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
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