# SKM: Zaranou MRE Grows by 228% to 1.20M Oz Au Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/skm-zaranou-mre-grows-by-228-to-1-20m-oz-au--dd2498f9-19d2-4381-b05c-aa206239bf19 Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03153833 Publisher: asx Original announcement: 2026-10-18T22:10:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-10-18T23:17:00.065Z Atlas analysis updated: 2026-10-18T23:17:00.065Z - Company: Skylark Minerals Limited - Ticker: SKM - Exchange: ASX - Region: Côte d’Ivoire - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Agreement transaction, Metallurgy - Extracted: 2026-10-18 23:17:00 UTC Narrative sentiment: 0.90 · Bullish ## Minestarters Atlas summary Skylark Minerals has updated the Zaranou Gold Project Mineral Resource Estimate to 29.0Mt at 1.28g/t Au \(1.20Moz Au\), a 228% increase from the previous estimate. The company also secured a binding agreement to accelerate its ownership of the project from 51% to 90% for USD $1.2 million. Reasoning: The announcement reports a massive expansion of the Zaranou gold resource driven by new drilling, alongside a strategic agreement to increase project ownership. - Positive factor: Significant tonnage and contained metal growth \(228% increase\) - Positive factor: Low discovery cost of <A$9/oz - Positive factor: Binding agreement to increase ownership to 90% - Positive factor: Strong grade retention at higher cut-offs - Negative factor: 100% Inferred classification \(high geological risk\) - Negative factor: Resource is entirely Inferred Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 5 ## Classification and evidence **All Inferred** Polarity: negative Definition: 100% of resource is Inferred category — very early stage, no engineering confidence. Why it applies: The entire Mineral Resource is classified as Inferred. Evidence · text > All Mineral Resources are classified as Inferred **Tonnage Growth** Polarity: positive Definition: Significant tonnage increase \(≥15%\) vs prior estimate with grade maintained or improved. Why it applies: Resource tonnage increased significantly from previous levels. Evidence · text > ZARANOU GOLD RESOURCE INCREASES BY 228% TO 1.20MOZ **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: Shaun Searle of Ashmore Advisory is named as the Competent Person. Evidence · text > The MRE was prepared by Shaun Searle of Ashmore Advisory Pty Ltd, an independent Resource Consultant and Competent Person. **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The resource is reported in accordance with the JORC Code \(2012 Edition\). Evidence · text > in accordance with the JORC Code \(2012 Edition\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 5. Some facts used in scoring do not have a stored record. ## Resource Estimates (4) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/skm-zaranou-mre-grows-by-228-to-1-20m-oz-au--dd2498f9-19d2-4381-b05c-aa206239bf19#fact-resource-facts-0) Zaranou Gold Project · gold #### Identity - Project: Zaranou Gold Project - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: SKM #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Shaun Searle - Resource group id: resource:fdb8e9795a035502c65a - Deposit or zone: Zaranou - Mining method: open\_pit - Ownership percent: 100 % - Resource basis: gross #### Resource Data - Category: inferred - Tonnes: 29000000 - Grade: 1.28 - Grade Unit: g/t - Contained Metal: 1196000 - Contained Unit: oz au - Cutoff Grade: 0.5 - Cutoff Unit: g/t Au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Major resource expansion driven by new drilling. - Positive factor: Massive scale increase - Negative factor: Entirely Inferred Evidence · text > The updated Inferred MRE comprises 29.0Mt at 1.28g/t Au for 1.20Moz gold #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/skm-zaranou-mre-grows-by-228-to-1-20m-oz-au--dd2498f9-19d2-4381-b05c-aa206239bf19#fact-resource-facts-1) Zaranou Gold Project · gold #### Identity - Project: Zaranou Gold Project - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: SKM #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9b9c2670b25be16d1e43 - Deposit or zone: M’Basso - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 24000000 - Grade: 1.13 - Grade Unit: g/t - Contained Metal: 872600 - Contained Unit: oz au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Primary contributor to the resource growth. Evidence · table > 872,600 Context: 24.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/skm-zaranou-mre-grows-by-228-to-1-20m-oz-au--dd2498f9-19d2-4381-b05c-aa206239bf19#fact-resource-facts-2) Zaranou Gold Project · gold #### Identity - Project: Zaranou Gold Project - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: SKM #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:ed9432572df00febbe8b - Deposit or zone: Ehuasso - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 5000000 - Grade: 1.91 - Grade Unit: g/t - Contained Metal: 307000 - Contained Unit: oz au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Significant secondary deposit. Evidence · table > 307,000 Context: 5.0 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/skm-zaranou-mre-grows-by-228-to-1-20m-oz-au--dd2498f9-19d2-4381-b05c-aa206239bf19#fact-resource-facts-3) Zaranou Gold Project · gold #### Identity - Project: Zaranou Gold Project - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: SKM #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:724b4baa5ee0e383ebd6 - Deposit or zone: CoČee Bean - Mining method: open\_pit #### Resource Data - Category: inferred - Tonnes: 100000 - Grade: 10.26 - Grade Unit: g/t - Contained Metal: 16500 - Contained Unit: oz au #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: High grade but low tonnage. Evidence · table > 16,500 Context: 0.1 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: the release compares against a previous estimate **PEA-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study. Why it applies: the release names the study this estimate supports **PFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Pre-Feasibility Study — requires adequate M&I component. Why it applies: the release names the study this estimate supports **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## Metallurgical Results (1) ### LeachWELL [Link to this fact](https://atlas-staging.minestarters.com/news/skm-zaranou-mre-grows-by-228-to-1-20m-oz-au--dd2498f9-19d2-4381-b05c-aa206239bf19#fact-metallurgical-facts-4) Zaranou Gold Project · gold #### Identity - Project: Zaranou Gold Project - Commodity: gold - Region: côte d’ivoire - Reported Region: Côte d’Ivoire - Ticker: SKM #### Test Work - Program Status: preliminary - Test Type: LeachWELL - Processing Route: LeachWELL - Sample: oxide and fresh mineralised samples from the 2026 M’Basso drilling programme #### Recovery - Recovery: 95 % - Recovery Basis: actual\_test #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-10-18T00:00:00.000Z Reasoning: Encouraging preliminary recovery results across multiple domains. Evidence · text > 95% average LeachWELL gold extraction across oxide and fresh mineralised samples #### Tags used in scoring **High Recovery** Polarity: positive Definition: Recovery at or above the exceptional band for the commodity and processing route. Why it applies: 95% is at or above the exceptional band \(95%\) ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.