Australia's Mako Gold sees best day in 3 months on positive gold assay results

Geodrill

05/03/2020 01:47

** Shares of Mako Gold  MKG.AX  rise as much as 6.4% to
A$0.067, marking their biggest percentage gain since Dec. 3
    ** West Africa-focussed gold miner says assay results from
the Tchaga prospect at its Napié project in the Ivory Coast
confirm the presence of multiple gold mineralised zones
 urn:newsml:reuters.com:*:nASX7SQmpg
    ** Mako to use its "drill-for-equity" facility with Geodrill
 GEO.TO  whereby MKG will pay for half the drilling costs
through equity transfer
    ** The project is a farm-in and joint venture agreement
between co and unit of West African gold miner Perseus Mining
 PRU.AX 
    ** Under the agreement, co to earn up to 75% of the Napié
Permit conditional on certain milestones being achieved
    ** More than 5.6 mln shares change hands, compared with the
30-day average of 5.5 mln
    ** MKG stock had fallen 10% this year, as of last close

 (Reporting by Arpit Nayak)
 ((Arpit.Nayak@thomsonreuters.com;))