THE BOURSE WHISPERER: Taruga Gold (ASX: TAR) has received final approvals and a signed decree for the Mangkono concession in Cote d’Ivoire.
The Mangkono project is located in central Cote d’Ivoire, approximately 410 kilometres from the major city of Abidjan.
The project consists of one granted concession covering approximately 400 square kilometres.
“The granting of the Mangkono concession allows us to commence a first pass exploration program in Cote d’Ivoire,” Taruga Gold executive chairman Bernard Aylward said in the company’s announcement to the Australian Securities Exchange.
“We have worked closely with the Cote d’Ivoire Government to ensure we were able to secure this highly-prospective area, and we are continuing to work closely to ensure the grant of our additional applications.”
Mangkono project – location of granted concession with geological setting. Source: Company announcement
Taruga indicated a review of the geological setting has demonstrated the presence of artisanal workings, major geological structures and geological setting the company considers indicate the prospectivity for gold mineralisation.
“The Mangkono concession is a greenfields exploration project with very limited previous exploration,” Aylward said.
“The presence of artisanal workings indicates potential for gold mineralisation, and the review of the geological setting highlights major structures and geological complexity that will be targeted by our initial exploration work.”
“We will continue to focus on the highly prospective Kossa project in Niger as our most advanced project with defined gold mineralised trends.
“We are excited by the opportunities in Cote d’Ivoire and will be completing first- pass exploration as soon as possible to advance this project.”
The Bonikro gold mine operated by Newcrest Mining (ASX: NCM) is located 70km from the Mangkono concession.
Taruga claims the geological setting of Bonikro mineralisation is interpreted to be similar to the Mangkono geology.
The company is planning a first pass exploration program of systematic geological mapping and rock-chip sampling and a wide-space soil and stream sediment sampling program covering the concession area.
The aim of the program is to provide sufficient geological data to rapidly assess the project and identify drill targets for gold mineralisation.