Santa Fe Minerals has kicked off drilling at its Eburnea Gold Project in Côte d’Ivoire and completed a major acquisition of four additional gold projects, expanding its West African footprint and exploration pipeline.
- Commencement of 7,700m drilling at Satama gold prospect
- Acquisition of 80% interest in four Côte d’Ivoire gold projects
- Notable high-grade gold intersections in acquired projects
- $6 million placement funds exploration and acquisition
- Cash balance of $6.45 million supports ongoing activities
Drilling Underway at Satama Gold Prospect
Santa Fe Minerals Ltd (ASX:SFM) has begun a substantial diamond and reverse circulation (RC) drilling campaign at the Satama gold prospect within its Eburnea Gold Project in Côte d’Ivoire. The program targets a 2.5-kilometre gold trend with 33 holes planned, including 10 diamond drill holes and 23 RC holes, totalling 7,700 metres. Initial drilling progress was sluggish due to ground conditions and water supply issues, but recent operational adjustments, such as the addition of an auxiliary booster and a new water bore, have significantly improved drilling rates. As of late April, six holes have been completed with samples pending assay.
The Satama Main Zone hosts a Birimian orogenic gold system characterised by stacked, moderately to steeply dipping gold lodes within folded metasedimentary and metavolcanic units. Historic drilling has identified continuous gold mineralisation over approximately 2 kilometres strike, open along strike and at depth, with previous intersections including 26 metres at 4.82 g/t gold. The current drilling aims to extend beyond shallow oxide zones into fresh rock to support a JORC-compliant resource estimate. The integration of diamond and RC drilling will also facilitate metallurgical and structural studies essential for resource definition.
Geological interpretations suggest multiple stacked mineralised lenses extending over 2.1 kilometres, with potential for additional lode repetitions or higher-grade shoots along plunge. The program's design, including drill orientation and spacing, is optimised to test the assumed geometry of the gold lodes. This drilling campaign builds on the company’s earlier announcement of the program launch in February 2026 and reflects a critical step toward resource delineation at Satama 7,700m drilling program commenced.
Major Acquisition Expands Gold Project Portfolio
During the quarter, Santa Fe completed the acquisition of an 80% interest in four gold projects, Mankono, Bouaflé, Bocanda, and Issia, in Côte d’Ivoire from WIA Gold Limited (ASX:WIA). These projects collectively cover 3,449 square kilometres and span a range of exploration maturity from early-stage greenfield targets to ready-to-drill prospects. The acquisition was funded by a $6 million placement at $0.20 per share, approved by shareholders and completed in January 2026.
The Mankono and Bouaflé projects are the most advanced, with historical drilling intersecting multiple high-grade gold zones. At Bouaflé, significant results include intervals such as 4 metres at 87.83 g/t gold and 10 metres at 4.54 g/t gold within a 17-kilometre mineralised corridor. Mankono hosts large geochemical anomalies with shallow high-grade intersections, including 8 metres at 5.11 g/t gold and diamond drilling intercepts up to 2 metres at 36 g/t gold. Early-stage projects Issia and Bocanda feature strong gold geochemical anomalies over multi-kilometre strikes, warranting further exploration.
The acquisition deal included issuing 20 million shares and 8 million performance rights to WIA Gold, with milestones tied to mineral resource delineation thresholds of 500,000 ounces and 1 million ounces at or above 0.5 g/t gold. This structure aligns incentives for advancing resource definition across the portfolio. The expanded footprint now forms a contiguous exploration pipeline in Côte d’Ivoire, complementing the existing Eburnea Gold Project and positioning Santa Fe for accelerated discovery and development Acquisition of gold projects finalized.
Financial Position and Corporate Activity
Santa Fe’s $6 million placement has bolstered its cash reserves, with liquid assets standing at approximately $6.45 million at quarter’s end. The company’s cash flow reflects ongoing exploration expenditure and corporate costs, with related party payments of $61,600 covering director fees and superannuation. Limited activity was reported on Western Australian projects, including the Challa Gold Project and Watsons Well Vanadium-Titanium-Iron Project, where work was confined to desktop studies.
With roughly 7.7 quarters of funding available at current expenditure rates, Santa Fe is well-positioned to sustain its Côte d’Ivoire exploration programs and pursue further opportunities in the resources sector. The company continues to assess additional prospects, maintaining a focus on gold exploration in prolific West African terrains Expanded Côte d’Ivoire portfolio.
Bottom Line?
Santa Fe Minerals has laid the groundwork for resource growth in Côte d’Ivoire with active drilling and a strategic acquisition, but assay results and resource milestones will be critical to validating its expanded gold portfolio.
Questions in the middle?
- How will initial assay results from Satama influence resource estimation timelines?
- What exploration strategies will Santa Fe deploy to advance early-stage projects Issia and Bocanda?
- How might performance rights milestones impact share dilution and investor returns?