the drilling thus far. NARC107DD, an RC hole that was extended with DD, is a good example of the multiple wide zones of gold mineralisation observed. The combined intercepts (including intervening waste below the assay detection limit) average a true width of 80m at 1.6g/t Au. In addition, the structural studies indicate that gold mineralisation is associated with extensional brittle deformation and metasomatism. The main N-S and SW-NE structures (faults and fold hinges) and lithological contacts (competency contrasts) provided conduits resulting in pervasive potassic alteration and gold deposition in stockwork veins and within the altered wall rock. A total of 11 RC and 1 DD drill holes were completed on various exploration targets outside of the maiden resource target area at Tchaga to test multiple parallel IP chargeability highs and interpreted cross-structures. As is common when testing new exploration targets, the majority of the holes did not return significant gold intersects, however hole NARC168 returned 3m at 4.54g/t Au. This result and previous results in the area warrant follow-up drilling. The Company is pleased to advise that the planned Induced Polarization (IP) geophysical program on the Gogbala Prospect is on schedule to commence this week. The survey is planned over a 5 km-long section of the +40ppb soil anomaly which is coincident with the 30km-long shear crossing the entire Napié permit from SSW to NNE. IP is used to identify disseminated sulphides and has worked well at Tchaga to identify drill targets due to the association of gold with sulphides, mainly pyrite. Mako has not drilled the Gogbala Prospect since 2018, when the Company drilled 24 wide spaced RC holes over a strike length of approximately 4km. A second rig will be mobilised to commence a 5,000m drill program after the results of the IP survey are received. Previous select drill results received from Gogbala include 5: 12m at 5.39g/t Au from 11m in hole NARC035, 17m at 1.67g/t Au from 45m in hole NARC027, 6m at 2.67g/t Au from 42m in hole NARC034, 7m at 2.73g/t Au from 77m in hole NARC065; and 2m at 16.81g/t Au from 2m and 5m at 2.12g/t Au from 19m in hole NARC066. Announcement • Oct 05
Mako Gold Limited Provides Update on Napié Exploration Mako Gold Limited provided Update on Napié Exploration. Due to heavy rains at the peak of the wet season in Côte d'Ivoire, Mako has temporarily suspended the ongoing 10,000m RC and DD drill program at the Tchaga Prospect. Drilling is expected to resume early October. The short halt in drilling will allow the Company's geologists to fast-track the logging and splitting of the core from diamond drilling (DD) so that samples can be sent to the lab for assaying. Mako anticipates receiving the results from the 13 RC drill holes and 14 DD holes in mid to late October. As announced on 17 September 2020, the IP geophysical contract has been signed with Sagax Afrique and is due to commence in mid-October on the Gogbala Prospect. IP identifies disseminated sulphides, such as pyrite, and has proven to be an effective target definition tool at the Tchaga Prospect 6km north of Gogbala. Thin section work from the DD core at Tchaga has identified gold alongside pyrite. The company therefore believe that the results of the IP survey will assist target gold-rich areas for drilling at Gogbala. The IP survey is planned over a 5km-long soil anomaly coincident with the 30km-long shear that traverses the entire Napié permit. The survey will be fast-tracked with two crews working on the ground. Drilling is planned on Gogbala as soon as the results from the IP survey are received. Mako has secured a second multi-purpose RC/DD drill rig from its drilling contractor, Geodrill. The second drill rig is scheduled to start drilling in November and will be used to drill on the Tchaga East, Tchaga North and Gogbala Prospects, outlined in blue on Figure 3. Tchaga East and Gogbala have not been drilled since Mako's maiden drilling program in 2018. Only three RC holes were drilled on Tchaga East two of which had drill intersects greater than 5 gram-meters including 7m at 1.91g/t Au in NARC 041 1. 24 wide spaced RC holes were drilled on Gogbala in 2018 which returned very good results including 12m at 5.39g/t Au and 2m at 16.87g/t Au 2. Announcement • Oct 02
Mako Gold Limited Announces Board Changes Mako Gold Limited announced the appointment of a Non- Executive Director and restructure of its board to support the evolution of the Company. Mr. Michelle Muscillo who has been a Non-Executive Director of Mako since 2017 has been appointed as Non- Executive Chairman of the Company replacing Dr. Mark Elliott, a co-founder of Mako, who has made the decision to retire. In addition, Mr. Steven Zaninovich has been appointed as Non-Executive Director.
. Announcement • Sep 17
Mako Gold Limited Announces Further Drilling Results at Tchaga Extend Gold Mineralisation 250M Along Strike Mako Gold Limited announced that it has received assays for a further 17 RC drill holes from the ongoing 10,000m reverse circulation (RC) and diamond drilling (DD) program on the Company's 224km2 Napié Project in Côte d'Ivoire. Assays have now been received for 41 of the planned 90- hole drill program which is scheduled to run through to December 2020. A further large drilling program is planned in January 2021 and will be announced in due course. Drill results were returned from the Tchaga Prospect (within the maiden resource target area, as well as from new exploration targets outside the maiden resource target area), as well as the Tchaga North Prospect, shown as a red rectangle and red circle respectively. The Tchaga and Tchaga North Prospects are associated with a +40ppb gold soil anomaly coincident with a +30km-long shear zone, thought to be a major control for gold mineralisation. Assay results have been received for an additional 8 RC drill holes on the resource target area on the Tchaga Prospect. Significant drill results within the maiden resource target area include: NARC158 4m at 2.44g/t Au from 8m, 3m at 2.67g/t Au from 38m, 5m at 1.02g/t Au from 46m, 5m at 2.34g/t Au from 55m. NARC156 7m at 1.81g/t Au from 27m. NARC147 10m at 1.1g/t Au from 88m. NARC148 3 m at 4.59g/t Au from 100m. The drill program follows up on positive results received on the Tchaga Prospect in order to advance towards a maiden JORC resource. Previous select drill results on the Tchaga Prospect received include 1: 13m at 20.82g/t Au from 32m in NARC145, 36m at 3.09g/t Au from 43m in hole NARC107, 28m at 4.86g/t Au from 83m in hole NARC057, 25m at 3.43g/t Au from 53m in hole NARC017, 14m at 5.46g/t Au from surface in hole NARC124, 18m at 3.25g/t Au from 39m in hole NARC080, 23m at 2.46g/t Au from 15m in hole NARC084, 17m at 2.43g/t Au from 86m in hole NARC055, 30m at 1.16g/t Au from 117m in hole NARC101, 7.7m at 11.65g/t Au from 169m in hole NARC058DD, 4m at 8.24g/t Au from 70m in hole NARC130. In addition, 14 DD holes have been completed within the Tchaga resource area. A structural study is currently being conducted on these and previous DD holes to assist in further refining the geological model. DD holes are being structurally and lithologically logged and once completed, will be sampled and submitted to the lab for assay. Results are expected in mid-October. A total of 6 RC drill holes were completed outside of the maiden resource target area at Tchaga on various exploration targets to test multiple parallel IP chargeability highs and interpreted cross-structures. Two of the six holes intersected significant results that warrant follow-up drilling, including hole NARC154 and NARC162 which extended the strike-length of gold mineralisation at Tchaga 250m north from NARC015 which had intersected 15m at 1.42g/t Au. Mako believes that it may be on the edge of a stronger gold mineralised shoot in this area and is planning follow-up drilling to target high-grade plunging mineralised zones. Significant drill results outside the maiden resource target area include: NARC154 11m at 1.04g/t Au from 89m, NARC162 13m at 0.79g/t Au from 66m, 5m at 0.83g/t Au from 82m. A total of 3 RC drill holes were completed on Tchaga North, two of which had significant results. The purpose of the drilling was to follow up on high-grade drilling results which were intersected in previous drilling in 2018 2. They extend gold mineralisation 70m to the SE of NARC001 and 100m SE of NADD004. Although wide intercepts of gold were not intersected in the three current drill holes, gold mineralisation is now confirmed over a 100m length. Significant drill results from the three holes drilled on Tchaga North include: NARC161 3m at 3.96g/t Au from 55m, NARC159 1m at 1.92/t Au from 97m. Significant previous drill results on Tchaga North include: NARC001 10m at 1.54g/t Au from 10m; including 1m at 5.36g/t Au, 8m at 8.53g/t Au from 31m; including 2m at 30.17g/t Au with visible gold observed, NARC002 m at 13.1 g/t Au from 17m with visible gold observed, NADD004 1m at 215g/t Au from 65m with visible gold observed. Since the company has not focussed on Tchaga North since 2018, there is limited knowledge on the structural controls of mineralisation. Furthermore, the holes reported above were drilled prior to the updated structural interpretation from the new DD drilling further to the south . Mako plans further drilling on Tchaga North to test potential SW plunging high-grade shoots. The Company is planning an Induced Polarization (IP) geophysical program over the 5 km-long soil anomaly at the Gogbala Prospect, (6km SSW of Tchaga) which is coincident with the 30km-long shear crossing the entire Napié permit from SSW to NNE. Mako has not drilled the Gogbala Prospect since 2018, when the Company drilled 24 wide spaced RC holes over a strike length of approximately 4km. The IP survey which has consistently worked very well at Tchaga to identify drill targets will be followed up by a significant drill program once the results of the IP survey are received. Announcement • Aug 21
Mako Gold Limited announced that it expects to receive AUD 10 million in funding Mako Gold Limited (ASX:MKG) announced a private placement of 86,956,522 shares at a price of AUD 0.115 per share for gross proceeds of AUD 10,000,000 on August 21, 2020. The company has received commitments from institutional and sophisticated investors including existing shareholders and introduced a number of new, high quality domestic and international investors. The company will also issue 4,000,000 unlisted options, exercisable at AUD 0.1725, expiring on September 22, 2022 The company will receive funding in two tranche. The company will issue 42,040,000 shares in tranche 1 for AUD 4,834,600 and 44,920,000 shares for AUD 51,65,800 in tranche 2. The tranche 2 and issuance of options is subject to shareholders' approval at the general meeting to be held on or around September 28, 2020. The tranche 1 is expected to be received on August 28, 2020 and tranche 2 is expected to be receive around October 5, 2020. The company will accept oversubscription in the transaction. 