The Zaranou gold project in southeastern Côte d’Ivoire is crossing the 1.2 million-ounce threshold in inferred mineral resources. The estimate published by Skylark Minerals on October 19 reports 29 million tonnes of ore at an average grade of 1.28 grams of gold per tonne. The company has also signed a binding agreement to increase its stake in the project from 51% to 90% for US$1.2 million.
The increase strengthens Zaranou’s weight in the Australian group’s Ivorian portfolio. However, it does not yet turn the project into a mine ready for construction. Published resources are classified as inferred, a category reflecting lower geological confidence than indicated or measured resources. Further drilling and studies must clarify deposit continuity, extraction conditions and the economically recoverable share.
An estimate more than tripled
The new estimate totals 1.196 million ounces of gold, calculated on a 100% project basis. It comprises 29 million tonnes at 1.28 grams per tonne and uses a cutoff grade of 0.5 grams per tonne. In less than a year, the announced volume rose from approximately 364,600 ounces to nearly 1.2 million, an increase of 228%.
The M’Basso deposit accounts for most of this growth. Skylark now estimates 872,600 ounces there, compared with 11,700 before its first systematic drilling campaign. The other two identified zones also contribute: Ehuasso accounts for 307,000 ounces and Coffee Bean for 16,500 ounces. The increase confirms the geological interest of the explored area, while remaining a resource estimate rather than an ore reserve.
The distinction is decisive in assessing the announcement’s economic significance. A mineral resource describes the quantity of ore estimated to be present based on available geological data. A reserve is the portion demonstrated to be economically viable to extract following technical, economic and regulatory studies. At Zaranou, no mine construction decision has been announced at this stage.
M’Basso opens a wider area for testing
The campaign behind this revision defined mineralization over approximately two kilometers in length and to around 200 meters in depth. According to Skylark, some grades increase at deeper levels, with results exceeding 2.5 grams of gold per tonne in certain zones. These indications inform the exploration program, but do not by themselves establish deposit continuity or profitability.
The permit covers approximately 287 square kilometers and extends along a favorable geological corridor of around 47 kilometers. The new estimate mainly concerns M’Basso, leaving several targets to investigate. For 2027, the company notably plans to test extensions of M’Basso, Coffee Bean and Ehuasso, as well as areas between deposits already identified. The next campaign must therefore answer a central question: does the potential observed on a limited portion of the permit extend along this corridor?
Skylark says it has spent approximately A$7 million on discovery and delineation work at M’Basso. The next stage will require further drilling and more detailed data. According to the company, preliminary metallurgical tests on 2026 samples delivered average gold extraction of 95% from oxide and fresh material. These results are encouraging, but must be confirmed and incorporated into more comprehensive studies.
An agreement to accelerate control
Alongside the geological estimate, Skylark entered a binding agreement intended to raise its stake from 51% to 90%, for a payment of US$1.2 million. The company also retains an option to acquire the remaining 10%. The revised agreement replaces a gradual increase in ownership previously linked to several study stages, including a scoping study, prefeasibility and feasibility.
This change allows Skylark to increase its economic exposure to the project and possible future discoveries more quickly. It reflects the priority given to Zaranou in its West African strategy. The company’s stake must nevertheless be distinguished from the announced estimate: the 1.196 million ounces is calculated on a 100% project basis, while the new agreement concerns the interest Skylark intends to hold.
Further value will depend on studies
For Côte d’Ivoire, Zaranou forms part of an expanding gold industry, but its potential contribution still depends on several stages. Resource growth can support investor interest and justify further work. It does not yet allow future production volumes, infrastructure requirements, investment costs or public revenue from possible mining to be measured.
The next milestones will therefore be execution of the 2027 drilling program, confirmation of mineralized extensions and improved resource confidence. Technical and economic studies must then establish whether the project can move toward mine development. For now, Skylark’s announcement reflects increased geological potential and a stronger corporate commitment to Zaranou; industrial viability remains to be demonstrated.