Mid-tier producer Resolute Mining backs Mako Gold float
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Another junior gold player is planning its ASX debut — and already has the backing of a big gold producer to kickstart its initial public offering.
Mako Gold has launched an IPO to raise up to $6 million to fund its hunt for high-grade gold in West Africa.
Mid-tier producer Resolute Mining (ASX:RSG) has agreed to stump up $2 million to become a cornerstone investor in the company.
Resolute, which is headed by former Wallabies player John Welborn, is already active in West Africa and producing from its Syama mine in Mali.
The company previously flagged its ambitions to expand greenfields exploration on the Ivory Coast, where it believes there will be some big future discoveries.
It just so happens Mako has picked up permits to three gold projects on the Ivory Coast and Burkina Faso.
The projects lie within the highly prospective Birimian greenstone belt, where over 80 million ounces of gold has been discovered in the last few decades.
Past exploration on the projects has identified geochemical anomalies extending for up to 29km and shallow high-grade mineralisation of up to 59 grams per tonne (g/t).
Heading Mako is Peter Ledwidge, who along with his wife Ann, was previously involved in the discovery of three gold deposits in West Africa hosting 2.6 million ounces.
Mako has penned in March 23 as its anticipated listing date.