Proactiveinvestors Australia Azumah Resources Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia Azumah Resources Ltd RSS feed en Sat, 20 Jul 2019 11:29:43 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Azumah Resources $2 million SPP boosted by additional $750,000 ]]> https://www.proactiveinvestors.com.au/companies/news/223850/azumah-resources-2-million-spp-boosted-by-additional-750000-223850.html Azumah Resources Limited (ASX:AZM) has surpassed the $2 million intended to be raised in a share purchase plan (SPP) by $750,000 with funds to advance the Wa Gold Project in Ghana.

After receiving $1.772 million from the 319 eligible shareholders who participated in the SPP, nominees of the underwriter, Patersons Securities Limited, subscribed for the remaining $228,000.

Patersons then proceeded with a top up placement as part of an underwriting agreement to its qualifying clients to raise a further $750,000.

READ: Azumah Resources upgrades Wa Gold Project to 2.77 million ounces

Funds raised will provide additional funds to service and advance Azumah’s interests in the Wa project, which hosts a gold resource of 2.77 million ounces.

Azumah aims to complete a feasibility study for the project by the end of the year.

SPP funds will also be allocated to general working capital.

Directors participate

Chairman Michael Atkins and non-executive director Debra Bakker also participated in the SPP.

Atkins purchased two lots of 1,071,429 shares with a total value of $30,000 and now holds almost 5.285 million shares in direct and indirect interests.

Bakker purchased 1,071,429 shares with a value of $15,000 and now holds 1,471,429 shares.

The plan issue price per share was calculated as 1.4 cents per share.

This represents a 20% discount to the 5-day VWAP of shares trading on ASX over the last five trading days on which shares were traded immediately before the allotment date of July 12.

Directors of the company thank shareholders for their continued support.

READ: Azumah Resources JV partner Ibaera earns 42.5% of Wa Gold Project

JV partner at the Wa project, Ibaera Capital, has earned 42.5% after completing earn-in requirements.

This follows Ibaera providing US$11.25 million as part of the earn-in and shareholders agreement with Azumah.

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Mon, 15 Jul 2019 09:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223850/azumah-resources-2-million-spp-boosted-by-additional-750000-223850.html
<![CDATA[News - Azumah Resources JV partner Ibaera earns 42.5% of Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/223713/azumah-resources-jv-partner-ibaera-earns-425-of-wa-gold-project-223713.html Azumah Resources Limited (ASX:AZM) joint venture partner Ibaera Capital has completed earn-in requirements entitling it to 42.5% ownership of Azumah Resources Ghana Limited (AZG), the holder of all licences comprising the Wa Gold Project in Ghana, West Africa.

This follows Ibaera providing US$11.25 million as part of the earn-in and shareholders agreement with Azumah.

The company is now considering the option to contribute its pro-rata 57.5% interest of the approved next US$2.25 million program and budget, which is equivalent to approximately US$1.29 million (about A$1.85 million).

This will see the completion of a feasibility study for the project, which is presently scheduled for year-end 2019.

“Transformative joint venture”

Azumah Resources managing director Stephen Stone said: “The transformative joint venture with Ibaera has added considerable value to the WA Gold Project.

“The company looks forward to continuing work with Ibaera’s highly-regarded team of industry professionals to deliver a completed feasibility study by year-end and making a production decision soon after.”

If Azumah elects not to take up the option, Ibaera can earn up to an additional 5% interest in AZG to a maximum interest of 47.5%.

The agreement provides that the actual interest to be earned will be determined having regard to the current value of the project.

The past 16 months has seen the project advanced to a stage where the joint venture has:

Increased mineral resources to 2.8 million ounces and increased ore reserves to 1 million ounces; Provided an update on the progress of the feasibility study which confirmed an economically robust open pit gold project; Discovered substantial below pit mineralisation at the Bepkong and Kunche deposits; and Continued to drill test advanced targets and generate new targets. ]]>
Thu, 11 Jul 2019 16:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223713/azumah-resources-jv-partner-ibaera-earns-425-of-wa-gold-project-223713.html
<![CDATA[Media files - Azumah Resources confirms high-grade underground mineral resource at Bepkong deposit ]]> https://www.proactiveinvestors.com.au/companies/stocktube/13962/azumah-resources-confirms-high-grade-underground-mineral-resource-at-bepkong-deposit-13962.html Wed, 03 Jul 2019 14:49:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/13962/azumah-resources-confirms-high-grade-underground-mineral-resource-at-bepkong-deposit-13962.html <![CDATA[News - Azumah Resources upgrades Wa Gold Project to 2.77 million ounces ]]> https://www.proactiveinvestors.com.au/companies/news/223164/azumah-resources-upgrades-wa-gold-project-to-277-million-ounces-223164.html Azumah Resources Ltd (ASX:AZM) has revealed a maiden underground JORC resource for its Bepkong deposit within its Wa Gold Project in Ghana.

The underground resource is high-grade and measures 278,700 ounces at 3.59 g/t gold.

Notably it increases the overall Bepkong deposit by 111% to 517,600 ounces and lifts the overall grade by 58% to 2.38 g/t gold.

The Bepkong deposit is the subject of a scoping study to be released later this month, which could have a material impact on a future gold mining operation within the Wa Gold Project.

READ: Azumah Resources raises $2 million in fully underwritten SPP to advance Wa Gold Project

Azumah’s managing director Stephen Stone said “Confirmation of a high-grade ‘underground’ Mineral Resource at our Bepkong deposit of 279,700 ounces grading 3.59 g/t gold, including a combined measured and indicated resource of 167,500 ounces averaging 4.05 g/t gold, provides a tremendous boost to Azumah’s fast evolving Wa Gold Project in Ghana.

“Total Mineral Resources at Bepkong have more than doubled to 517,600 ounces and overall Project Mineral Resources have increased by 11% to 2.8 million ounces.

Scoping study expected to be delivered later this month

“Importantly, none of the underground Mineral Resource is incorporated into our current 1 million ounce Ore Reserve or into our feasibility study, which is scheduled to be completed by year-end.

“A scoping study evaluating underground mining at Bepkong will be reported later in July and our expectations are that this could have a materially positive impact on what is an already financially robust project.

“With the prevailing gold price well above the US$1,300 per ounce used in determining Ore Reserves, the case for development becomes even more compelling and, looking to the longer term, we still have many additional shallow and deeper targets to evaluate within our regional-scale 2,400 square kilometres of prospective tenure.”

Bepkong deposit is now third largest at Wa Gold Project

12 deposits split into two areas, Wa-Lawra and Wa-East comprise the Wa Gold Project which now has a JORC resource of 2.76 million ounces gold and Ore Reserve of 1.02 million ounces gold.

As mentioned, the new underground resource at Bepkong is not included in the 1.02-million-ounce Ore Reserve or in the feasibility study underway.

This further highlights the potential for Bepkong's scoping study result to be a valuation catalyst for the project and the company.

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Tue, 02 Jul 2019 12:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223164/azumah-resources-upgrades-wa-gold-project-to-277-million-ounces-223164.html
<![CDATA[News - Azumah Resources enters trading halt pending upgraded mineral resource at Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/223091/azumah-resources-enters-trading-halt-pending-upgraded-mineral-resource-at-wa-gold-project-223091.html Azumah Resources Limited (ASX:AZM) has been granted a trading halt by the ASX pending the release of an announcement regarding upgraded mineral resources.

The company’s shares will remain halted until the earlier of the start of trading on Wednesday July 3, 2019, or when the announcement is released to market.

 

In May the company interested bonanza grades of up to 168 g/t gold, or more than 5 ounces per tonne, extending mineralisation to 500 metres below surface at the Kunche deposit within its Wa project in Ghana, West Africa.

The discovery of gold at these depths marks a step-change in depth expectations for Kunche and provides considerable geological information to guide the next phase of drilling.

READ: Azumah Resources raises $2 million in fully underwritten SPP to advance Wa Gold Project

Last month the company entered into a share purchase plan to raise $2 million, funding the completion of Wa’s feasibility study by the end of the year.

Azumah’s joint venture partner Ibaera Capital GP Limited is approaching the expenditure hurdle where it will have earned a 42% interest in Azumah Resources Ghana Limited as well as the Wa project.

The discovery of below-pit mineralisation at Bepkong and Kunche has seen the requirement for an additional US$2.25 million budget to complete the feasibility study, which has been approved by the JV parties.

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Sun, 30 Jun 2019 22:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/223091/azumah-resources-enters-trading-halt-pending-upgraded-mineral-resource-at-wa-gold-project-223091.html
<![CDATA[News - Azumah Resources raises $2 million in fully underwritten SPP to advance Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/222022/azumah-resources-raises-2-million-in-fully-underwritten-spp-to-advance-wa-gold-project-222022.html Azumah Resources Limited (ASX:AZM) will raise $2 million by way of a fully underwritten share purchase plan (SPP) with proceeds to advance the company’s interest in the Wa Gold Project in Ghana, West Africa.

These funds will boost the company as it progresses towards completing a feasibility study by the end of the year.

The SPP provides the opportunity for eligible shareholders to subscribe up to $15,000 worth of new shares without incurring brokerage or other transaction costs.

Azumah managing director Stephen Stone said this was an exciting year for the company having delivered a material ore reserve upgrade and a feasibility study progress update demonstrating a robust project.

READ: Azumah Resources hits bonanza gold grades of up to 168 g/t at Wa project

He said: “The discovery of substantial below-pit mineralisation at the Kunche and Bepkong deposits has been another exciting development with this mineralisation not yet included in resources, reserves or development plans.

“The fully underwritten SPP is a glowing endorsement of the company’s prospects ahead as it now focuses on the completion of its feasibility study by year-end.”

These new shares will be offered to eligible shareholders free of brokerage and fees.

The SPP is fully underwritten by Paterson Securities Limited which has been mandated to act as a lead manager and underwriter to the offer.

Additionally, Azumah has agreed to grant Patersons the right to facilitate an offer of new shares to eligible shareholders and sophisticated investors at the same price as those under the plan for about $1 million.

JV partner approaches 42% stake

The company’s joint venture partner Ibaera Capital GP Limited is approaching the expenditure hurdle where it will have earned a 42% interest in Azumah Resources Ghana Limited (AZG) as well as the Wa Gold Project.

The discovery of below-pit mineralisation at Bepkong and Kunche has seen the requirement for an additional US$2.25 million budget to complete the feasibility study, which has been approved by the JV parties.

Stone said: “The transformative joint venture with Ibaera has been a great success and Azumah looks forward to continuing to work with Ibaera’s highly regarded team of industry professionals.”

 

 

Once Ibaera has expended its US$11.25 million the company has the right to contribute its pro-rata 5.7% interest of the approved US$2.25 million program or it can elect to dilute.

If Azumah elects not to contribute, Ibaera can earn up to an additional 5% interest to a maximum of 47.5% in the project, such additional interest determined having regard to the current value of the project.

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Thu, 13 Jun 2019 13:43:00 +1000 https://www.proactiveinvestors.com.au/companies/news/222022/azumah-resources-raises-2-million-in-fully-underwritten-spp-to-advance-wa-gold-project-222022.html
<![CDATA[News - Azumah Resources in trading halt ahead of capital raising news ]]> https://www.proactiveinvestors.com.au/companies/news/221836/azumah-resources-in-trading-halt-ahead-of-capital-raising-news-221836.html Azumah Resources Limited (ASX:AZM) has been granted a trading halt by the ASX pending a release to the market regarding a material capital raising.

The trading halt will remain in place until the beginning of trade on Thursday, June 13, or when an announcement is made to the market, whichever occurs earliest.

READ: Azumah Resources hits bonanza gold grades of up to 168 g/t Wa project

Last month the company intersected high-grade gold up to 168 g/t or more than 5 ounces per tonne, extending mineralisation to 500 metres below surface at the Kunche deposit within its Wa project in Ghana, West Africa.

Three widely spaced exploratory drill holes intersected notable assays, raising expectations that infill drilling could identify multiple, mineralised ore shoots associated with feeder zones extending below the planned open pit.

The discovery of gold at these depths marks a step change in depth expectations for the Kunche deposit and provides considerable geological information to guide the next phase of drilling.

Azumah Resources managing director Stephen Stone said at the time: “The first phase of deep widely spaced exploratory drilling at our flagship Kunche deposit intersected mineralisation to 500 metres below surface.

“Drilling returned some exceptionally high-grade intersections of up to 5 ounces per tonne.”

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Tue, 11 Jun 2019 13:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/221836/azumah-resources-in-trading-halt-ahead-of-capital-raising-news-221836.html
<![CDATA[News - Azumah Resources hits bonanza gold grades of up to 168 g/t at Wa project ]]> https://www.proactiveinvestors.com.au/companies/news/220265/azumah-resources-hits-bonanza-gold-grades-of-up-to-168-gt-at-wa-project-220265.html Azumah Resources Ltd (ASX:AZM) has intersected bonanza grades of up to 168 g/t gold, or more than 5 ounces per tonne, extending mineralisation to 500 metres below surface at the Kunche deposit within its Wa project in Ghana, West Africa.

Three widely spaced exploratory drill holes have intersected notable assays, raising expectations that infill drilling could identify multiple, mineralised ore shoots associated with feeder zones extending below the planned open pit.

The discovery of gold at these depths marks a step change in depth expectations for the Kunche deposit and provides considerable geological information to guide the next phase of drilling.

Kunche deposit long section.

Azumah Resources managing director Stephen Stone said: “The first phase of deep widely spaced exploratory drilling at our flagship Kunche deposit has intersected mineralisation to at 500 metres below surface.

“Drilling returned some exceptionally high-grade intersections of up to 5 ounces per tonne."

 

Stone said: “These results raise our expectations for multiple mineralised lodes extending below the planned 1.5-kilometre-long Kunche open pit, as is the case with the recently delineated and nearby Bepkong East Lode discovery.”

Notable intersections from this phase of deep drilling are:

Key intersections based on assays greater than 1 g/t gold

READ: Azumah Resources extends gold at Bepkong East to 580 metres depth

Stone added: “Given the excellent drilling results since our last Wa Gold Project mineral resource upgrade in September 2018, Azumah is expecting to increase the current 2.5 million ounces as exploration continues.”

Drilling at the Kunche northwest and Aduane prospects also intersected depth extensions to near-surface mineralisation.

 

Below-pit mineralisation at Wa project is not included in the current 2.5 million ounce mineral resource, 1 million ounce ore reserve or the feasibility study to establish a plus 100,000 ounce per year multi pit mining operation.

Drilling continues with results from additional holes at Bepkong and Kunche due in coming weeks.

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Wed, 15 May 2019 11:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/220265/azumah-resources-hits-bonanza-gold-grades-of-up-to-168-gt-at-wa-project-220265.html
<![CDATA[Media files - Azumah Resources hits high-grade gold zones 580 metres below surface at Bepkong deposit ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12960/azumah-resources-hits-high-grade-gold-zones-580-metres-below-surface-at-bepkong-deposit-12960.html Wed, 10 Apr 2019 20:54:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/12960/azumah-resources-hits-high-grade-gold-zones-580-metres-below-surface-at-bepkong-deposit-12960.html <![CDATA[News - Azumah Resources extends gold at Bepkong East to 580 metres depth ]]> https://www.proactiveinvestors.com.au/companies/news/218184/azumah-resources-extends-gold-at-bepkong-east-to-580-metres-depth-218184.html Azumah Resources Ltd (ASX:AZM) has extended gold mineralisation to at least 580 metres depth at the Bepkong deposit within the Wa Gold Project in Ghana.

Recent drilling results from the East Lode include 15.5 metres at 5.17 g/t gold from 401 metres and deep gold such as 2.5 metres at 3.55 g/t gold from 710.5 metres.

Notably, the Bepkong East deep mineralisation is not included in Wa project’s 2.5 million ounce current JORC resource.

Deposits marked with Ore Reserve bold and Mineral Resource

READ: Azumah Resources expects Ibaera Capital’s revised Wa study this year

Azumah’s managing director Stephen Stone said: “The Bepkong deposit continues to deliver with this latest 11-hole, 5,520 metres program extending East Lode mineralisation to at least 580 metres below surface and most importantly confirming the excellent continuity of the several high-grade zones within it.

“At 800 metres we have just drilled our deepest hole ever at the Wa Gold Project, Ghana, and the rig is now drilling similar deep targeted holes at the nearby and larger Kunche deposit with results to be reported in coming weeks.

Evaluating an underground mining operation

“The Project’s engineers are also now evaluating a possible underground mining option at Bepkong that, if viable, could add even more value to the already financially robust, plus-100,000 ounce per year proposed open-pit development project.

“The Azumah-Ibaera joint venture is confident that it will continue to grow the Wa Gold Project beyond these immediate development plans and from its current 1-million ounce Ore Reserve.”

Proactive caught up with Azumah in February 2019

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Tue, 09 Apr 2019 11:18:00 +1000 https://www.proactiveinvestors.com.au/companies/news/218184/azumah-resources-extends-gold-at-bepkong-east-to-580-metres-depth-218184.html
<![CDATA[News - Azumah Resources expects Ibaera Capital’s revised Wa study this year ]]> https://www.proactiveinvestors.com.au/companies/news/215863/azumah-resources-expects-ibaera-capitals-revised-wa-study-this-year-215863.html Azumah Resources Limited (ASX:AZM) (FRA:A6Z) specialises in exploration and development in the West African nation of Ghana. It is run by Stephen Stone, a geologist who has more than 30 years project evaluation, executive management, corporate development and operational experience in the international mining game and boasts a stint in Zambia’s open pit and underground mines on his CV.

What does Azumah Resources own?

The key asset is the Wa Gold Project in Ghana’s Upper West Region, near the Burkina Faso border and just 10 kilometres from regional capital Wa.

The 2,400 square kilometre project has a number of tenement blocks.

These include the 2,177 square kilometre Wa-Lawra block in the west and the Wa East block which includes the Josephine and Julie- Collette licence blocks.

Ore reserves at the project are 18 million tonnes grading 1.77 g/t gold for a 1 million ounce contained ore reserve. Contained resources are 2.5 million ounces.

A sum of 34,800 ounces of inferred material in the mine design was not able to be included in the ore reserve.

Another 156,000 ounces of inferred material in the pit shells could be added to ore reserves at a later date if sensitivity analysis can be employed during pit optimisation work.

An updated feasibility study for open pit operations at the joint venture project is being worked on this year, with an activities report released in January revealing the study had modelled an 11-year operation producing about 107,000 ounces of gold a year in its first six years.

Now valued at US$177 million ($249.9 million) with a before-tax and post-government royalty net present value (NPV5) calculated at a 5% discount, the project has a before-tax and after government royalty internal rate of return (IRR) of 35%.

Expected net cash flow before-tax and after government royalty is US$270 million.

The expected grading in the first eight years is about 2.06 g/t gold, while average life-of-mine gold recovery would be 91% and average life-of-mine plant throughput 1.6 million tonnes a year.

Establishment capital is US$117 million while capital payback is a short 1.6 years.

Viewed as a compelling development opportunity by the company, the project is expected to have a low cost of US$114 per ore reserve ounce and an all-in sustaining cost (AISC) of US$886 an ounce.

Spot gold is trading for about US$1,303.95 an ounce.

A 15-year mining licence has been secured for the Wa project.

Azumah’s project manager and joint venture partner on the project is Perth-based private equity-funded exploration and project development company Ibaera Capital Advisers Pty Ltd.

PE group fund Ibaera Capital Fund LP is funding exploration and development studies funded for up to a 47.5% interest in the Wa project, backed by the more than US$1 billion fund-of-funds.

Ibaera came on board as a joint venture partner in October 2017 and has an accomplished multi-disciplinary team that is managing all work.

The fund’s team come from backgrounds at major Australian players Fortescue Metals Group Limited (ASX:FMG) (FRA:FVJ) (OTCMKTS:FSUGY) (OTCMKTS:FSUMF) and BHP Billiton Limited (ASX:BHP) (LON:BHP) (NYSE:BHP) and its acquisition WMC Resources Limited.

Successful West Australian geologist Dr Jonathan Hronsky leads the technical team.

Ibaera and Azumah’s feasibility study for the project will be finalised over the course of the first nine months or so of this year as the partners prepare to make a development decision later in the year.

The Perth fund hopes to deliver a revised blueprint for funding and development of Wa project with the study pencilled in for finalisation in the September quarter.

Before Ibaera completes the feasibility study, a number of opportunities to improve operational and economic performance may be explored.

These include assessing the option for further underground mining underneath the Kunche and Bepkong pits and evaluating and incorporating results from further exploration at the project into the study.

A drilling program of more than 40,000 metres is underway at Wa project.

Azumah had $1.4 million (US$1.1 million) cash at the end of the December quarter and expects $350,000 of cash outflows this quarter as it directs $50,000 of its own funds to exploration in this period.

Ibaera agreed to pay for all exploration and development studies for two years as part of its two-stage US$13.5 million project earn-in.

Inflection points

Delivery of viable feasibility study and supporting study work around the September quarter

Funding package proposed in the December half-year

Final investment decision in the December quarter

Construction approvals and progress in 2020 and beyond

Gold market sentiment during key decision-making points and development decision milestones

Managing director Stephen Stone confident of value in Wa opportunity

“The Wa Gold Project is now transformed into an extremely compelling development opportunity, without even considering the evolving prospect of underground mining presented by the recent discovery of high-grade below-pit mineralisation at Kunche and Bepkong,” managing director Stephen Stone reported in late January.

“Full-credit to our joint venture partner and project manager Ibaera Capital which has increased ore reserves by 65% to over 1 million ounces and redefined the project with operational and financial metrics that unequivocally reposition it up with its peers.

“The Wa Gold Project is now well primed to be Ghana’s next commercial-scale gold mine, with mining leases already granted, EPA permits well advanced, grid power to site and the strong support of the Ghana government.”

Azumah managing director Steve Stone will be at the final day of the March 3-6 Prospectors & Developers Association of Canada (PDAC) convention in Toronto, manning booth 3316. For a one-on-one briefing on the Wa project during #PDAC2019, email stone@azumahresources.com.au

 

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Tue, 05 Mar 2019 20:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/215863/azumah-resources-expects-ibaera-capitals-revised-wa-study-this-year-215863.html
<![CDATA[Media files - Recent drilling results a 'game changer' for Azumah Resources and Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12275/recent-drilling-results-a--game-changer--for-azumah-resources-and-wa-gold-project-12275.html Tue, 19 Feb 2019 16:01:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12275/recent-drilling-results-a--game-changer--for-azumah-resources-and-wa-gold-project-12275.html <![CDATA[News - Azumah Resources confirms mineralised gold system with high-grade shoots at Wa project ]]> https://www.proactiveinvestors.com.au/companies/news/214828/azumah-resources-confirms-mineralised-gold-system-with-high-grade-shoots-at-wa-project-214828.html Azumah Resources Ltd (ASX:AZM) has confirmed a substantial mineralised system with high-grade shoots from the latest four drill holes at the Bepkong East lode within its Wa Gold Project in Ghana.

Results from drilling have extended the depth and strike along the recently-discovered high-grade eastern lode and support the possibility of an underground mining operation at Bepkong.

 

A broad assay of 99.5 metres at 2.16 g/t gold from 316 metres was intersected, which included:

3 metres at 11.45 g/t from 316 metres;

2 metres at 15.25 g/t from 322.5 metres;

10 metres at 5.01 g/t from 369 metres, within 15 metres at 3.92 g/t from 365 metres;

3.1 metres at 6.29 g/t from 387.9 metres; and

8.5 metres at 5.82 g/t from 406 metres, including 1 metre at 23.8 g/t from 408 metres.

Other results include: 7 metres at 4.78 g/t from 322 metres, including 1 metre at 21.17 g/t from 322 metres; and 31.5 metres at 1.97 g/t from 371 metres, including 17.5 metres at 2.62 g/t from 385 metres.

READ: Azumah Resources increases gold reserves to more than 1 million ounces at Wa project

Azumah managing director Stephen Stone said the 99.5-metre intersection, 75 metres below the recent and similar ‘discovery hole’ intercept, was another remarkable result from Bepkong.

Stone said: “[It] clearly confirms the discovery of a large, well-developed, south-plunging, consistently mineralised system of unknown depth.

“Importantly, the system contains several thick, high-grade ore shoots that could support declining down from the bottom of the planned open-pit and mining this mineralisation from underground.”

  READ: Azumah Resources drilling extends high-grade gold mineralisation deeper

When combined with other recent drilling, the new results imply a substantial volume of mineralised material and contained gold per vertical metre.

Azumah and its joint venture partner Ibaera is accelerating the budgeted drill program, with additional holes designed to provide further definition ahead of a maiden inferred resource estimate.

Stone added: “Subject to a full evaluation, this could completely transform the proposed, plus-100,000-ounce-per-year Wa Gold Project open pit mining operation.

“The Azumah-Ibaera joint venture will now be extending and accelerating the drill program at Bepkong so we can better understand the geometry and extent of the system and to enable us to rapidly move to a maiden resource estimate.

“With an already established 1-million-ounce ore reserve and 2.5-million-ounce mineral resource, shareholders can look forward to a project-defining 2019 as we continue to add value on several fronts.”

READ: Azumah Resources confirms gold discovery with step-out holes

Azumah has secured 15-year mining leases from the Ghanain government, as well as strong local endorsement, and is advancing environmental operating permits.

The prospect of underground mining and Wa’s vast tenure provide multiple opportunities to complement the project’s production growth.

The scope of the current feasibility study is based on the mining of a series of relatively shallow open pits.

If underground mining was proven to be viable at any of these, it would add considerable value to the overall project.

The company has progressively grown its resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

Azumah plans to continue drilling and growing the Wa resource and is fully funded to a development decision in the September quarter of 2019.

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Mon, 18 Feb 2019 19:48:00 +1100 https://www.proactiveinvestors.com.au/companies/news/214828/azumah-resources-confirms-mineralised-gold-system-with-high-grade-shoots-at-wa-project-214828.html
<![CDATA[News - Azumah Resources increases gold reserves to more than 1 million ounces at Wa project ]]> https://www.proactiveinvestors.com.au/companies/news/213559/azumah-resources-increases-gold-reserves-to-more-than-1-million-ounces-at-wa-project-213559.html Azumah Resources Limited (ASX:AZM) has increased the ore reserve at its Wa Gold Project in Ghana by 65% to more than 1 million ounces.

A feasibility study update based on the new ore reserve has outlined an 11-year operational life producing an average of 107,000 ounces of gold a year in its first six years.

The study details a pre-tax net present value of US$177 million at a 5% discount, an internal rate of return of 35% and a pre-tax net cash flow of US$270 million inclusive of government royalties.

 

Azumah managing director Stephen Stone said the Wa project had now transformed into an extremely compelling development opportunity.

He added: “[This is] without even considering the evolving prospect of underground mining presented by the recent discovery of high-grade below-pit mineralisation at Kunche and Bepkong.”

The project will have a low established capital intensity of US$114 per ore reserve ounce and an all-in sustaining cost (AISC) of US$886 an ounce.

This underpins strong operating margins that will see the US$117 million establishment capital paid back in 1.6 years.

The average grade of ore processed over the first eight years of operation will be 2.06 g/t gold, the average life-of-mine gold recovery 91% and average life-of-mine plant throughput 1.6 million tonnes per annum.

Key operational information

  READ: Azumah Resources drilling extends high-grade gold mineralisation deeper

Stone continued: “Full credit to our joint venture partner and project manager Ibaera Capital which has increased ore reserves by 65% to over 1 million ounces and redefined the project with operational and financial metrics that unequivocally reposition it up with its peers.

“The Wa Gold Project is now well primed to be Ghana’s next commercial-scale gold mine, with mining leases already granted, EPA permits well advanced, grid power to site and the strong support of the Ghana government.

“The remainder of 2019 will be dedicated to finalising the feasibility study and putting everything in place for a development decision.

“We also have several opportunities to materially enhance the project, not least through continued exploration of our vast 2,400-square-kilometre prospective tenure – and these are all being vigorously pursued.”

READ: Azumah Resources confirms gold discovery with step-out holes

Azumah has secured 15-year mining leases from the Ghanaian government, as well as strong local endorsement, and is advancing environmental operating permits.

The prospect of underground mining and Wa’s vast tenure provide multiple opportunities to complement the project’s production growth.

The scope of the current feasibility study is based on the mining of a series of relatively shallow open pits.

If underground mining was proven to be viable at any of these, it would add considerable value to the overall project.

The company has progressively grown the resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

Azumah plans to continue drilling and growing the Wa resource and is fully funded to a development decision in the September quarter of 2019.

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Tue, 29 Jan 2019 19:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213559/azumah-resources-increases-gold-reserves-to-more-than-1-million-ounces-at-wa-project-213559.html
<![CDATA[Media files - Azumah Resources hits 1 million ounce ore reserve at Wa Gold Project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12030/azumah-resources-hits-1-million-ounce-ore-reserve-at-wa-gold-project-in-ghana-12030.html Tue, 29 Jan 2019 18:47:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12030/azumah-resources-hits-1-million-ounce-ore-reserve-at-wa-gold-project-in-ghana-12030.html <![CDATA[News - Azumah Resources enters trading halt pending ore reserve and feasibility study update ]]> https://www.proactiveinvestors.com.au/companies/news/213457/azumah-resources-enters-trading-halt-pending-ore-reserve-and-feasibility-study-update-213457.html Azumah Resources Limited (ASX:AZM) has been granted a trading halt by the ASX pending an announcement regarding an ore reserve and feasibility study progress update.

The halt will remain in place until the earlier of an announcement being released to market or start of trading on Thursday, January 31.

 

Azumah is developing a portfolio of gold exploration assets in Ghana, this year announcing a total JORC resource of 2.496 million ounces across its Wa Gold Project’s 12 deposits.

Recent drilling has extended Wa’s Kunche deposit at depth, intersecting 5 metres at 6.02 g/t gold from 214 metres and 1 metre at 140.49 g/t from 208 metres.

Bepkong, one of the Wa project’s three main deposits along with Kunche and Julie, is now being drill tested for depth extensions.

READ: Azumah Resources drilling extends high-grade gold mineralisation deeper

The Kunche deposit hosts 846,500 ounces of JORC resources and is consistently mineralised over its 1.5-kilometre north-south strike.

Drilling is transforming the Kunche-Bepkong mining camp into a potential open pit mining operation that could fully underpin the entire proposed Wa project.

Subject to further drilling and evaluation, the possibility of underground mining at one or more of these pits is also emerging.

The scope of the current feasibility study is based on the mining of a series of relatively shallow open puts.

If underground mining was proven to be viable at any of these, it would add considerable value to the overall project.

READ: Azumah Resources confirms gold discovery with step-out holes

The company has progressively grown the resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

Along with a revised feasibility study and financial metrics, Azumah plans to continue drilling and growing the Wa resource and is fully funded to a development decision in the September quarter of 2019.

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Mon, 28 Jan 2019 19:51:00 +1100 https://www.proactiveinvestors.com.au/companies/news/213457/azumah-resources-enters-trading-halt-pending-ore-reserve-and-feasibility-study-update-213457.html
<![CDATA[News - Azumah Resources drilling extends high-grade gold mineralisation deeper ]]> https://www.proactiveinvestors.com.au/companies/news/212268/azumah-resources-drilling-extends-high-grade-gold-mineralisation-deeper-212268.html Azumah Resources Ltd (ASX:AZM) has received assays from two holes extending its Kunche deposit 75 metres deeper within the Wa Gold Project in Ghana.

Intersections which include 5 metres at 6.02 g/t gold from 214 metres and 1-metre at 140.49 g/t gold from 208 metres extend Kunche’s high-grade mineralisation to 200 metres below surface.

Bepkong, one of the Wa project’s three main deposits along with Kunche and Julie, is now being drill tested for depth extensions.

Notably, an Ore Reserves and feasibility study update is due in the coming weeks.

READ: Azumah Resources confirms gold discovery with step-out holes

Azumah’s managing director Stephen Stone said: “This is a tremendous start to 2019 with our 40,000 metre, multi-objective drilling campaign still having a long way to go.

“Our much-anticipated update on the progress of the feasibility study and ore reserves is just weeks away and we are very confident this will be a defining year for the Wa Gold Project and Azumah’s shareholders.”

The Kunche deposit hosts 846,500 ounces of JORC resources and is consistently mineralised over its 1.5-kilometre north-south strike.

This most recent drilling, along with drilling undertaken earlier in 2018, has confirmed that this consistency also extends to depth.

Drilling is transforming the Kunche-Bepkong mining camp into a potential open-pit mining operation that could fully underpin the entire proposed Wa Gold Project.

Subject to further drilling and evaluation, the possibility of underground mining at one or more of these pits is also emerging.

Upcoming feasibility study update a major potential catalyst

The scope of the feasibility study presently underway is based on the mining of a series of relatively shallow open pits.

If underground mining was proven to be viable at any of these, this would add considerable value to the overall project.

A critical milestone for the project will occur in coming weeks when the Azumah-Ibaera joint venture provides an update on progress with the feasibility study, including a restatement of Ore Reserves.

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Thu, 10 Jan 2019 09:35:00 +1100 https://www.proactiveinvestors.com.au/companies/news/212268/azumah-resources-drilling-extends-high-grade-gold-mineralisation-deeper-212268.html
<![CDATA[Media files - Bepkong drilling results mark 'game changer' for Azumah Resources' Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11657/bepkong-drilling-results-mark--game-changer--for-azumah-resources--wa-gold-project-11657.html Wed, 19 Dec 2018 16:46:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11657/bepkong-drilling-results-mark--game-changer--for-azumah-resources--wa-gold-project-11657.html <![CDATA[News - Azumah Resources confirms gold discovery with step-out holes ]]> https://www.proactiveinvestors.com.au/companies/news/211439/azumah-resources-confirms-gold-discovery-with-step-out-holes-211439.html Azumah Resources Ltd (ASX:AZM) has drilled two new holes confirming the discovery of the Eastern Lode at the Bepkong gold deposit within the Wa Gold Project in Ghana.

Two holes drilled 50 metres and 100 metres north of the discovery hole confirm continuity within the new high-grade, shallow plunging Eastern lode.

The holes intersected 35 metres at 4.70 g/t gold from 148 metres including 11 metres at 13.45 g/t gold from 171 metres and 5 metres at 6.01 g/t gold from 417 metres.

The holes complement the discovery hole BRCD487 that recently returned a 93 metres mineralised zone grading 2.33 g/t gold from 261 metres.

READ: Azumah Resources makes high-grade lode discovery at Wa Gold Project

Azumah Managing Director, Stephen Stone, said “This is another magnificent result in our 2019 multi-million dollar exploration campaign and has extremely positive implications for the overall Wa Gold Project.

“A completely new geological dimension to the Project has been introduced that could see a step-change in its scale, longevity and economics well beyond that envisaged in the pending feasibility study update.

“Our geological team, under the guidance of joint venture partner Ibaera Capital, have done an absolutely tremendous job in taking the Project to another level of geological understanding.

Drilling continues, more results to come

“Shareholders can look forward in early in January to some more results from deeper drilling at the Kunche deposit, then later in the month from follow-up drilling underway at Bepkong and then the much anticipated interim update of the Feasibility Study and Ore Reserve scheduled for the end of January 2019.”

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Wed, 19 Dec 2018 11:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211439/azumah-resources-confirms-gold-discovery-with-step-out-holes-211439.html
<![CDATA[Media files - Azumah Resources makes new high-grade discovery in first hole of 40,000m program ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11602/azumah-resources-makes-new-high-grade-discovery-in-first-hole-of-40000m-program-11602.html Thu, 13 Dec 2018 09:10:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11602/azumah-resources-makes-new-high-grade-discovery-in-first-hole-of-40000m-program-11602.html <![CDATA[News - Azumah Resources makes high-grade lode discovery at Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/211012/azumah-resources-makes-high-grade-lode-discovery-at-wa-gold-project-211012.html Azumah Resources Limited (ASX:AZM) has discovered a new ‘blind’ high-grade eastern lode in drilling at its Wa Gold Project in Ghana.

The three-hole reverse circulation (RC) and diamond drilling program focused on the Bepkong East deposit and the first hole intersected a semi-continuous 93-metre mineralised zone grading 2.33 g/t gold from 261 metres.

This intersection included high-grade intervals of: 9.9 metres at 8.42 g/t from 295 metres; 2.16 metres at 21.17 g/t from 303 metres; and 0.5 metres at 88.71 g/t from 338 metres.

 

Azumah managing director Stephen Stone said the drill intercept from the first hole of the new campaign was further proof that the Wa project had much more to deliver as it transitions towards development.

The drilling at Bepkong is part of a 40,000-metre, $4-million multi-target drilling campaign aimed at lifting mineral resources and ore reserves at the project and delivering a commercially sound, development-ready project by quarter three of 2019.

Azumah believes the new lode discovery will have a materially positive impact on the overall Wa project, including increasing the likelihood of underground mining due to the volume of mineralised rock identified.

The remaining two holes at Bepkong have been completed with assays pending, but initial observations have demonstrated visible gold at a depth of 180.9 metres in a hole 100 metres north of the lode discovery.

Visible gold at 180.9 metres

  READ: Azumah Resources commences 40,000-metre drill program in West Africa

Stone said: “In coming weeks, we are looking forward to receiving drilling results from two other complementary deep-targeted holes just completed at Bepkong, along with two others underway at the Kunche deposit, where last April we demonstrated the presence of high-grade mineralisation at depth.

“This latest development is consistent with the structurally-controlled orogenic-style of mineralisation that hosts the Wa Gold Project and which we know can extend to considerably greater depths than we have been drilling to date.”

READ: Azumah Resources' Ghana joint venture leveraged for transition to gold producer

The Bepkong East lode is associated with a major structurally-controlled ‘fluid conduit’ system that could extend mineralisation to considerable depth.

The lode’s discovery adds to the already substantial near-surface mineralisation at Bepkong of: 201,100 ounces measured and indicated; 44,000 ounces inferred; and 113,000 ounces proved and probable.

The drill rig has moved to the Kunche deposit to follow-up previous high-grade intersections including 44 metres at 5.37 g/t from 99 metres.

A mineral resource and ore reserve update, as well as a feasibility study progress update, is anticipated to be released in January 2019.

READ: Azumah Resources increases gold JORC resource to 2.5 million ounces

Azumah is developing a portfolio of gold exploration assets in Ghana, this year announcing a total JORC resource of 2.496 million ounces across its Wa Gold Project’s 12 deposits.

The company has progressively grown the resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

Along with a revised feasibility study and financial metrics, Azumah plans to continue drilling and growing the Wa resource and is fully funded to a development decision in the September quarter of 2019.

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Tue, 11 Dec 2018 20:15:00 +1100 https://www.proactiveinvestors.com.au/companies/news/211012/azumah-resources-makes-high-grade-lode-discovery-at-wa-gold-project-211012.html
<![CDATA[News - Azumah Resources granted trading halt with exploration results pending ]]> https://www.proactiveinvestors.com.au/companies/news/210918/azumah-resources-granted-trading-halt-with-exploration-results-pending-210918.html Azumah Resources Limited (ASX:AZM) has material exploration results pending and has been granted a trading halt by the ASX.

The halt will remain in place until the start of trading on Thursday, December 13, 2018, or when an announcement is released to the market, whichever occurs earliest.

Azumah’s shares last traded at 2.2 cents before the halt.

READ: Azumah Resources commences 40,000-metre drill program in West Africa

Last month the company began a 40,000-metre drilling campaign aimed at increasing mineral resources and ore reserves at its Wa Gold Project in Ghana.

The project hosts a JORC-compliant resource of 2.496 million ounces across 12 deposits and within this is an ore reserve of 9.1 million tonnes at 2.14 g/t for 624,000 ounces.

There are many standout targets across the project that the company is confident will deliver increases in resources and reserves.

Azumah’s primary objective is to deliver an economically attractive, development-ready project by the September quarter of 2019.

It expects that the planned drilling schedule will generate considerable news flow well into 2019 as the campaigns are progressed and completed.

Joint venture partner Ibaera Capital is sole-funding and managing the 40,000-metre campaign.

READ: Azumah Resources’ Ghana joint venture leveraged for transition to gold producer

Exploration will look to follow on from last season’s increase in the project’s JORC resources.

A particular focus this season is to evaluate the depth extent of mineralisation at Azumah’s flagship Kunche, Bepkong and Julie deposits.

This could provide Azumah with the option of adding underground production to the life-of-mine development strategy.

The company has progressively grown the resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

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Tue, 11 Dec 2018 13:56:00 +1100 https://www.proactiveinvestors.com.au/companies/news/210918/azumah-resources-granted-trading-halt-with-exploration-results-pending-210918.html
<![CDATA[Media files - Azumah Resources managing director discusses drilling, upcoming feasibility update ]]> https://www.proactiveinvestors.com.au/companies/stocktube/11180/azumah-resources-managing-director-discusses-drilling-upcoming-feasibility-update-11180.html Tue, 13 Nov 2018 12:49:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/11180/azumah-resources-managing-director-discusses-drilling-upcoming-feasibility-update-11180.html <![CDATA[News - Azumah Resources commences 40,000-metre drill program in West Africa ]]> https://www.proactiveinvestors.com.au/companies/news/208963/azumah-resources-commences-40000-metre-drill-program-in-west-africa-208963.html Azumah Resources Ltd (ASX:AZM) has commenced a 40,000-metre multi-target drilling campaign aimed at lifting Mineral Resources and Ore Reserves at its Wa Gold Project in Ghana.

The company’s primary objective is to deliver an economically attractive, development-ready project by the September quarter of 2019.

The planned drilling schedule will generate considerable news flow well into 2019 as the drilling campaigns are progressed and completed.

READ: Azumah Resources chairman adds to shareholding, brings total to 3.14 million shares

Azumah’s managing director Stephen Stone said: “We have a multitude of stand-out targets across our vast and highly prospective Wa Gold Project tenure that we are confident will deliver increases in Mineral Resources and Ore Reserves.

“Shareholders can look forward to a steady flow of project news including progress updates to the feasibility study and Ore Reserves by the end of 2018, as well as numerous drilling results well into 2019.

“Our exploration strategy has been developed by renowned orogenic gold specialist, Dr Jon Hronsky, who is a founding partner of our joint venture partner, Ibaera Capital, which is sole-funding and managing the 40,000-metre drilling campaign.”

READ: Azumah Resources’ Ghana joint venture leveraged for transition to gold producer

Exploration will look to follow on from last season’s increase in the project’s JORC resources to 2.5 million ounces.

A particular focus this season is to evaluate the depth extent of mineralisation at Azumah’s flagship Kunche, Bepkong and Julie deposits.

This could provide Azumah with the option of adding underground production to the life-of-mine development strategy.

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Mon, 12 Nov 2018 10:38:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208963/azumah-resources-commences-40000-metre-drill-program-in-west-africa-208963.html
<![CDATA[News - Azumah Resources chairman adds to shareholding, brings total to 3.14 million shares ]]> https://www.proactiveinvestors.com.au/companies/news/208468/azumah-resources-chairman-adds-to-shareholding-brings-total-to-314-million-shares-208468.html Azumah Resources Ltd (ASX:AZM) chairman Michael Atkins has purchased 500,000 shares on market, bringing his total holding to more than 3.14 million shares.

Atkins at the close of the transaction held 2,392,061 fully paid ordinary shares as well as a further 750,000 shares with an attached 10 million options at 3 cents per option.

READ: Azumah Resources’ Ghana joint venture leveraged for transition to gold producer

Azumah is developing a portfolio of gold exploration assets in Ghana, having recently announced a total JORC resource of 2.496 million ounces across its Wa Gold Project’s 12 deposits.

Within this resource is an ore reserve of 9.1 million tonnes at 2.14 g/t gold for 624,000 ounces.

The company has progressively grown the resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

Along with a revised feasibility study and financial metrics, Azumah plans to continue drilling and growing the Wa resource and is fully funded to a development decision in the September quarter of 2019.

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Mon, 05 Nov 2018 01:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/208468/azumah-resources-chairman-adds-to-shareholding-brings-total-to-314-million-shares-208468.html
<![CDATA[News - Azumah Resources’ Ghana joint venture leveraged for transition to gold producer ]]> https://www.proactiveinvestors.com.au/companies/news/206946/azumah-resources-ghana-joint-venture-leveraged-for-transition-to-gold-producer-206946.html Azumah Resources Limited (ASX:AZM) is developing a portfolio of gold exploration assets in Ghana, having recently announced a total JORC resource of 2.496 million ounces across its Wa Gold Project’s 12 deposits.

Within this resource is an ore reserve of 9.1 million tonnes at 2.14 g/t gold for 624,000 ounces.

The company has progressively grown the resource by exploring its 2,400-square-kilometre licence holdings over large areas of prospective Birimian terrain, the rocks that host most of West Africa’s gold mines.

Along with a revised feasibility study and financial metrics, Azumah plans to continue drilling and growing the Wa resource and is fully funded to a development decision in the September quarter of 2019.

READ: Azumah Resources increases gold JORC resource to 2.5 million ounces

Azumah has three main deposits at Kunche and Bepkong adjacent to the border with Burkina Faso, as well as Julie which is about 80 kilometres to the east.

The company is on track to report both a mineral resource upgrade and an interim ore reserve upgrade at the end of 2018, as well as the results of a comprehensive technical and costs review currently underway.

Azumah managing director Steven Stone said last month: “With capital and operating costs already heading in the right direction, our main focus is to increase ore reserves.

“With many new and established targets to test during the remainder of 2018 and into 2019, we are optimistic in that regard.

“Drilling will recommence shortly after the annual break for seasonal rains.

“The Ghana Government is extremely keen to see the first gold mine established in the Upper West region and is actively supporting the project on several fronts.”

  READ: Azumah Resources finds way to lower costs, increase output at gold project

A feasibility study undertaken in 2015 pointed to a seven-year mine life for the Wa project with annual gold production of about 90,000 ounces.

Feedstock would be sourced from open pit mining with ore treated through a nominal 1.2 million tonnes per year carbon-in-leach (CIL) processing plant.

The plant would be adjacent to the Kunche deposit, enabling it to treat Julie primary and transitional ore prior to road haul to the processing plant.

Last year Azumah entered into an earn-in agreement with Perth-based private equity group Ibaera Capital GP Limited, which aimed to deliver a revised feasibility study to support the funding and development of the initially-proposed 90,000-ounce a year operation.

Stone told Proactive Investors’ Stocktube channel: “The purpose of the joint venture is to increase the reserves from the current level to a level where they will underpin the financing and development of the project.”

The fully-updated feasibility study is expected to be complete in the September quarter of next year.

  READ: Azumah Resources identifies major new gold target in aerial survey at Wa project

The earn-in agreement with Ibaera allowed the private development company to obtain up to 47.5% interest in Azumah following two stages of expenditure worth about $17 million.

Ibaera also made four appointments to Azumah’s management team.

The private equity-funded mineral investment and development company is backed by international investment funds and invests in emerging copper, nickel, zinc and gold projects from exploration and early development.

Founded in 2012 by executives from the development teams at Fortescue Metals Group (ASX:FMG) and WMC Resources Limited, Ibaera provides in-field expertise and manages projects from exploration through to construction.

Ibaera has 12 geologists and engineers who are collectively and individually recognised for their contribution to the discovery and development of world-class mining ventures.

READ: Azumah Resources’ high-grade hits likely to add to Ghana project’s gold bounty

Azumah’s exploration strategy has been driven by its need to boost resources to increase its reserve base from 624,000 ounces to about 1 million ounces.

This would serve to underpin a development decision and improve funding capability, in particular through an effective reduction in the development capital per reserve ounce.

This is where the company’s collaborative approach with Ibaera should come to the fore.

Not only will the group provide Azumah with a better chance of growing reserves, but its access to capital markets should also be an advantage in terms of ongoing funding.

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Thu, 11 Oct 2018 22:14:00 +1100 https://www.proactiveinvestors.com.au/companies/news/206946/azumah-resources-ghana-joint-venture-leveraged-for-transition-to-gold-producer-206946.html
<![CDATA[News - Azumah Resources increases gold JORC resource to 2.5 million ounces ]]> https://www.proactiveinvestors.com.au/companies/news/205925/azumah-resources-increases-gold-jorc-resource-to-25-million-ounces-205925.html Azumah Resources Ltd (ASX:AZM) has increased its JORC resources by 21% or 433,900 ounces at its Wa Gold Project in Ghana, West Africa.

The total JORC resource across 12 gold deposits increased to 2.496 million ounces.

This resource increase combined with recent finding to lower capital and operating costs have increased expectations for attractive project financial metrics.

READ: Azumah Resources finds way to lower costs, increase output at gold project

Azumah’s managing director Stephen Stone said: “This 21% increase in Mineral Resources represents yet another positive milestone in the repositioning of the Wa Gold Project under the management of joint venture partner, Ibaera Capital, and adds to the preliminary advances in reducing capital and operating costs reported earlier this week.

“The additional 148,600ounces of gold obtained from maiden estimates at several new discoveries is an important pointer to the highly prospective nature of the project’s extensive tenure and its capacity to continue delivering new quality discoveries.”

Maiden estimates for the emerging Kunche Northwest, Yagha, Josephine, Manwe and Alpha-Bravo satellite prospects accounted for a combined 148,600 ounces.

Interim study update this year, drilling to increase Ore Reserves planned

Stone added: “We are increasingly confident that the many positive attributes of the project will become apparent when we provide an interim study update later this year, with a fully updated feasibility study to be finalised in Q3 2019.

“The new field season will commence shortly with intensive, project-wide drilling campaigns directed at increasing Ore Reserves the primary focus.”

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Fri, 28 Sep 2018 10:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205925/azumah-resources-increases-gold-jorc-resource-to-25-million-ounces-205925.html
<![CDATA[News - Azumah Resources finds way to lower costs, increase output at gold project ]]> https://www.proactiveinvestors.com.au/companies/news/205483/azumah-resources-finds-way-to-lower-costs-increase-output-at-gold-project-205483.html Azumah Resources Ltd (ASX:AZM) has found evidence that it can materially lower costs, and increase plant output at a proposed gold mining operation at its Wa Gold Project in Ghana.

The findings are a result of a comprehensive technical and costs review underway.

This review, which is inclusive of an Ore Reserve update and revised financial metrics, will be completed by the end of 2018.

In addition to that, a fully updated feasibility study is on-track for delivery in the September quarter of 2019.

READ: Azumah Resources identifies major new gold target in aerial survey at Wa project

Azumah’s managing director Stephen Stone said: “There is renewed momentum around the Wa Gold Project as a result of the joint venture with Ibaera Capital and its highly-motivated technical team.

“We have a clear path and are fully funded to a development decision in Q3 2019, with a tight schedule for key deliverables.

“With capital and operating costs already heading in the right direction, our main focus is to increase Ore Reserves.

More drilling planned at gold targets

“With many new and established targets to test during the remainder of 2018 and into 2019, we are optimistic in that regard.

“Drilling will recommence shortly after the annual break for seasonal rains.

“The Ghana Government is extremely keen to see the first gold mine established in the Upper West region and is actively supporting the Project on several fronts”.

Targeting a 1 million ounce gold Ore Reserve

To date, Azumah has delineated a JORC 2012 resource of 2.06 million ounces grading 1.5 g/t, including 1.4 million ounces in the measured and indicated categories grading 1.7 g/t.

These are evenly distributed between Kunche-Bepkong and Wa East (Julie deposit).

Within this, a JORC 2012 Ore Reserve of 624,000 ounces has been defined.

Azumah’s objective is to increase this Ore Reserve to 1 million ounces.

The company has multiple investment and re-rating catalysts over the coming 2018-2019 period.

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Mon, 24 Sep 2018 10:35:00 +1000 https://www.proactiveinvestors.com.au/companies/news/205483/azumah-resources-finds-way-to-lower-costs-increase-output-at-gold-project-205483.html
<![CDATA[News - Azumah Resources identifies major new gold target in aerial survey at Wa project ]]> https://www.proactiveinvestors.com.au/companies/news/203604/azumah-resources-identifies-major-new-gold-target-in-aerial-survey-at-wa-project-203604.html Azumah Resources Limited (ASX:AZM) has identified new robust targets that will provide high-priority drivers for exploration and resource growth at the Wa Gold Project in Ghana.

Among these identified by a 247 square kilometre heli-borne VTEM (electromagnetic) geophysical survey is a new target named Eve on the western edge of the Julie West licence at Wa East camp.

READ: Azumah Resources’ high-grade hits likely to add to Ghana project’s gold bounty

The EM response that delineates Eve is of similar scale and intensity to the one which encompasses the flagship 834,000 ounce Julie mineralised system.

Managing director Stephen Stone said “This recently completed EM geophysical survey, recent and historical drilling results plus several untested high-tenor geochemical targets adds further credibility to the emergence of the Wa East region into a prominent West Africa mining camp in its own right.”

READ: Azumah Resources’ new director shows faith in gold strategy by acquiring first batch of shares

The Eve target is closely associated with the intersection of a regionally prominent, northwest-trending splay off the Baayiri Fault and a major northeast trending Tarkwaian structure.

The Wa East VTEM geophysical survey image over the key deposits, prospects and drilling.

Minimal but strongly anomalous geochemical sampling supports the EM target but no drilling has been undertaken in this general area.

Prominent EM anomaly at Julie

At Julie, in addition to the strong response over the mineralisation itself, there is a previously unrecognised prominent structural component extending several kilometres northwest away from the defined resources.

This is supported by findings of a recent structural reinterpretation of the east-west trending deposit that independently inferred that there may also exist a northwest-plunging vector to mineralisation.

READ: Azumah Resources delivers proof of concept for feeder zone at Wa Gold Project

The EM data has also revealed a strong spatial association between known mineralisation and ‘low, late-time’ EM responses across the broader Wa East project area.

This highlighted relationship will provide Azumah with a useful tool for the mapping of potentially mineralised rock volumes.

Geotech helicopter preparing to begin aerial survey.

Notably, this demonstrated relationship indicates that the Kjersti and Danyawu prospects are most likely part of the same mineralised system, the majority of which remains untested by drilling.

2.1 million ounce resource

To date, Azumah has delineated a JORC 2012 resource of 2.1 million ounces grading 1.5 g/t, including 1.4 million ounces in the measured and indicated categories grading 1.7 g/t.

These are evenly distributed between Kunche-Bepkong and Wa East (Julie deposit).

Within this, a JORC 2012 ore reserve of 624,000 ounces has been defined.

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Mon, 27 Aug 2018 10:44:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203604/azumah-resources-identifies-major-new-gold-target-in-aerial-survey-at-wa-project-203604.html
<![CDATA[News - Azumah Resources’ high-grade hits likely to add to Ghana project’s gold bounty ]]> https://www.proactiveinvestors.com.au/companies/news/203176/azumah-resources-high-grade-hits-likely-to-add-to-ghana-projects-gold-bounty-203176.html Azumah Resources Ltd (ASX:AZM) has received high-grade gold results which are likely to have positive implications for increases in resources and reserves at the Wa Gold Project in Ghana.

The drilling has extended mineralisation at Wa East with high-grade hits from the Julie deposit while encouraging results were also received from Julie Far East, Danyawu and Josephine South prospects.

READ: Azumah Resources delivers proof of concept for feeder zone at Wa Gold Project

Managing director Stephen Stone said: “The latest results from the Wa East camp provide further validation that there is considerably more mineralisation to be identified in and around existing deposits and prospects.

“Multi-target drilling campaigns are scheduled to recommence as soon as seasonal rains abate and we remain on schedule to report an interim ore reserve and overall Wa Gold Project study update by the end of 2018.”

READ: Azumah Resources appoints two new directors to board

At Julie, eight reverse circulation (RC) holes totalling 1,116.6 metres have demonstrated the continuity of ore-grade mineralisation and extended this down-dip by up to 80 metres.

Better results are:

- 2.44 metres at 7.12 g/t gold from 106 metres and 20.4 metres at 1.44 g/t from 121 metres;

- 3.15 metres at 5.98 g/t from 128 metres;

- 1 metre at 5.98 g/t from 108 metres and 2 metres at 2.96 g/t from 125 metres; and

- 1 metres at 12.85 g/t from 193 metres with this hole ending in moderate grade mineralisation.

Core samples from the latest drilling.

READ: Azumah Resources’ new director shows faith in gold strategy by acquiring first batch of shares

Four RC holes for 348 metres at Julie Far East intersected the targeted mineralised zone.

Best intercepts included 4 metres at 2.13 g/t from 77 metres and 1 metre at 1.89 g/t from 89 metres; and 3 metres at 1.16 g/t from 45 metres.

Danyawu mineralisation extended

At Danyawu a fence of three RC holes for 399 metres extended mineralisation 25 metres down-dip to the northeast.

Results include 1 metre at 5.06 g/t from 66 metres, 2 metres at 3.06 g/t from 92 metres and 1 metre at 2.07 g/t from 98 metres; and 1 metre at 1.44 g/t from 78 metres.

There were six RC holes for 464 metres at Josephine South with best results being 30 metres at 0.5 g/t from 31 metres, including 1 metre at 5.42 g/t from 44 metres; and 1 metre at 4.20 g/t from 44 metres.

Deposits and priority targets for 2018 at the Wa Gold Project.

Illegal mining activity at Azumah’s main exploration areas has been causing increasing logistical frustrations in recent months.

The company is engaging with local and national governments to contain these activities before the next field season to ensure it has full unrestricted access to the areas in which it wishes to drill and generally operate.

Early seasonal rains and the illegal mining issue have impacted scheduled drilling activities.

Two RC holes at Kunche that were planned to test below two holes that intersected a high-grade interpreted ‘feeder-zone’, are now scheduled to be drilled as soon as the rains abate.

Reserve upgrade by end of 2018

A mineral resource upgrade, which had been planned for the end of August, has been deferred and will be reported in alignment with an interim ore reserve upgrade which is on schedule for the end of 2018.

To date, the company has delineated a JORC 2012 resource of 2.1 million ounces of gold grading 1.5 g/t.

Within this, an ore reserve of 9.1 million tonnes at 2.14 g/t for 624,000 ounces has been defined.

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Mon, 20 Aug 2018 10:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/203176/azumah-resources-high-grade-hits-likely-to-add-to-ghana-projects-gold-bounty-203176.html
<![CDATA[News - Azumah Resources’ new director shows faith in gold strategy by acquiring first batch of shares ]]> https://www.proactiveinvestors.com.au/companies/news/202338/azumah-resources-new-director-shows-faith-in-gold-strategy-by-acquiring-first-batch-of-shares-202338.html Azumah Resources Limited’s (ASX:AZM) newly appointed director Debra Bakker has showed faith in the company’s West African gold strategy by acquiring shares on-market.

The banking and project financier has made her first acquisition of 400,000 Azumah shares for total consideration of more than $10,000.

READ: Azumah Resources appoints two new directors to board

Bakker, who was appointed to the board last month, has more than 25 years’ experience as an international banker, deal maker and advisor to the resources industry.

She has held various senior positions with Commonwealth Bank of Australia, Standard Bank London Group and Barclays Capital in Sydney, London, New York, Chicago and, since 2003, Perth.

Bakker is also the Western Australian representative of Auramet Trading LLC, a New York-based metals trading firm and merchant banking advisory service.

READ: Azumah Resources delivers proof of concept for feeder zone at Wa Gold Project

Azumah’s flagship is the Wa Gold Project in Ghana at which exploration is progressing on multiple fronts aimed at updating the resource and delivering an interim ore reserve.

Follow-up drilling in the central zone of the Kunche deposit has provided further proof of concept for a possible feeder zone into the main Kunche deposit.

The feeder zone is expected to enable the existing shallow pit design to be deepened and an underground mining option to be scoped.

Resources update this quarter

Azumah expects to update resources during this quarter and ore reserves by the end of the year.

The Wa resource includes 1.4 million ounces in the measured and indicated categories grading 1.7 g/t and incorporates a reserve of 624,000 ounces.

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Tue, 07 Aug 2018 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/202338/azumah-resources-new-director-shows-faith-in-gold-strategy-by-acquiring-first-batch-of-shares-202338.html
<![CDATA[News - Azumah Resources appoints two new directors to board ]]> https://www.proactiveinvestors.com.au/companies/news/200991/azumah-resources-appoints-two-new-directors-to-board-200991.html Azumah Resources Ltd (ASX:AZM) will replace the outgoing Geoff Jones with two new board appointments aimed at supporting development and financing of the Wa Gold Project in Ghana.

The new directors are Debra Bakker, banking and project financier and Linton Putland, mining consultant and private equity adviser.

Drilling completed in the June quarter

READ: Azumah Resources delivers proof of concept for feeder zone at Wa Gold Project

Azumah’s non-executive chairman Michael Atkins said: “Managing director Stephen Stone and myself wish to pay a very special tribute to Geoff Jones for his considerable and constructive contribution to the company this past nine years, and especially his invaluable guidance on African project development.

“With Azumah’s Wa Gold Project in Ghana accelerating towards a development and financing decision in 2019 we have opted to make two new appointments and are extremely pleased to welcome highly experienced banking and project financier, Debra Bakker, and mining consultant and private equity adviser, Linton Putland to the Azumah board”

“We look forward to them playing critical roles in the company’s growth and to its innovative partnership with private equity group, Ibaera Capital.”

New board members bring valuable skillsets

Importantly, the new appointments are consistent with progress towards development and financing decision in 2019 for Wa Gold Project.

Bakker has more than 25 years’ experience as an international banker, deal maker and advisor to the resources industry.

She has held various senior positions with Commonwealth Bank of Australia, Standard Bank London Group and Barclays Capital in Sydney, London, New York, Chicago and, since 2003, Perth.

Putland is a mining professional with more than 30 years’ experience in technical, operational and managerial roles.

These roles have centred on open pit and underground operations covering a wide range of commodities in Australia and overseas, including several campaigns in Africa.

Priority drill targets and planned drilling for current September quarter

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Wed, 18 Jul 2018 09:02:00 +1000 https://www.proactiveinvestors.com.au/companies/news/200991/azumah-resources-appoints-two-new-directors-to-board-200991.html
<![CDATA[News - Azumah Resources delivers proof of concept for feeder zone at Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/199990/azumah-resources-delivers-proof-of-concept-for-feeder-zone-at-wa-gold-project-199990.html Azumah Resources Limited (ASX:AZM) is continuing to progress its exploration campaigns on multiple fronts at the Wa Gold Project in Ghana aimed at updating the resource and delivering an interim ore reserve.

Specifically, follow-up drilling in the central zone of the Kunche deposit has provided further proof of concept for a possible feeder zone into the main Kunche deposit.

The feeder zone is expected to enable the existing shallow pit design to be deepened and an underground mining option to be scoped.

Azumah’s follow-up drilling intersected 4 metres at 3.20 g/t gold from 178 metres and 7 metres at 1.90 g/t gold from 186 metres - within an overall intercept of 15 metres at 1.95 g/t gold from 178 metres.

Importantly, the drilling intercepts confirms that the feeder mineralisation remains open at depth and has a southerly strike extent.

Having now demonstrated the continuity and trend of mineralisation associated with the interpreted feeder zone and its controlling structure, additional holes to test for depth and strike extensions can be planned.

READ: Azumah Resources delivers game-changing gold intersections from Wa project in Ghana

Work on multiple fronts is well on-track to underpin an update in mineral resources scheduled for Q3 2018 and an interim update in ore reserves towards end-2018.

In coming weeks and months shareholders can look forward to:

• Results of further work at the emerging Butele discovery to extend the mineralisation footprint;
• Results from drilling at the Manwe and Josephine South prospects and from the testing of multiple satellite prospects around the Julie deposit (Wa East);
• Results of diamond drilling planned at the Julie deposit to pursue deeper extensions to underpin a possible underground mining development option below planned open pits;
• Follow-up drilling at Kunche to better delineate the inferred feeder zone;
• An update on the progress of engineering studies aimed at updating and optimising several key inputs into the project feasibility study that will lead to an interim ore reserve update by end-2018.

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Tue, 03 Jul 2018 11:23:00 +1000 https://www.proactiveinvestors.com.au/companies/news/199990/azumah-resources-delivers-proof-of-concept-for-feeder-zone-at-wa-gold-project-199990.html
<![CDATA[Media files - Azumah Resources shares soar following "major step forward" ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9229/azumah-resources-shares-soar-following-major-step-forward--9229.html Tue, 08 May 2018 21:09:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9229/azumah-resources-shares-soar-following-major-step-forward--9229.html <![CDATA[News - Azumah Resources delivers game-changing gold intersections from Wa project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/196507/azumah-resources-delivers-game-changing-gold-intersections-from-wa-project-in-ghana-196507.html Azumah Resources Ltd (ASX:AZM) has delivered potentially game-changing intersections at the Kunche from the Wa Gold Project in Ghana.

The results of up to 44 metres at 5.37 g/t gold from 99 metres have potential to underpin the JORC-compliant resource of 2.1 million ounces at Wa.

READ: Azumah Resources poised to expand 2.1 million ounce gold bounty and transition to producer

There were two high-grade gold zones intersected with other results including 6 metres at 3.33 g/t from 99 metres and 27 metres at 7.86 g/ from 116 metres.

The latter included 20 metres at 10.27 g/t from 120 metres and 1 metre at 144 g/t from 137 metres.

Managing director Stephen Stone said: “These excellent intercepts are a genuine game-changer for the Wa Gold Project and increase our confidence that we can materially boost mineral resources and ore reserves.”

READ Azumah Resources secures $1.5 million on road to one million ounce ore reserve

Azumah and its joint venture partner Ibaera believe they have discovered a new high-grade ore shoot and possible primary feeder zone with likely extensive depth.

This follows a new breakthrough geological model that will drive future targeting.

It was developed from a recent reinterpretation of geological and structural controls on mineralisation.

Potential at depth

Ibaera’s general manager geology Paul L’Herpiniere said: “These results dramatically open up the possibility that mineralisation at Kunche could extend to considerable depth.

“This is consistent with similar style gold deposits around the world.

“We consider this validation of our new targeting model to be an important breakthrough for the project and are extremely confident that the true potential of the project is now emerging.”

Supporting holes into the ore shoot returned 27 metres at 2.43 g/t from 137 metres, including 5 metres at 5.00 g/t from 155 metres and 9 metres at 3.90 g/t from 142 metres.

Additional mineralisation

Additional mineralisation has been defined at Kunche Pit North, east of Kunche Pit South and at Kunche North West.

There are six active drill rigs at Wa and Azumah expects intense news flow in the next few months.

The Wa resource, which includes a reserve of 624,000 ounces, grades 1.5 g/t gold and includes 1.4 million ounces in the measured and indicated categories grading 1.7 g/t Au

These are evenly distributed between the Kunche-Bepkong and Wa East deposits.

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Tue, 08 May 2018 13:53:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196507/azumah-resources-delivers-game-changing-gold-intersections-from-wa-project-in-ghana-196507.html
<![CDATA[News - Azumah Resources enters trading halt pending exploration results from Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/196464/azumah-resources-enters-trading-halt-pending-exploration-results-from-ghana-196464.html Azumah Resources Limited (ASX:AZM) has entered an ASX trading halt pending the release of an update regarding material exploration results from drilling at the Wa Gold Project in Ghana.

The halt will remain in place until the earlier of the market update or the commencement of trading on Wednesday, 9 May 2018.

Azumah’s range of deposits within the Wa Gold Project have a combined gold resource of about 2.1 million ounces.

READ: Azumah Resource secures $1.5 million on road to one million ounce ore reserve

The company is clearly focused on achieving its objective of delivering a one-million-ounce ore reserve for the Wa Gold Project.

A 22-hole reverse circulation drilling program was recently completed at the Kunche deposit within the Wa Project under the management of farm-in partner, Ibaera Capital.

Ibaera plans to spend $6 million at the project this year as part of its overall $17 million possible spend over two years.

READ: Azumah Resources poised to expand 2.1 million ounce gold bounty and transition to producer ]]>
Mon, 07 May 2018 12:50:00 +1000 https://www.proactiveinvestors.com.au/companies/news/196464/azumah-resources-enters-trading-halt-pending-exploration-results-from-ghana-196464.html
<![CDATA[News - Azumah Resource secures $1.5 million on road to one million ounce ore reserve ]]> https://www.proactiveinvestors.com.au/companies/news/195613/azumah-resource-secures-15-million-on-road-to-one-million-ounce-ore-reserve-195613.html Azumah Resources Ltd (ASX:AZM) has received commitments to raise $1.5 million in a share placement priced at 2.2 cents per share.

Funding will enable the company to finalise a number of minor commitments at its Wa Gold Project in Ghana and the imminent completion of the Julie West licence purchase.

27,000-metre drill program in 2018

Azumah’s managing director Stephen Stone said: “The joint venture is very focused on achieving its objective of delivering a one-million-ounce Ore Reserve for the Wa Gold Project.

“As part of our $6 million, 27,000-metre drilling program this year, we have several months of almost constant auger, air core, reverse circulation and diamond drilling ahead of us.

“We welcome to the register our new international and local investors just as we ramp up drilling and accelerate the project towards a development decision.”

Drilling at Kunche deposit complete, assays pending

A 22-hole reverse circulation (RC) drilling program has just been completed at the company’s Kunche deposit within the Wa Project under the management of farm-in partner, Ibaera Capital.

Ibaera plans to spend $6 million at the project this year as part of its overall $17 million possible spend over two years.

Drilling was designed to identify opportunities to increase the size of the existing Kunche open pit design, particularly at depth.

Assays remain pending.

READ: Azumah Resources poised to expand 2.1 million ounce gold bounty and transition to producer

The RC rig is now drilling at the nearby Bepkong and Aduane deposits and will soon be joined by a second RC rig.

Furthermore, four auger rigs are drilling new and existing targets to identify and better define zones of gold anomalism to ensure that there is a growing pipeline of prospects within the Wa Project.

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Tue, 24 Apr 2018 11:37:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195613/azumah-resource-secures-15-million-on-road-to-one-million-ounce-ore-reserve-195613.html
<![CDATA[News - Azumah Resources poised to expand 2.1 million ounce gold bounty and transition to producer ]]> https://www.proactiveinvestors.com.au/companies/news/195425/azumah-resources-poised-to-expand-21-million-ounce-gold-bounty-and-transition-to-producer-195425.html Azumah Resources Limited (ASX:AZM) appears substantially undervalued compared with other gold explorers and developers on an enterprise value to resource ounce basis.

The company’s range of deposits within the Wa Gold Project in northwest Ghana have a combined gold resource of about 2.1 million ounces.

While the enterprise value/resource ounce valuation metric is often useful in identifying companies that are undervalued within the resources sector, it isn’t a silver bullet.

Consequently, to make your own call as to whether Azumah is undervalued, it is essential to closely examine its assets and how they have been managed over the last decade.

Ibaera Capital brings financial stability and technical expertise

Similarly, to grasp what could be the start of a potential turnaround, there needs to be a comparative assessment based on new initiatives aimed at monetising those assets.

In particular, the focus should be on assessing the potential value-creating strategy that has been recently framed via an important relationship forged with Ibaera Capital.

This collaboration provides the financial backing and technical expertise to convert resource ounces into dollars and importantly grow the existing resource.

Understanding the past to appreciate the future

There is no doubting Azumah’s journey has been rocky, but it has managed to build a resource of more than 2 million ounces in one of Africa's most prolific gold-bearing regions.

It could be argued that execution has let it down in the past because there have been stages where its share price better represented the value of its assets.

They were times when investors could see a path to production and profitability.

A significant share price spike occurred in 2015 after Azumah completed a feasibility plan pointing to annual production of 90,000 ounces of gold over a seven-year mine life.

However, this didn’t come to fruition, and the doubling in its share price unwound as the feasibility study failed to materialise.

As we outline later, this and more is very much back on the table, and as a major stepping stone to production, any hint of positive news could be a substantial share price catalyst.

Shareholders want a focused approach

The other factor that could be weighing on the company’s share price is the fact that it has too many potential producing assets.

Azumah’s position could be termed as an embarrassment of riches as one can see in this video - Fly Through Movie.

This can make it difficult for investors to imagine a potential scenario where a company transforms from a highly prospective exploration play to one that creates shareholder value through transitioning to production.

As Proactive Investors will highlight, Azumah has had defined resources of more than 1 million ounces since 2010.

While it has continued to build that resource without moving to production, there now appears to be an acknowledgement that the time is ripe to create shareholder value.

Azumah ready to unlock the vault

The initiatives taken in fiscal 2018 suggest that there has been no time in Azumah’s history where it has been so focused on monetising its assets.

It is this factor, and in particular, the measures it has put in place to execute on this strategy, that suggest a turnaround is imminent.

That is where the enterprise value/resource ounce metric comes into play.

When there is a turnaround with a stock that is fundamentally undervalued there is a good chance a rerating could be substantial.

Crunching the numbers

Azumah is trading on an enterprise value/resource ounce of $8 per ounce compared with the peer explorers and developers average of $44 per ounce.

If it were to fall in line with its peers, Azumah’s market capitalisation would be about $90 million, implying a share price of 13 cents.

This compares with Monday’s closing price of 2.4 cents.

Is there any other way but up

While this doesn’t suggest that Azumah will rerate to the tune of 400% overnight, it could mean that its share price may regain sustained positive momentum.

Having hit 2.2 cents in early April, the company certainly appears oversold, and just looking at historical trading patterns, it is only slightly higher than its all-time low of 2 cents.

Exploration is still important

While Azumah has a large resource it is still relying on further exploration success and an increase in resources to drive a share price rerating.

There are examples of how this has been a determining feature of the company in the past.

For example, one of its biggest surges was in March 2010 when Azumah’s resource increased 45% to 1.1 million ounces, triggering a three-fold share price increase.

The company’s shares doubled from about 20 cents to 40 cents, and within six months had doubled again to 80 cents.

Share price rallies weren’t gold fever driven

It is worth noting that this rally wasn’t even in the gold rush days and the gold price was around US$1,100 per ounce.

The S&P/ASX 200 gold index (XGD) was hovering in the vicinity of 5,700 points, well shy of the high of 8,500 points it hit 12 months later.

This ponders the question as to why the company is trading at 2.4 cents today even though it has nearly doubled its resource since 2010 to 2.1 million ounces.

What is different today

The answer is easy - the company has not previously been in a financial position such as it is now.

Shareholders’ vision of what could be was rightly blurred by the issue of funding a transition from exploration to production

In what could be termed a transformative earn-in agreement with private equity group Ibaera Capital, exploration and studies are now funded to the tune of US$17 million.

Following this expenditure, Ibaera will be entitled to a stake of 47.5%.

Participation by Ibaera extends beyond financial support, as the group has a team of exploration and project development specialists who have a track record of unlocking value.

What does Ibaera bring

Ibaera Capital is a private equity funded, entrepreneurial mineral investment and development company backed by international investment funds.

The group invests in, acquires and develops emerging copper, nickel, zinc and gold projects from exploration and early development. 

This serves to significantly revalue them through appropriate funding, astute management and patient development.

Founded in 2012 by executives from the development teams at Fortescue Metals Group and WMC Resources, Ibaera Capital is able to provide in-field expertise.

This enables the group to manage projects from exploration through to construction. 

The group sets itself apart from the mainstream investment market by retaining significant technical expertise and exploration knowledge.

Ibaera has 12 geologists and engineers who are collectively and individually recognised for their contribution to the discovery and development of world-class mining ventures. 

So, Ibaera has plenty of skin in the game, expertise on the ground and a substantial asset base to work with.

The building blocks

As mentioned, one of the challenges Azumah has faced in terms of investor engagement is providing a true appreciation of its asset base.

If Azumah had a single 2.1-million ounce deposit, it would be much easier to join the dots between the present and what could be a very promising future.

However, what the company has working in its favour is that a number of its large deposits are in close proximity to each other, providing the opportunity to have a centralised processing plant.

Azumah’s war chest

Azumah has three main deposits, in Kunche and Bepkong adjacent to the border with Burkina Faso, and Julie which is about 80 kilometres to the east.

The resource of 2.1 million ounces of gold grading 1.5 g/t gold includes 1.4 million measured and indicated ounces grading 1.7 g/t with these evenly distributed between Kunche-Bepkong and Wa East, the Julie deposit.

Most discoveries have been blind

Resources have been progressively grown through exploration of the company’s 2400 square kilometre licence holdings.

This territory features large tracts of prospective Birimian terrain, the rocks that host the majority of West Africa’s gold mines.

Much of this is covered in soil, alluvium or laterite so most discoveries have been ‘blind’, highlighting the potential for more consistent and value-adding resource definition.

Management anticipates resources will grow substantially as it continues to test its large pipeline of target areas and specific prospects.

Feasibility study completed in 2015

Azumah completed a feasibility study in 2015 for a mining operation based on an initial seven-year life and producing about 90,000 ounces of gold per year.

Feedstock would be sourced from open pit mining with ore treated through a nominal 1.2 million tonnes per year carbon-in-leach (CIL) processing plant.

The plant would be adjacent to the Kunche deposit, enabling it to treat Julie primary and transitional ore prior to road haul to the processing plant.

An ore reserve of 624,000 ounces has been defined with the designed optimised pits also containing inferred resources of 28,000 ounces.

Transitioning to production

Azumah’s exploration strategy has been driven by its need to boost resources to increase its reserve base from 624,000 ounces to about 1 million ounces.

This would serve to underpin a development decision and improve funding capability, in particular through an effective reduction in the development capital per reserve ounce.

This is where the company’s collaborative approach with Ibaera should come to the fore.

Not only will the group provide Azumah with a better chance of growing reserves, but its access to capital markets should also be an advantage in terms of ongoing funding.

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Fri, 20 Apr 2018 12:28:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195425/azumah-resources-poised-to-expand-21-million-ounce-gold-bounty-and-transition-to-producer-195425.html
<![CDATA[News - Azumah Resources flags capital raising as it looks to grow reserves at gold project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/195419/azumah-resources-flags-capital-raising-as-it-looks-to-grow-reserves-at-gold-project-in-ghana-195419.html Azumah Resources Limited (ASX:AZM), owner of the Wa Gold Project, has entered a trading halt ahead of releasing details regarding a capital raising.

The company is focused on developing a large gold resource and reserve in Ghana, West Africa.

Azumah has established a resource of more than 2 million ounces across a number of deposits which make up the Wa project.

Injection of capital to assist in transition

Azumah is at the stage where it is looking to transition from explorer to producer.

Assisting it in achieving this goal is a collaborative agreement with Ibaera Capital, which was forged last year.

This provided the company with valuable capital of about $17 million which will assist in exploration and studies, potentially providing a pathway to production.

Resource expansion central to production

Azumah completed a feasibility study in 2015 based on the production of 90,000 ounces per year over a seven-year mine life.

The company is looking to build its reserves with a view to improving project economics.

Azumah referred to the proposed capital raising as ‘material’, suggesting that it may be considering more extensive exploration or an accelerated transition to production.

Clarity could provide share price momentum

Details of the capital raising and the intended use of funds should come to hand by the middle of next week, potentially providing an insight into the Azumah’s strategy.

As such, it could be a share price catalyst for a company that is looking oversold, trading well shy of its peers on an enterprise value to resource ounce basis.

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Fri, 20 Apr 2018 10:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/195419/azumah-resources-flags-capital-raising-as-it-looks-to-grow-reserves-at-gold-project-in-ghana-195419.html
<![CDATA[News - Azumah Resources reaffirms gold drilling success at Butele North target in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/193506/azumah-resources-reaffirms-gold-drilling-success-at-butele-north-target-in-ghana-193506.html Azumah Resources Ltd (ASX:AZM) has revealed a cross-section of its first-pass drilling result of 16 metres at 1.07 g/t gold from surface (including 6 metres at 1.86 g/t gold) at the Butele North target.

Butele Prospect: Cross section of drill hole BURC019

The Butele North target is within Azumah’s Wa Gold Project in Ghana which has a JORC-compliant resource of 2.1 million ounces of gold grading 1.5 g/t gold.

READ: Azumah Resources hits gold at new Butele North target in Ghana

Earlier this week, Azumah drilled out gold in its first pass, 19-hole, 1,729-metre reverse circulation (RC) drill program at the Butele North target.

The program was designed as a broad, initial test of the main 1.6x0.4 kilometre Butele North auger anomaly.

Infill auger sampling and additional RC drilling is planned to investigate the continuity of mineralised shear zones at Butele North.

Multi-target, high-intensity exploration campaign

Private equity group Ibaera Capital is earning up to 47.5% in the Wa Gold Project in two stages over two years by spending up to US$13.5 million ($17 million).

In 2018, $6 million has been committed to a multi-target, high-intensity exploration campaign including 47,000 metres of drilling.

Large pipeline of target areas and specific prospects

Azumah is exploring 2,400 square kilometres of licence holdings, which encompass large tracts of prospective Birimian terrain, the rocks that host the majority of West Africa’s gold mines.

Much of this is covered in soil, alluvium or laterite so most discoveries have been ‘blind’.

Azumah is expected to substantially grow its resource as it continues to test the large pipeline of target areas and specific prospects.

READ: Azumah Resources extends gold zones at Wa project in Ghana ]]>
Wed, 21 Mar 2018 12:26:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193506/azumah-resources-reaffirms-gold-drilling-success-at-butele-north-target-in-ghana-193506.html
<![CDATA[News - Azumah Resources hits gold at new Butele North target in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/193333/azumah-resources-hits-gold-at-new-butele-north-target-in-ghana-193333.html Azumah Resources Ltd (ASX:AZM) has drilled out gold in its first pass drill program at the Butele North target within the Wa Gold Project in Ghana.

Results from the reverse circulation (RC) 19-hole, 1,729-metre program included 6 metres at 1.9 g/t gold from 9 metres depth.

The program was designed as a broad, initial test of the main 1.6x0.4 kilometre Butele North auger anomaly.

Infill auger sampling and additional RC drilling planned to investigate continuity of mineralised shear zones at Butele North.

Opportunity to expand gold resources within the project

Stephen Stone, managing director, said: “Obtaining an ore-grade intercept from first-pass RC drilling of any geochemical anomaly is a tremendous start.

“Along with similar recent successes to this latest one at the new Butele North target, the opportunity to increase resources and reserves at Azumah’s Wa Gold Project becomes very apparent”.

READ: Azumah Resources extends gold zones at Wa project in Ghana

To date, Azumah has delineated JORC-compliant resource of 2.1 million ounces of gold grading 1.5 g/t gold.

Confirmation of mineralisation in yet another new area of Wa Gold Project

Stone continued: “With many more targets to be tested, we are optimistic that the current multi-target auger, aircore and RC drilling campaigns being designed and managed by joint venture partner Ibaera will continue to drive the project closer to our immediate objective of a 1 million ounce Ore Reserve.”

Private equity group, Ibaera Capital, are earning up to 47.5% in the Wa Gold Project in two stages over two years by spending up to US$13.5 million (A$17 million).

In 2018, $6 million has been committed to a multi-target, high-intensity exploration campaign including a combined 47,000 metres of drilling.

WATCH: Azumah Resources Gold Bounty in Ghana ]]>
Mon, 19 Mar 2018 08:58:00 +1100 https://www.proactiveinvestors.com.au/companies/news/193333/azumah-resources-hits-gold-at-new-butele-north-target-in-ghana-193333.html
<![CDATA[News - Azumah Resources extends gold zones at Wa project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/192639/azumah-resources-extends-gold-zones-at-wa-project-in-ghana-192639.html Azumah Resources Limited (ASX:AZM) has extended and better defined zones prospective for gold mineralisation at its Wa project in Ghana.

Aircore drilling at the Manwe prospect has defined six prospective shear zones with a cumulative strike of 5 kilometres.

At Josephine South prospect, an aircore program has defined a new, pronounced, highly anomalous 2 kilometre by 40 metre-wide zone of pronounced gold anomalism.

READ: Azumah Resources begins drilling to expand gold reserves in Ghana

Stephen Stone, managing director, said: “The extended robust anomalies at Josephine South and Manwe bode well for the pursuit of additional mineral resources at these targets.

“With follow-up work being planned, aircore and reverse circulation programs completed at Butele and a commitment made to a 5,000-hole, 30,000 metres auger program covering the Wa Lawra and Wa East areas, investors can look forward to a high-level of news flow.”

WATCH NOW: Azumah Resources Gold Bounty in Ghana

The most recent 211-hole, 3,759-metre aircore campaign is part of an overall strategy to rapidly increase mineral resources and ore reserves at Wa.

There were 84 holes for 1,170 metres at Josephine South and as well as defining a new zone, drilling also extended 500 metres to the southwest a zone of granite-hosted mineralisation.

Six zones identified at Manwe

At Manwe, 127 holes were completed for 2,589 metres to test for mineralisation between the Manwe Main and Manwe North zones.

Wa project priority targets and planned drilling in Ghana’s Upper West region.

Previous reverse circulation drilling encountered ore-grade mineralisation with best intersections of 2 metres at 23 g/t from 44 metres and 12 metres at 5.3g/t from 49 metres respectively.

Six prospective zones of shear-associated gold anomalism with a cumulative strike of at least 5 kilometres have been identified at Manwe.

Resource expectations increase

This considerably increases resource expectations with the controlling shear zones not closed-off to the southeast.

Furthermore, the prospective shear zone hosting the Manwe Main mineralisation has been demonstrated to extend a further circa 600 metres northwest and remains open in that direction.

Reverse circulation drilling proposed

The new zones, together with extensions of previously defined lodes, will be the focus of future reverse circulation drilling.

This will be aimed at establishing an initial JORC resource for the Manwe prospect.

Azumah has committed to a 5,000 hole, 30,000-metre auger drilling campaign that will test for evidence of mineralisation at numerous blind targets across the 2,400km square kilometre project.

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Tue, 06 Mar 2018 13:07:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192639/azumah-resources-extends-gold-zones-at-wa-project-in-ghana-192639.html
<![CDATA[News - Azumah Resources begins drilling to expand gold reserves in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/192388/azumah-resources-begins-drilling-to-expand-gold-reserves-in-ghana-192388.html Azumah Resources Ltd (ASX:AZM) has commenced a 4,500-metre drilling program designed to extend the ore reserves at the flagship Kunche and Bepkong deposits at its Wa Gold Project in Ghana.

READ: Azumah Resources aims to grow gold resource with drilling program

Stephen Stone, managing director, said: “A 25-hole, 4,500-metre RC drilling campaign is in full swing at the Wa Gold Project’s Kunche and Bepkong deposits where the technical team of funding partner Ibaera Capital is aiming to extend and deepen existing pit designs and capture satellite mineralisation to boost ore reserves.

“We last drilled the Kunche-Bepkong area several years ago so we are really looking forward to seeing what this drilling will deliver and its implications for the broader project”

Aiming to expand existing pits and increase ore reserves

The current Kunche and Bepkong pits already hosts ore reserves of 309,000 ounces of gold and 113,000 ounces of gold respectively.

A number of new opportunities have been identified to reconsider existing pit designs in order to capture more mineralisation and boost ore reserves.

WATCH: Azumah Resources Gold Bounty in Ghana

Drilling at Kunche is designed to test for mineralisation that might enable the existing pit to be extended north, to deepen the mid-pit ‘saddle’ area and to possibly capture eastern lode mineralisation into the pit.

Bepkong drilling is designed to enable the pit to be extended north and to either capture Bepkong North mineralisation or enable a separate pit to be designed

The drilling is scheduled to take five weeks with results likely to be available in early to mid-April 2018.

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Thu, 01 Mar 2018 11:24:00 +1100 https://www.proactiveinvestors.com.au/companies/news/192388/azumah-resources-begins-drilling-to-expand-gold-reserves-in-ghana-192388.html
<![CDATA[News - Azumah Resources aims to grow gold resource with drilling program ]]> https://www.proactiveinvestors.com.au/companies/news/190418/azumah-resources-aims-to-grow-gold-resource-with-drilling-program-190418.html Azumah Resources Limited’s (ASX:AZM) 940-hole drilling program at its Wa Gold Project in Ghana has prompted the company to undertake further exploration.

The delineation of geochemical anomalies of 2 kilometres and 1.6 kilometres at its Duri and Butele prospects provide a platform to launch a more targeted exploration program.

The status of the Bepkong North-West target has also been elevated following a review and reinterpretation of historical aircore data.

Potential to increase mineral resource

Duri, Butele and Bepkong are considered by the company as compelling walk-up opportunities to increase the current Mineral Resources of 2.1 million ounces.

READ: Azumah Resources establishes strategy to grow 2 million ounce gold bounty

The tenor of the geochemical gold anomalism at the Duri and Butele targets is relatively high compared with that identified in the broader Wa Lawra greenstone belt.

Refined strategy by new partner pays dividends

These latest results reflect a fresh approach by new partner and private equity fund, Ibaera Capital Fund LP (Ibaera)

Ibaera’s strategy is to target areas within the project known for their gold endowment.

With anomalism so widespread over the 2400 square kilometres of tenure, there is the need for rigorous prioritisation.

The $6 million multi-target 2018 exploration campaign is being developed by the Azumah-Ibaera partnership.

Group aims to increase resource and reserves

The aim of the program is to boost existing Mineral Resources and Ore Reserves and reposition the project for funding and development.

A combined circa 47,000 metres of reverse circulation (RC), diamond, aircore and auger drilling is planned at numerous prospects.

The first phase drilling strategy is aimed at increasing Mineral Resources in close proximity to the flagship Kunche, Bepkong and Julie deposits. 

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Tue, 23 Jan 2018 09:06:00 +1100 https://www.proactiveinvestors.com.au/companies/news/190418/azumah-resources-aims-to-grow-gold-resource-with-drilling-program-190418.html
<![CDATA[Media files - Azumah Resources Gold Bounty in Ghana ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8604/azumah-resources-gold-bounty-in-ghana-8604.html Thu, 11 Jan 2018 12:07:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8604/azumah-resources-gold-bounty-in-ghana-8604.html <![CDATA[News - Azumah Resources establishes strategy to grow 2 million ounce gold bounty ]]> https://www.proactiveinvestors.com.au/companies/news/189617/azumah-resources-establishes-strategy-to-grow-2-million-ounce-gold-bounty-189617.html Azumah Resources (ASX:AZM) has launched multiple drilling campaigns as it seeks to expand gold resources and reserves at the Wa Gold Project in Ghana.

The company has delineated a resource of 2.1 million ounces of gold grading 1.5 g/t, which includes 1.4 million ounces in the measured and indicated category grading 1.7 g/t.

Within this an ore reserve of 624,000 ounces has been defined.

Azumah aims to boost reserves towards 1 million ounces, which would more solidly underpin a development decision and improve funding capability.

New exploration campaign

The company has started the new year actively with an exploration campaign driving the project towards development.

A work plan is underway comprising circa 20,000 metres of reverse circulation and diamond drilling.

There will also be circa 7,000 metres of aircore drilling and circa 20,000 metres of auger drilling.

The program includes ground geophysical and geochemical surveys along with mine and processing optimisation studies.

WATCH NOW: Azumah Resources MD Steve Stone discusses recent ‘game changer’ private equity investment

Azumah’s extensive campaign is fully funded by earn-in partner Ibaera Capital Fund LP.

On 1 September 2017 Azumah executed an earn-in and shareholders agreement with the Perth-based private equity group.

This entitles Ibaera to earn up to a 47.5% direct interest in the project for expenditure of circa $17 million in two stages over two years.

READ: Azumah Resources receives approval for $17M Ghana gold farm-in

The agreement sets out the basis for the parties to deliver a study supporting a decision to proceed to production within two years.

Peter Hairsine, project manager and Ibaera executive, said: “With Ibaera having commenced the sole funding of the Wa Gold Project for the next two years, Azumah’s investors can look forward to a strong results driven news flow in 2018.

“There is an enormous opportunity to add considerable value to what is already a very solidly positioned project.”

Ibaera’s team designs 2018 campaign

Ibaera’s team of geologists and engineers have designed the 2018 exploration campaign with the aim of increasing Wa’s existing resources and reserves base.

The first phase drilling program aims to increase resources in proximity to the Kunche, Bepkong and Julie deposits.

It also aims to provide sufficient definition to deliver a maiden resource for deposits occurring along the emerging Josephine-Manwe trend.

Additional reverse circulation drilling will follow-up high-grade intersections obtained at many other targets including Julie West, Julie East, Danyawu and Alpha-Bravo-Charlie.

Target generation work, including ground geophysics, soil geochemical surveys, auger and aircore drilling, will also be carried out.

It is expected that many of the earlier-stage targets will then be tested by reverse circulation drilling.

Project development work

Early project development work will focus on options analysis, open pit mine optimisation, processing optimisation and initial scoping level studies.

This work will examine the possibility of underground mining at Julie and Kunche deposits where there are zones of robust mineralisation underlying the proposed pit bottoms.

The Wa project is in Ghana’s Upper West Region.

Main deposits have been discovered and extensively drilled at Kunche and Bepkong, adjacent to the Black Volta River and the border with Burkina Faso, and at Julie, circa 80km to the east.

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Mon, 08 Jan 2018 13:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/189617/azumah-resources-establishes-strategy-to-grow-2-million-ounce-gold-bounty-189617.html
<![CDATA[Media files - Azumah Resources MD Steve Stone discusses recent ‘game changer’ private equity investment ]]> https://www.proactiveinvestors.com.au/companies/stocktube/8452/azumah-resources-md-steve-stone-discusses-recent-game-changer-private-equity-investment-8452.html Thu, 30 Nov 2017 10:30:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/8452/azumah-resources-md-steve-stone-discusses-recent-game-changer-private-equity-investment-8452.html <![CDATA[News - Azumah Resources receives approval for $17M Ghana gold farm-in ]]> https://www.proactiveinvestors.com.au/companies/news/186321/azumah-resources-receives-approval-for-17m-ghana-gold-farm-in-186321.html Azumah Resources (ASX:AZM) has received consent from the Ghana Minister of Lands and Natural Resources for its $17 million earn-in agreement at the Wa Gold Project in Ghana.

The funding earn-in agreement is with Perth-based Ibaera Capital Fund who can earn up to a 47.5% interest in two stages for an expenditure of US$13.5 million (~A$17 million).

WATCH NOW: Azumah Resources' Stephen Stone reveals details on a A$17 million earn-in deal

Azumah is focused on exploring and developing its regional scale Wa Gold Project, which currently hosts 2.1 million ounces of gold grading 1.5 g/t.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie, as well as several satellite deposits.

Stephen Stone, managing director, commented

“The rapid approval by the new Ghana Government of the transformational Azumah-Ibaera funding agreement is entirely consistent with its push to re-establish Ghana as West Africa’s preferred destination for exploration and mining.

“Ibaera’s highly experienced and accomplished technical team is now onboard and finalising programmes and budgets including for drilling aimed at boosting Mineral Resources and Ore Reserves and ultimately the delivery of a revised blueprint for funding and development of the Wa Gold Project.”

Ibaera bolsters Azumah management

Ibaera, headed by former Manager of Business Development at Fortescue Metals Group (ASX:FMG), James Wallbank, has now made all of its key appointments.

Appointments include:

- Peter Hairsine: former Project Study Manager and Manager of Business Development at FMG;
- Dr Jon Hronsky: former Manager of Strategy and Generative Services for BHP Billiton Mineral Exploration, Global Geoscience Leader for WMC Resources Ltd and Chairman of the Board of the Centre for Exploration Targeting;
- Paul L’Herpiniere: former Exploration Manager at FMG; and
- Chris Alexander: Ibaera chief financial officer (CFO).

Next steps

The expanded team has already commenced a comprehensive review of the current feasibility study for the project, a review of existing targets and is also generating new targets.

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Fri, 27 Oct 2017 17:08:00 +1100 https://www.proactiveinvestors.com.au/companies/news/186321/azumah-resources-receives-approval-for-17m-ghana-gold-farm-in-186321.html
<![CDATA[News - Azumah Resources lays plans to advance Wa Gold Project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/184261/azumah-resources-lays-plans-to-advance-wa-gold-project-in-ghana-184261.html Azumah Resources Ltd (ASX:AZM) is now firmly positioned to move into its next phase of growth focused on rapidly advancing its Wa Gold Project in Ghana.

The project hosts 2.1 million gold ounces at 1.5g/t gold, which includes 1.4 million gold ounces in the Measured and Indicated categories at 1.7g/t gold.

Azumah has now wrapped up a very busy period, which included the successful execution of the $17 million earn-in with private equity group Ibaera Capital GP Limited.

WATCH NOW: Azumah's Stephen Stone reveals details on a $17 million earn-in deal

Programs and budgets are already being planned which will see a recommencement of drilling in coming weeks.

Drilling will aim to continue Azumah’s track record of resource and reserve expansion.

Stephen Stone, managing director for Azumah, commented:

"The addition of the Ibaera team, substantially increased funding availability, a new Ghanaian government firmly intent on expanding its gold industry plus the excellent platform already established for the Wa Gold Project, all combine to place Azumah in its strongest position yet.

"The excellent support of the fully underwritten Rights Issue by both existing shareholders and many new investors is a strong endorsement of the Company’s recent initiatives.

"Azumah is also pleased to note that the remaining shareholding of Macquarie Group Limited was yesterday acquired predominantly by existing shareholders of Azumah and follows a reduction in its holding over the past several months."

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Wed, 20 Sep 2017 12:09:00 +1000 https://www.proactiveinvestors.com.au/companies/news/184261/azumah-resources-lays-plans-to-advance-wa-gold-project-in-ghana-184261.html
<![CDATA[News - Azumah Resources wraps up entitlements issue and bags cash for Wa Gold Project ]]> https://www.proactiveinvestors.com.au/companies/news/183486/azumah-resources-wraps-up-entitlements-issue-and-bags-cash-for-wa-gold-project-183486.html Azumah Resources Ltd (ASX:AZM) was well supported by shareholders in the recent entitlements issue, with a 57% take-up.

The issue was priced at $0.02, with investors already sitting on a 15% paper gain based on the last traded price of $0.023.

The shortfall will be placed with underwriter Paterson’s Securities, and in total the issue will raise $2.33 million before costs.

The funds raised will strengthen the company’s ability to deliver on a variety of initiatives in the coming months at its Wa Gold Project in Ghana, West Africa.

The project hosts 2.1 million gold ounces at 1.5g/t gold. This includes 1.4 million gold ounces in the Measured and Indicated categories at 1.7g/t gold.

Stephen Stone, managing director, commented:

"The solid support of the rights issue by existing shareholders represents a strong endorsement of the company’s repositioning for its next growth phase following the completion last week of its Earn-In and Shareholders Agreement with private equity group, Ibaera Capital.

"We welcome to the register our new shareholders and look forward to them also participating in a swift unlocking and adding of value to the Wa Gold Project by the newly formed partnership."

WATCH NOW: Details on A$17 million earn-in deal ]]>
Wed, 06 Sep 2017 09:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183486/azumah-resources-wraps-up-entitlements-issue-and-bags-cash-for-wa-gold-project-183486.html