Santa Fe Minerals has secured an 80% stake in four promising gold projects in Côte d’Ivoire, setting the stage for an active drilling campaign starting February 2026. The acquisition significantly broadens the company’s exploration footprint with high-grade targets already identified.
- Acquisition of 80% interest in four Côte d’Ivoire gold projects from WIA Gold
- Projects cover 3,449 sq km with multiple high-grade gold zones identified
- Drilling campaign planned to commence at Satama Gold Project in February 2026
- Consideration includes 20 million shares and 8 million performance rights
- Completed $6 million placement to fund acquisition and exploration activities
Strategic Acquisition Bolsters Gold Exploration Portfolio
Santa Fe Minerals Limited (ASX, SFM) has taken a significant step forward in its gold exploration ambitions by acquiring an 80% interest in four highly prospective gold projects in Côte d’Ivoire from WIA Gold Limited. The acquisition, formalised through a binding share purchase agreement, brings the Mankono, Bouaflé, Bocanda, and Issia projects under Santa Fe’s control, collectively covering an expansive 3,449 square kilometres.
This move complements Santa Fe’s existing Eburnea Gold Project in the region, creating a contiguous and diversified pipeline of exploration assets ranging from early-stage greenfield prospects to targets ready for drilling. The company’s strategic focus on Côte d’Ivoire reflects the country’s growing reputation as a fertile ground for gold discoveries.
High-Grade Targets and Exploration Potential
The Mankono and Bouaflé projects stand out as the most advanced within the portfolio, with previous drilling intersecting multiple high-grade gold zones. Notably, Bouaflé features a 17-kilometre-long mineralised corridor, with drill results including impressive intercepts such as 4 metres at 87.83 grams per tonne gold. Mankono hosts large geochemical anomalies with shallow high-grade intersections, signalling strong potential for significant deposits.
Meanwhile, the Issia and Bocanda projects remain at an earlier exploration stage but have already revealed substantial gold geochemical anomalies, some extending up to 7 kilometres. These findings justify further exploration efforts to unlock their potential.
Upcoming Drilling Campaign and Funding
Santa Fe is gearing up to commence its inaugural drilling campaign in Côte d’Ivoire at the Satama Gold Project, with diamond and reverse circulation drilling scheduled to start in the first half of February 2026. This campaign will be a critical test of the company’s expanded portfolio and could provide the data needed to delineate mineral resources.
To support the acquisition and exploration activities, Santa Fe completed a $6 million share placement at $0.20 per share, attracting both existing shareholders and new investors. The acquisition consideration includes 20 million shares subject to a 12-month escrow and 8 million performance rights tied to resource milestones, aligning incentives with exploration success.
Broader Project and Corporate Updates
Beyond Côte d’Ivoire, Santa Fe continues to advance its Watsons Well Vanadium-Titanium-Iron project and the Challa Gold project in Western Australia, although activities in these areas were limited to desktop studies during the quarter. The company also relocated its registered office to Perth, signalling a consolidation of its operational base.
At quarter’s end, Santa Fe held $1.398 million in cash and liquid assets, positioning it to fund near-term exploration while maintaining financial discipline. Related party payments disclosed were consistent with director fees and superannuation, reflecting standard corporate governance practices.
Bottom Line?
Santa Fe’s bold acquisition and imminent drilling campaign could redefine its growth trajectory, but success hinges on exploration outcomes and JV negotiations.
Questions in the middle?
- How will Santa Fe manage joint venture agreements with third parties post-acquisition?
- What are the timelines and expectations for resource delineation from the upcoming drilling?
- How might the performance rights milestones influence shareholder value and company strategy?