Australian mining company Skylark Minerals has signed a binding agreement to increase its ownership in the Zaranou gold project in southeastern Côte d’Ivoire from 51% to 90%, following a sharp rise in estimated gold resources at the exploration site.
The company announced on October 19, 2026, that the project’s inferred mineral resources had increased by 228% to approximately 1.20 million ounces of gold, up from 364,600 ounces previously. The increase follows a drilling programme at the M’Basso prospect, one of the project’s key exploration areas.
Under the agreement, Skylark will acquire an additional 39% interest for $1.2 million in cash. The deal also retains an option for the company to increase its ownership to 100%, although full ownership has not yet been secured.
The updated estimate places Zaranou’s inferred mineral resources at 29 million tonnes of ore containing an average of 1.28 grams of gold per tonne, equivalent to approximately 1.20 million ounces of gold.
Most of the increase comes from M’Basso, where the estimated gold resource has risen to about 872,600 ounces following 85 reverse-circulation drilling holes covering 15,888 metres during 2026.
The mineralisation has been identified over approximately two kilometres of strike and to a depth of around 200 metres. It remains open along strike and at depth, indicating potential for further exploration.
The Zaranou project covers approximately 287 square kilometres and contains about 47 kilometres of prospective geological strike. However, the latest resource estimate is based on only a limited portion of this broader exploration corridor.
Skylark plans further exploration in 2027, focusing on extending mineralisation at M’Basso, investigating the Coffee Bean and Ehuasso prospects, and testing areas between known mineralised zones.
Preliminary metallurgical tests on samples from M’Basso also recorded average gold extraction of approximately 95%. While encouraging, these results are an early technical indication and do not, on their own, establish the commercial viability of a future mine.
The increase strengthens Zaranou’s position in Skylark’s Côte d’Ivoire portfolio, but the project remains at the exploration stage.
The 1.20 million ounces are classified as inferred mineral resources, meaning that geological confidence remains limited compared with higher-confidence resource categories. They should not be confused with proven or probable reserves, which require further technical and economic assessment to establish whether extraction is commercially viable.
Further drilling, technical studies, permitting and investment decisions will be needed before the project can advance towards mine development.
The move comes as Côte d’Ivoire continues to attract mining investment and expand its gold sector. For Skylark, the next challenge will be to determine how much of the growing resource can ultimately be converted into economically recoverable gold.
