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Highlights
- Santa Fe (SFM) acquires Eburnea project from Turaco Gold
- Eburnea’s Satama prospect hosts >20km mineralised strike
- Bouake North drilling reveals 2km gold zone near Lafigue mine
Santa Fe Minerals (ASX:SFM) has signed a binding share purchase agreement to acquire the Eburnea gold project in Côte d’Ivoire from Turaco Gold (ASX:TCG), marking a key strategic expansion in West Africa's highly prospective gold terrain.
The Eburnea project includes the granted Satama exploration permit (PR544) and a 65% interest in the Bouake North application (PRA575). Satama is already known for its extensive mineralisation, with earlier exploration mapping out a gold corridor spanning more than 20 kilometres. Initial broad-spaced drilling at Satama’s Main Zone has uncovered consistent gold mineralisation over a 2km strike length, with the area remaining open to the north, south, and at depth—suggesting potential for further resource definition.
While most prior drilling at the Main Zone has focused on the shallow oxide zone, some holes have intercepted promising gold continuity in fresh rock. Additionally, several sub-parallel mineralised zones—up to 3km long—west of the Main Zone have been lightly explored and are now considered high-priority targets.
The Bouake North permit area enhances the project's potential, situated 35km along strike from the Lafigue gold mine, a multi-million-ounce deposit. Early-stage aircore and reverse circulation drilling in Bouake North has identified significant mineralisation over a 2km stretch. Santa Fe may increase its ownership in Bouake North to 80% upon receiving an exploration licence and can further raise its stake to 90%.
To support this acquisition and the broader exploration strategy, Santa Fe has secured commitments for a capital raise of $1.2 million, issuing 24 million shares at $0.05 each, pending shareholder approval. These funds, along with existing reserves, will enable the company to initiate exploration across both its current and new holdings.
As part of the agreement, Turaco Gold will receive 12 million Santa Fe shares and 4 million performance rights, resulting in an 11% equity position in Santa Fe post-completion. This arrangement allows Turaco to maintain indirect exposure to the upside potential of the Eburnea project while focusing efforts on its flagship Afema project.
This acquisition positions Santa Fe Minerals as a notable player in the Côte d’Ivoire gold exploration landscape, with fresh funding and underexplored ground offering strong prospects for value creation through near-term exploration.
