Skylark Minerals (ASX:SKM) has more than tripled the mineral resource at its Zaranou Gold Project in Côte d’Ivoire to 1.20 million ounces (Moz) and plans to increase its ownership stake from 51% to 90%.
The updated inferred mineral resource estimate (MRE) totals 29.0 million tonnes (Mt) at 1.28 grams per tonne gold (Au), reported at a 0.5g/t cut-off within a US$3,500 ($5,022) per ounce optimised pit shell.
The estimate is reported on a 100% project basis, representing an increase of 831,000 ounces from the previous resource of 364,600 ounces.
Most of the growth comes from the M’Basso prospect, where contained gold has increased from 11,700 to 872,600 ounces.
Skylark completed 85 reverse circulation (RC) holes for 15,888m at M’Basso in 2026, defining mineralisation over about 2km of strike and to about 200m vertical depth. Mineralisation remains open along strike and at depth.
The remaining resource comprises 307,000 ounces at Ehuasso and 16,500 ounces at Coffee Bean.
The company estimates a discovery and resource-definition cost of less than $9 per ounce for the M’Basso growth, based on about $7 million of exploration spending. Preliminary metallurgical test work returned an average LeachWELL gold extraction of 95%.
The resource also demonstrates strong retention at higher cut-offs, with about 91% of contained ounces retained as the cut-off increases from 0.3g/t to 0.5g/t Au.
Separately, Skylark has signed a binding agreement to accelerate its ownership of Zaranou to 90% for US$1.2 million in cash. The deal removes the Scoping Study, Prefeasibility Study, and Feasibility Study milestones previously tied to the staged earn-in.
Skylark retains an option over the remaining 10% through a 2.5% net smelter return (NSR) royalty, or a 1.25% NSR royalty plus US$4million.
About 80% of the 2027 exploration budget will go to Zaranou Central, targeting extensions at M’Basso, Coffee Bean, and Ehuasso, alongside testing the corridor between them.
Regional exploration at Ebilassokro and Yakasse is aimed at generating drill targets for 2028.
Executive Chair Nikolai Zelenski says the resource growth validates the company’s exploration approach.
“In less than 12 months, we’ve taken the Zaranou resource from around 365,000 ounces to 1.2Moz of gold, with almost all that growth delivered via our first systematic drilling program at M’Basso at an estimated discovery cost below $9 per additional ounce,” Zelenski says.
“We don’t see M’Basso as closed off yet.”
Skylark Minerals is an Australian explorer advancing gold projects in Côte d’Ivoire, alongside a portfolio of critical minerals and copper projects in Brazil and Australia.
Write to JC Villarba at Mining.com.au
Main image: Skylark Minerals
