SA Mining: Pot of Gold, July / August 2020

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# SA Mining: Pot of Gold, July / August 2020

Source: https://turacogold.com.au/wp-content/uploads/SA-Mining-Pot-of-Gold-July-August-2020.pdf
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# SA Mining: Pot of Gold, July / August 2020
DRILLING &
BLASTING
Manas Resources projects
are at exploration stage.
POT OF “ Projects vary from grassroots
to conceptual stage.
GOLD Manas Resources digs deep
By Nelendhre Moodley
Our aim is to find a large and attractive resource that
would be attractive to a major miner. “
– MacKenzie
A
SX-listed gold exploration WHAT IS THE CURRENT STATUS OF Perseus Mining, a key player in the West WHAT IS YOUR STRATEGY FOR we’ve recently invested in our own auger ASIDE FROM THE PANDEMIC, ARE
company Manas Resources is YOUR WEST AFRICAN PROJECTS African mining scene. Perseus is very active YOUR FLAGSHIP PROJECT? ANY KEY drilling machine to reduce our unit cost THERE ANY KEY CHALLENGES
busy advancing its three key AND WHAT PLANS ARE IN PLACE FOR in Côte d’Ivoire and Manas is in the process MILESTONE IN PLACE FOR THE NEXT exploration overheads. ASSOCIATED WITH THE MGP
assets in Côte d’Ivoire, West Africa PROJECT DEVELOPMENT UP TO 2021? of earning 70% of permit PR272 (one of TWO YEARS? PROJECT? HAVE YOU
– the Mbengué Gold Project, the All our three main projects are at the two permits comprising the MGP) from For MGP we expect to rapidly advance WHAT IMPACT, IF ANY, HAS COVID-19 IDENTIFIED ANY OPPORTUNITIES
Eburnea Gold Project and the Tortiya Gold exploration stage, varying from grass- them. The other permit we own 100%, and those targets with resource potential HAD ON OVERALL PROJECT THAT YOU WISH TO
Project. SA Mining recently caught up with roots and conceptual at the Tortiya Gold within a few months of it being granted we closest to the Tongon mine through the DEVELOPMENT AND PROJECT UNLOCK DURING PROJECT
CEO Chris MacKenzie for greater insight into Project (TGP) to advanced exploration at are actively exploring a newly discovered course of 2020, with a view to outlining the FINANCING? DO YOU HAVE TO AMEND DEVELOPMENT?
the company’s strategy and project progress. the Mbengué Gold Project (MGP). We are 16km gold trend along a major shear resource potential there within two years. YOUR STRATEGY IN ANY WAY? The main challenges to the MGP are
continuing to advance exploration at the structure. At the same time we’ll also be using our Like just about every exploration company that if gold mineralised zones don’t
AS AN EMERGING GOLD EXPLORATION projects through 2020 using a systematic Unlike many other prospects in the diligent, systematic approach to progress globally, the pandemic has impacted have the thickness or grade to make
COMPANY, IS MANAS RESOURCES’ approach developed to identify targets country, MGP is well located close to our two other projects so we can assess our operations in Côte d’Ivoire. Prior to a substantial standalone economic
STRATEGY TO BE A GOLD PRODUCER, with the potential to become major existing mine infrastructure. Barrick’s their resource potential quickly and cost- lockdown we were aware of the potential deposit, we would need to consider
OR IS IT AIMED AT UPGRADING THE resources. The company remains well Tongon gold mine, which produces around effectively. We anticipate that within two risk and had implemented some mitigation toll treating any potential resource.
RESOURCE FOR SALE TO A GOLD funded and able to respond quickly once 250 000oz Au annually, only has around years we will have been able to advance each measures, and the leadership of the However if that proves to be the
DEVELOPER? early drill success identifies potential two years of mine life. Tongon is less than of the three projects to that stage if they company has also acted to conserve cash case, there’s always the potential for
Our main focus, and the core skills of the resource areas. 10km away from our main prospect, Le show promise, using existing cash resources by reducing corporate and administration any resources that we identify to be
company’s leadership, is exploration to the Vieux-Madala-Turaco, where we’ve defined wisely. costs. Initially we ceased all fieldwork incorporated into the plans of the two
pre-development level. Of course the future TELL US MORE ABOUT YOUR MBENGUÉ some major geophysical targets which to assess the risks and see how the in- mines within 50km of the project.
progress of the company will depend on GOLD PROJECT? also have excellent auger drilling results. HOW MUCH HAVE YOU INVESTED TO country restrictions would affect things.
the nature of any resource we discover – an MGP is an exciting prospect for Manas. It Further auger drilling is ongoing here and DATE IN BRINGING YOUR PROJECTS TO After seeking advice from the Ivorian ANY OTHER INFORMATION YOU’D
exploration company can become a miner. contains four major auriferous structures we expect to generate some world-class THE CURRENT STATE? authorities, Manas resumed activities in LIKE TO IMPART?
But our aim is to find a large and attractive – the Toumoukro, Mbengue, Mamba and targets for follow-up by reverse circulation To date we’ve invested around $1.2-million in early May while minimising the risk to staff Obviously the world of exploration
resource that would be attractive to a Tongon shears. Each is over 15km long and drilling later this year. our exploration efforts on the three projects. and local communities. We’re monitoring and gold mining post-COVID 19 will be
major miner. We benefit from having two the bifurcating Tongon shear structure is Despite all that, the enterprise value of Manas is in a very strong financial position, the situation closely and will be able to different. Because of our cash position we
supportive shareholders who are also major approximately 25km long. the company remains low in comparison with $7.7m cash in our 31 March 2020 respond accordingly if infection flares up are well placed to take advantage of any
players in the West African mining scene: It had a lot of “smoke” in the form to its peers and we see that as a highly financial statements. We have a streamlined again. Obviously since our cash position is opportunities arising. 2020 is certainly
Resolute Mining, our major shareholder, and of good drill intercepts from previous attractive proposition to existing and board and management structure and our strong, we’re able to proceed more or less as an interesting time to be a Manas
Perseus Mining. exploration campaigns conducted by potential investors. exploration costs and burn rate are also low: planned with minimal inconvenience. shareholder. n
40 SA MINING JULY / AUGUST 2020 www.samining.co.za www.samining.co.za SA MINING JULY / AUGUST 2020 41