Santa Fe Minerals has completed the acquisition of the Eburnea Gold Project in Cote d’Ivoire, supported by a $1.2 million capital raise, while advancing exploration efforts in Western Australia.
- Acquisition of Eburnea Gold Project from Turaco Gold completed
- Capital raising of $1.2 million through share issuance
- 100% interest in Satama Permit and 65% in Bouake North Application secured
- New gold anomalies identified at Challa Gold Project’s Golden Girls and Golden Hope prospects
- Watsons Well Vanadium project exploration continues with desktop studies
Strategic Acquisition Expands Santa Fe’s Gold Portfolio
Santa Fe Minerals Limited has taken a significant step forward by completing the acquisition of the Eburnea Gold Project in Cote d’Ivoire from Turaco Gold Ltd. This move adds substantial ground to Santa Fe’s portfolio, including a 100% interest in the Satama Permit and a 65% stake in the Bouake North Application, covering nearly 550 square kilometres of highly prospective gold terrain.
The acquisition was supported by a successful capital raising of $1.2 million through the issuance of 24 million shares at 5 cents each. These funds, combined with existing cash reserves, will underpin exploration programs not only at Eburnea but also across Santa Fe’s existing projects, reinforcing the company’s focus on gold exploration.
Exploration Progress at Challa Gold Project
Back in Western Australia, Santa Fe has continued to build on its exploration momentum at the Challa Gold Project. Recent auger geochemical sampling at the Golden Girls prospect has extended known gold anomalies along a 5-kilometre strike, with assay results confirming encouraging gold values. Additionally, the discovery of new anomalies at the nearby Golden Hope prospect opens fresh targets for follow-up drilling.
The company plans to advance these targets with an air-core drilling program, aiming to test the defined anomalies and potentially delineate new mineralised zones. This methodical approach highlights Santa Fe’s commitment to systematically unlocking value from its Australian assets.
Watsons Well Vanadium Project Maintains Momentum
While exploration activity at the Watsons Well Vanadium-Titanium-Iron project was limited to desktop studies during the quarter, the project remains a key part of Santa Fe’s portfolio. Previous drilling has confirmed thick zones of magnetite mineralisation with promising grades of vanadium and titanium, minerals increasingly sought after for their role in clean energy technologies.
Santa Fe’s ongoing evaluation of this project suggests a measured approach, balancing resource development potential with market conditions and strategic priorities.
Financial Position and Outlook
At quarter’s end, Santa Fe held approximately $1.85 million in liquid assets, providing a solid financial base for its exploration activities. The company’s recent capital raising and disciplined expenditure signal prudent financial management as it advances multiple projects.
Looking ahead, Santa Fe’s focus remains on expanding its gold resource base, particularly through upcoming JORC Mineral Resource Estimates at Eburnea, which will be critical milestones. The vesting of performance rights tied to these resource thresholds also aligns management incentives with shareholder value creation.
Bottom Line?
Santa Fe Minerals’ acquisition and exploration advances position it well for upcoming resource milestones that could redefine its growth trajectory.
Questions in the middle?
- When will Santa Fe announce the first JORC Mineral Resource Estimate for the Eburnea Gold Project?
- What are the next steps and timelines for drilling at the Golden Hope prospect?
- How will Santa Fe prioritise development between its gold and vanadium projects amid evolving market conditions?