Mako Gold Ltd (ASX:MKG) managing director Peter Ledwidge has demonstrated his confidence in the company’s West African gold strategy by purchasing more than 246,000 shares on-market.
The October 25 transaction, which was valued in excess of $20,360, takes his stake in the company to more than 8.014 million shares, held in direct and indirect interests.
Shares of the company, which has a market cap of around $7.71 million, last traded on Friday at 8.6 cents, up from 7.5 cents the previous day.
RC drilling set to start
Mako Gold is about to start a 2,000-metre reverse circulation (RC) drill program at its Tchaga Prospect within the Napié Gold Project in Cote d’lvoire.
This will follow the recently completed and successful 27-hole RC program at Tchaga and other regional targets during July 2019.
A number of strong gold intersections were recorded at Tchaga including 18 metres at 3.25 g/t gold from 39 metres at 23 metres at 2.46 g/t gold from 15 metres.
These results doubled the strike extent of gold mineralisation on the prospect to 1-kilometre.
The company is focusing on Tchaga in its endeavour to outline a JORC-compliant gold resource.
Mako’s flagship project is Napié in north-central Côte d’Ivoire where it is earning up to a 75% interest.