🕐06.04.10 - 06:16 Uhr
Azumah Resources - Azumah set to increase resources after more strong drilling results
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AZUMAH RESOURCES - AZUMAH SET TO INCREASE RESOURCES AFTER MORE
STRONG DRILLING RESULTS
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Azumah set to increase resources
after more strong drilling resultsRegional exploration program
intensified in push to establish multi-million-ounce
gold inventory to support 100,000 ounce-a-year-plus production
profile
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Download the full announcement including figures and tables.
More
excellent drilling results pave way for maiden resource estimate
at the Collette deposit including;
20m grading 7.43g/t gold from 76m (ACORC070)
* Drilling underway to extend the interim 350,100 ounce Julie
resource
* Drilling underway to extend resources in 750,000 ounce
Kunche-Bepkong district
* Lycopodium appointed to scope Feasibility Study
* Influential Canadian broker Clarus Securities puts Azumah on
its global watch list
West African gold company Azumah Resources (ASX:AZM) is pleased
to announce that it is poised to increase its 1.1 million ounce
gold resource inventory after receiving more strong drilling
results from its Wa Gold Project in Ghana.
The latest results, which come from the Collette deposit, include
20m grading 7.43g/t gold from 76m (ACORC070).
The drilling program is aimed at establishing a maiden resource
at Collette, which will then be added to the existing Wa Gold
Project resource inventory of 1.1 million ounces.
This figure,
which comprises 17.02 million tonnes grading 2g/t gold, was
updated last month after Azumah unveiled a maiden interim
resource of 350,100 ounces for Julie deposit - 4km west of
Collette (Figures 1 and 2.
Tables 1 and 2).
Azumah has also committed to stepping up its exploration
activities ahead of the completion of a feasibility study by the
end of this year.
This study is advancing rapidly, with Azumah
recently appointing Lycopodium Engineers and a number of other
firms to provide input.
An intensified second 40,000m campaign of reverse circulation
(RC), aircore and core drilling has commenced and is also aimed
at extending resources in the vicinity of the existing Kunche and
Bepkong deposits, including further investigation of targets at
Bepkong North, Aduanne and Sabili.
This work will be supported by airborne and ground based
geophysical surveys, with Azumah also increasing its
Ghanaian-based geological team and infrastructure.
The Collette intersection reported above includes two 4m
intervals grading 18.4g/t gold from 76m and 15.1g/t gold from
88m.
A second hole returned 12m grading 2.42g/t gold from 100m
(ACORCO73).
Assays are based on 4m composited samples and final
results of 1m splits will be available in a couple of weeks.
Azumah remains well on track to achieve its goal of establishing
the first commercial-scale gold mining operation in the emerging
north west Ghana gold province.
Production will be based on a series of high-grade open pits and
treatment through a one million tonne per annum gravity / CIL
gold recovery plant producing an initial 70,000 ounces gold per
annum, but with the capacity to be quickly upgraded to over
100,000 ounces gold per annum.
"The latest results from the Wa Gold Project reinforce our view
that it will prove to be a multi-million-ounce gold province that
can comfortably support a long-life project with production of
100,000 ounces a year-plus," said Azumah Managing Director,
Stephen Stone.
"We already have resources of more than 1 million ounces and have
only investigated a minor part of our extensive 3,100km2 licence
area and its 150 strike kilometres of prospective Birimian
terrain.
"We are putting our foot down even harder now on the exploration
pedal to grow the resource inventory substantially whilst
bringing the project closer to fruition,"
"The planets are clearly aligning for Azumah, which has an
enterprise valuation per resource ounce of gold that is still
well below industry benchmarks and its peers.
This is highlighted
by the growing attention the Company is getting from investors
and brokers around the world, including influential Canadian
broker Clarus Securities, which has just placed Azumah on its
global list of stocks it believes will perform strongly."
NB Copy of Clarus Securities research available at
www.azumahresources.com.au
Read more...
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