• Funds target drilling at Zaranou, soil mapping at Maphai project
• $6M acquisition of three permits awaits shareholder approvals

Australian miner Skylark Minerals said on Monday it has received firm commitments from investors to raise A$10 million ($6.4 million) through a share placement.

The funds will support an exploration program the junior company plans to launch by 2026 at its new gold permits in Côte d'Ivoire.

Earlier this month, Skylark agreed to acquire the Zaranou, Maphai, and Vavoua gold projects from Ricca Resources. The finalization of this transaction, valued at $6 million, is conditional on approval by the seller's shareholders in early December.

With the funds from the share placement, the company plans to launch reverse circulation (RC) and diamond drilling (DD) aimed at increasing resources at Zaranou. That project currently hosts 364,600 ounces of inferred mineral resources. An initial soil sampling and mapping program is also planned for Maphai.

Until now, Skylark Minerals has been active mainly in Australia. With this project, it is beginning its expansion into West Africa. While Côte d'Ivoire is its first step in the region, the company said it is also looking at other opportunities to acquire gold projects.

Skylark must still meet several conditions before realizing its ambitions in Côte d'Ivoire. Beyond finalizing the acquisition agreement with Ricca, the full completion of the share placement also depends on approval from its own shareholders.

Aurel Sèdjro Houenou