Santa Fe Minerals Limited (SFM) has announced it will acquire the Eburnea Gold Project in Côte d’Ivoire from Turaco Gold Limited (ASX:TCG). Santa Fe Minerals, an ASX-listed company, is focused on mineral exploration and development, particularly in gold and base metals. The acquisition includes the granted exploration permit PR544 (Satama Permit) which is 100% owned and the application for exploration permit PRA575 (Bouake North Application), currently 65% owned with an agreement to increase to 80% upon granting of the exploration permit, and an option to acquire 90%.
The Eburnea Gold Project’s Satama Permit has shown promising historical drilling intercepts, including 26 metres at 4.82 grams per tonne (g/t) of gold and 30 metres at 1.92 g/t of gold along a 2-kilometre mineralised zone. Geophysical surveys and historic aircore drilling indicate the potential for repeat parallel structures within the Satama Permit. The Bouake North Application is located 35 kilometres along strike from Endeavour Mining’s 3-million-ounce Lafigue Gold mine, indicating significant regional prospectivity.
To fund the acquisition, Santa Fe Minerals has received binding commitments to raise $1,200,000 at $0.05 per share, representing a 61.3% premium to the last closing price, subject to shareholder approval. The placement, managed by Trident Capital Pty Ltd, includes participation from existing clients and some of Santa Fe’s directors, pending shareholder approval. The funds will be used for exploration programs across Santa Fe’s existing projects and the Eburnea Gold Project.
The transaction is subject to ASX and shareholder approval, with a shareholder meeting planned for August 2025. The company expects to dispatch a notice of the general meeting in late July 2025. Completion of the acquisition is expected in late August 2025, following the satisfaction of all conditions precedent outlined in the share purchase agreements.
