https://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Tue, 23 Oct 2018 18:21:16 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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
<![CDATA[News - Azumah Resources' in-the-money rights issue closes today ]]> https://www.proactiveinvestors.com.au/companies/news/183277/azumah-resources-in-the-money-rights-issue-closes-today-183277.html Azumah Resources Ltd (ASX:AZM) has now finalised its A$17 million earn-in agreement with private equity group, Ibaera Capital GP Limited.

Ibaera can earn up to a 47.5% interest for an expenditure of US$13.5 million in the company’s Wa Gold Project in Ghana, West Africa.

WATCH LATEST VIDEO - Details on A$17 million earn-in deal.

Azumah’s rights issue closes at 5pm today, and is priced at $0.02 on the basis of 1 new share for every 5 shares.

Azumah shares last traded at $0.025.

Stephen Stone, managing director for Azumah, commented:

"The goodwill and pragmatism demonstrated by Azumah and Ibaera to complete the earn-in and shareholders agreement in a very compressed time-frame is indicative of their collaborative approach towards fast-tracking exploration and ultimately the development of the Wa Gold Project.

"Azumah has grown the project to its present 2.1 million ounce status and now looks forward to combining with Ibaera’s team of exploration and project development professionals to unlock its full value."

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Fri, 01 Sep 2017 11:45:00 +1000 https://www.proactiveinvestors.com.au/companies/news/183277/azumah-resources-in-the-money-rights-issue-closes-today-183277.html
<![CDATA[News - Azumah Resources opens in-the-money raising for Ghana gold ]]> https://www.proactiveinvestors.com.au/companies/news/182691/azumah-resources-opens-in-the-money-raising-for-ghana-gold-182691.html Azumah Resources Ltd (ASX:AZM) has now dispatched its prospectus for a fully underwritten non-renounceable rights offer to raise circa A$2.33 million.

The record date of the offer is the 16th August 2017, and is priced at $0.02 on the basis of 1 new share for every 5 shares.

Azumah shares closed at a premium to the offer on Friday at $0.023.

The funds raised through the rights issue 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 positive momentum continues for Azumah who recently outlined a transformational $17 million earn-in detail with new partner Ibaera Capital.

WATCH LATEST VIDEO - Details on A$17 million earn-in deal

To date at the project Azumah has defined a JORC 2012 Resource of 2.06 million ounces of gold at 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces of gold.

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Mon, 21 Aug 2017 09:54:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182691/azumah-resources-opens-in-the-money-raising-for-ghana-gold-182691.html
<![CDATA[News - Azumah Resources readies raising for Wa Gold Project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/182296/azumah-resources-readies-raising-for-wa-gold-project-in-ghana Azumah Resources Ltd (ASX:AZM) is progressing towards raising circa $2.3 million through a 1:5 non-renounceable rights issue, which is to be fully underwritten by Perth broker, Patersons Securities.

Azumah has now lodged its prospectus with ASIC, with the ex-date of 15th August 2017.

The prospectus will then be sent to shareholders on the 18th August 2017.

The funds raised through the rights issue 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.

WATCH LATEST VIDEO - Details on A$17 million earn-in deal

The deal with Perth-managed Ibaera Capital GP Limited will see a two-stage cash injection over two years of up to US$13.5 million (~A$17 million) for up to a 47.5% interest in Azumah’s wholly owned Ghana operating company, Azumah Resources Ghana Limited.

This structure will limit the dilution that shareholders would normally encounter for a market-based raising at the corporate level.

The objective of the deal is to boost gold resources and reserves above the present 2.1 million ounces and 624,000 ounces respectively.

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Fri, 11 Aug 2017 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/182296/azumah-resources-readies-raising-for-wa-gold-project-in-ghana
<![CDATA[News - Azumah Resources outlines fully underwritten rights issue ]]> https://www.proactiveinvestors.com.au/companies/news/181956/azumah-resources-outlines-fully-underwritten-rights-issue-181956.html Azumah Resources (ASX:AZM) will raise circa $2.3 million through a 1:5 non-renounceable rights issue, which is to be fully underwritten by Perth broker, Patersons Securities.

The funds raised through the rights issue 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 positive momentum continues for Azumah who earlier this week outlined a transformational $17 million earn-in detail with new partner Ibaera Capital.

Stephen Stone, managing director, commented: “The rights issue enables shareholders to add to their existing share holdings at a generously discounted and broker fee exempt price at a pivotal point for the company as it sets out to boost resources and reserves.

“With the additional support to come from the earn-in deal struck this week with Ibaera, we will be able to accelerate the overall development of the project.”

Rights issue details

Azumah eligible shareholders will be able to acquire one new share for every five shares held at 5.00PM (Perth time) on 16 August 2017, also known as the record date.

The issue price is $0.02, which represents a ~20% discount to the 30-day volume-weighted average price (VWAP) on ASX of ~$0.025 and a 28.5% discount to the last sale price of $0.028.

The funds from the rights issue will be applied to in-country operating commitments, $250,000 to complete the acquisition of the Julie West Licence and the high-grade Mineral Resources it hosts, working capital and to maintain balance sheet strength.

The prospectus is planned to be lodged with ASIC on 10 August and the rights issue is expected to close 1 September.

Further details of the offer will be outlined in the prospectus.

$17 million earn-in deal

The deal with Perth-managed Ibaera Capital GP Limited will see a two-stage cash injection over two years of up to US$13.5 million (~A$17 million) for up to a 47.5% interest in Azumah’s wholly owned Ghana operating company, Azumah Resources Ghana Limited.

This structure will limit the dilution that shareholders would normally encounter for a market based raising at the corporate level.

The objective of the deal is to boost gold resources and reserves above the present 2.1 million ounces and 624,000 ounces respectively.

Furthermore it aims to deliver within a two-year time frame, or less, a revised feasibility study to support the funding and development of the presently proposed 90,000 ounce per year gold operation.

Execution of the full earn-in, investment and joint venture agreement (EIJVA) is expected by 31
August 2017.

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Fri, 04 Aug 2017 11:33:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181956/azumah-resources-outlines-fully-underwritten-rights-issue-181956.html
<![CDATA[Media files - Azumah Resources' Stephen Stone reveals details on a A$17 million earn-in deal ]]> https://www.proactiveinvestors.com.au/companies/stocktube/7871/azumah-resources-stephen-stone-reveals-details-on-a-a17-million-earn-in-deal-7871.html Thu, 03 Aug 2017 08:30:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/7871/azumah-resources-stephen-stone-reveals-details-on-a-a17-million-earn-in-deal-7871.html <![CDATA[News - Azumah Resources does A$17 million earn-in deal ]]> https://www.proactiveinvestors.com.au/companies/news/181813/azumah-resources-does-a17-million-earn-in-deal-181813.html Azumah Resources (ASX:AZM) has entered into a binding term sheet detailing an earn-in of up to 47.5% of its Wa Gold Project in Ghana for an expenditure of US$13.5 million ~(A$17 million).

The two-stage earn-in is over two years and is with Perth managed private equity group, Ibaera Capital GP Limited.

The deal’s objective is to boost resources and reserves and deliver a fundable development project.

Under the deal, Ibaera also has the option to invest up to A$2 million in Azumah shares at a premium of 10% above the 10-day volume-weighted average price by 31 August 2017.

Execution of the full earn-in, investment and joint venture agreement (EIJVA) is expected by 31
August 2017.

Stephen Stone, managing director, commented

“This transaction represents a game changer for the company and another important step in unlocking fundamental value and achieving a market rerating.

“It’s been a tough environment in which to build new projects and having carefully considered several options, we are very pleased to be partnering with Ibaera.

“We are looking forward to working with its team of focused and highly regarded mining industry professionals who have a proven capability in discovery and for driving major projects to production whilst employed at WorleyParsons Ltd (ASX:WOR), Fortescue Metals Group Ltd (ASX:FMG) and BHP Billiton Limited (ASX:BHP).

“Shareholders can expect an increased news flow reflecting a range of value adding investment catalysts as the Ibaera funding injection drives an acceleration of activities.”

Building towards a 90,000 ounce per year gold operation

The objective of the deal is to boost gold resources and reserves above the present 2.1 million ounces and 624,000 ounces respectively.

Furthermore it aims to deliver within a two-year time frame, or less, a revised feasibility study to support the funding and development of the presently proposed 90,000 ounce per year gold operation.

Transaction details

The key provisions of the upcoming EIJVA to be executed by 31 August 2017 include:

- Ibaera may spend an initial US$11.25 million (~A$14.3 million) within two years, in accordance with quarterly cash calls, to earn an initial 42.5% interest;
- If additional funds are required to achieve the key objectives of the joint venture, and Azumah elects not to pro-rata co-fund, Ibaera may sole fund the next US$2.25 million (~A$2.8 million) and earn an additional 5% interest - total of US$13.50 million (~A$17 million) and 47.5%;
- If Ibaera does not fulfil its initial funding obligations of US$11.25 million, subject to provisions to rectify this, it will withdraw from and not hold any equity in Azumah’s African subsidiary;
- The parties will then work together to co-fund all future expenditures and/or secure project development funding with each party having the right to match third party funding terms; and
- Ibaera will have the right, but not the obligation, to subscribe prior to 31 August 2017 (or the date of execution of the EIJVA if earlier) for A$2 million and an absolute maximum of 65 million new ordinary shares in Azumah at a 10% premium to the 10-day VWAP on the date it subscribes for the shares.

Wa Gold Project

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date, the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

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Wed, 02 Aug 2017 12:17:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181813/azumah-resources-does-a17-million-earn-in-deal-181813.html
<![CDATA[News - Azumah Resources granted trading halt ahead of transaction details ]]> https://www.proactiveinvestors.com.au/companies/news/181809/azumah-resources-granted-trading-halt-ahead-of-transaction-details-181809.html Azumah Resources (ASX:AZM) has been granted a trading halt by the ASX ahead of a pending material announcement.

The upcoming news is regarding a material earn-in, investment and joint venture transaction as well as a capital raising.

The halt will remain in place until the earlier of Friday, 4 August morning trading commencement or the announcement of relevant information.

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date, the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

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Wed, 02 Aug 2017 10:42:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181809/azumah-resources-granted-trading-halt-ahead-of-transaction-details-181809.html
<![CDATA[News - Azumah Resources lays out plan to grow West African gold inventory ]]> https://www.proactiveinvestors.com.au/companies/news/181309/azumah-resources-lays-out-plan-to-grow-west-african-gold-inventory-181309.html Azumah Resources (ASX:AZM) has identified 140 target areas within its 2,400 square kilometre Wa Gold Project located in Ghana, West Africa.

Of the 140 targets, 18 are considered very-high priority and 32 are considered high priority.

The findings are a result of an updated targeting study by geological consultants CSA Global Pty Ltd.

The study will underpin Azumah’s post-seasonal rains exploration push to increase total gold JORC resources to over 3.0 million ounces and Ore Reserves to over 1 million ounces.

Stephen Stone, managing director, commented: “Whilst we have sufficient Ore Reserves to firmly underpin a seven-year, 100,000 ounces per year gold mining operation with robust operating margins, we recognise the need to increase Ore Reserves to reduce the establishment capital cost assigned to each reserve ounce and to enhance overall project metrics.”

Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date, the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

Proven exploration methods

Azumah has a good track record of discovery plus its regional-scale footprint of prospective Birimian geological terrain supports its strategy to grow resources and reserves.

The company will systematically test its new and extensive array of priority targets, initially using low-cost auger or aircore drilling.

Follow-up reverse circulation drilling will take place as warranted.

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Mon, 24 Jul 2017 12:05:00 +1000 https://www.proactiveinvestors.com.au/companies/news/181309/azumah-resources-lays-out-plan-to-grow-west-african-gold-inventory-181309.html
<![CDATA[News - Azumah Resources samples more high grade gold in West Africa ]]> https://www.proactiveinvestors.com.au/companies/news/178221/azumah-resources-samples-more-high-grade-gold-in-west-africa-178221.html Azumah Resources (ASX:AZM) has sampled grades of up to 60.0 g/t gold in another batch of rock chip samples from its regional-scale Wa Gold Project located in Ghana.

Additional reconnaissance stage mapping and rock chip sampling has identified several new areas of interest within its Julie West licence.

Drilling campaigns are being designed to test and extend the recently discovered mineralisation at a growing pipeline of targets.

Stephen Stone, managing director, commented: “Julie West now stands as an excellent project in its own right and continues to excite our geological team, who keep finding new zones of mineralisation”.

“There is considerably more work to be undertaken at Wa East and we have the right team with a strong track record of discovery to deliver additional ounces.”


Julie West exploration results

Exploration at Julie West continues to develop targets with recent reconnaissance stage mapping and rock chip sampling returning high- grade values including:

ABC Area (Delta): 12.30 g/t, 11.40 g/t, 4.75 g/t and 4.49 g/t gold;
ABC Area (Bravo): 37.70 g/t, 6.17 g/t and 3.56 g/t gold;
Danyawu Area: 60.0 g/t gold;
JW5: 26.10 g/t, 9.49 g/t and 3.18 g/t gold;
JW2: 18.80 g/t and 6.00 g/t gold;
Koda Hill: 5.11 g/t gold; and
Northwest: 0.32 g/t, 0.25 g/t and 0.15 g/t gold.

This adds to the March rock chip samples from JW1, JW2, JW3 and JW4 of 17.4 g/t, 4.01 g/t, 3.93 g/t, 3.63 g/t, 2.48 g/t, 2.29 g/t, 2.03 g/t and 1.72 g/t gold.

Follow-up trenching at the new JW5 target identified a 9 metre wide mineralised quartz vein containing a high-grade intercept of 2 metres at 27.9 g/t gold.


Work continues

Generative auger and rock chip sampling, trenching and mapping campaigns continue across Azumah’s extensive West African tenure.
Furthermore, a formal update of the 2013 Targeting Study has been commissioned and will be available in coming weeks.

A component of the new study will be to interrogate the vast quantity of multi-element data that Azumah routinely collects from its geochemical, aircore and reverse circulation drilling activities.


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Analysis

These latest results confirm mineralisation is very widespread across the 142 square kilometre Julie West licence.

Significantly, the widespread mineralisation indicates numerous opportunities for resource increases at Julie West.

Drilling programs which are being planned will further confirm the extent of this sampled gold mineralisation and has the potential to be a value catalyst for the company.

The company remains leveraged to short term news flow with exploration field work continuing across the project.

Azumah is at a pivotal point in its growth cycle and the substantial 2.1 million ounce gold resource provides the company with development optionality.

At its current share price, the company has a market cap of A$15.7 million, which is a compelling valuation given the company’s gold resource inventory.

Azumah has previously outlined that it is talking at the corporate and direct project level with a number of international groups with the aim being to advance the project through to development.

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Wed, 24 May 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/178221/azumah-resources-samples-more-high-grade-gold-in-west-africa-178221.html
<![CDATA[News - Azumah Resources samples high grade gold in West Africa ]]> https://www.proactiveinvestors.com.au/companies/news/174069/azumah-resources-samples-high-grade-gold-in-west-africa-174069.html Azumah Resources (ASX:AZM) has sampled grades of up to 17.4 g/t gold in recent rock chip sampling at its regional-scale Wa Gold Project located in Ghana.

44 rock chip samples were collected from four prospects on the 146 square kilometre Julie licence, which included the Georgie target and three new targets.

First pass drilling at the Georgie target in late 2016 produced 3 metres at 9.78 g/t gold from 12 metres and 2 metres at 4.35 g/t gold from 7 metres.

Geochemical sampling and mapping underway to screen and delineate the sampled targets and additional targets for drill testing.

Stephen Stone, managing director, commented: “The 5,885 metre multi-target drilling program completed in late 2016 delivered four new discoveries of primary mineralisation for the Wa East region, including at the Georgie prospect on the Julie West licence.

“We look forward to the eventual drilling of these latest targets and to hopefully replicating these successes.”


Rock chip assays

Forty-four rock chip samples were collected from generally limited areas of outcrop in or around the areas of gold-in-soil anomalism or from shallow artisanal workings.

The four prospects have been named JW1, JW2, JW3 and JW4.

Assay highlights from each prospect include:

- JW1: 17.40 g/t gold, 2.48 g/t gold and 2.03 g/t gold in quartz veins and 3.63 g/t gold from the host tonalite rock confirm and extend previous sampling;
- JW2: 4.01 g/t gold and 3.93 g/t gold and 0.46 g/t gold from the host tonalite;
- JW3: 0.99 g/t gold and 0.61 g/t gold; and
- JW4: 2.29 g/t gold.


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Analysis

The recently acquired Julie West licence continues to deliver new targets highlighting its prospectivity and capacity to deliver more mineralisation into Azumah’s growing 2.1 million ounce gold platform.

The follow up mapping, trenching and auger work will help Azumah understand the value of these prospects and advance them towards becoming a potential gold resource.

During the current March quarter, Azumah plans to:

Exploration.

- Review drilling results from all targets and plan follow-up programmes as warranted;
- Progress exploration at several other prospects within the Company’s target pipeline; and
- Continue evaluating the newly acquired Julie West licence.

Wa Gold Project Development.

- Progress discussions with parties interested in project financing and development co-participation;
- Advance discussions with the Ghana Government on securing material fiscal concessions (a new government was elected on 7 December, 2016 with the New Patriotic Party lead by Nana Akufo-Addo replacing the National Democratic Congress); and
- Progress applications for environmental licences for the proposed Kunche-Bepkong and Julie Project sites.

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Thu, 02 Mar 2017 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/174069/azumah-resources-samples-high-grade-gold-in-west-africa-174069.html
<![CDATA[News - Azumah Resources makes fourth discovery at West African gold project ]]> https://www.proactiveinvestors.com.au/companies/news/170294/azumah-resources-makes-fourth-discovery-at-west-african-gold-project-170294.html Azumah Resources (ASX:AZM) has received final results from its recently completed drill program confirming a fourth discovery of primary gold mineralisation at the Wa gold project located in Ghana.

The 93 hole, 5,885 metre combined reverse circulation and aircore program returned 3 metres at 9.78 g/t gold from 12 metres depth at the Georgie anomaly.

A follow-up reverse circulation drilling program is planned at Georgie to test for strike and depth continuity.

The Wa gold project is comprised of a number of separate licences and the Georgie discovery is located within the Julie West licence, which was only recently acquired.

Stephen Stone, managing director, commented:

"These final results confirm the just completed 5,885 metre multi-target drilling program to have been an outstanding success, delivering four new discoveries of primary mineralisation at previously undrilled anomalies and all proximal to the main ore deposits and proposed mining infrastructure."


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.
 
Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Drill result details

Highlights from the final drill results from the recently completed program include:

Julie West Licence (recently acquired)

- 3 metres at 9.78 g/t gold from 12 metres (Georgie); and
- 2 metres at 4.35 g/t gold from 7 metres (Georgie).

Josephine Licence Area

- 9 metres at 3.64 g/t gold from 55 metres including 1 metre at 16.8 g/t gold (Manwe);
- 8 metres at 2.53 g/t gold from 70 metres including 1 metre at 9.2 g/t gold (Manwe);
- 5 metres at 3.46 g/t gold from 89 metres including 1 metre at 7.9 g/t gold (Josephine);
- 13 metres at 2.43 g/t gold from 74 metres including 2 metres at 4.15 g/t gold (Josephine); and
- 12 metres at 1.66 g/t gold from 149 metres including 2 metres at 4.15 g/t gold (Josephine).

Julie Licence

- 1 metre at 1.11 g/t gold from 12 metres (Madam’s Farm);
- 1 metre at 1.39 g/t gold from 17 metres (Madam’s Farm);
- 4 metres at 7.64 g/t gold (Kjersti East trenching); and
- 2 metres at 1.21 g/t gold (Kjersti East trenching).


Analysis

The final drill results reinforce the gold endowment at Azumah’s regional-scale Wa gold project that already hosts a 2.06 million ounce  gold resource with 624,000 ounces of Ore Reserves.

The drill program was successful in making four discoveries proximal to main ore deposits and proposed mining infrastructure.

Final results reveal a fourth discovery of primary gold mineralisation at the recently acquired Julie West licence.

Results at the evolving Manwe discovery also confirmed strike and depth continuity.

Furthermore, final results confirm the Josephine prospect as a consistently mineralised system over a strike length of 400 metres and to a vertical depth of 130 metres where it remains open.

This has now advanced this prospect to a stage where a maiden resource estimate can be commissioned.

Azumah is in the process of finalising its environmental impact statement to obtain a Ghana environmental protection agency license for the project.

The project benefits from supportive regional infrastructure including grid power to site, good quality roads, easy access to water and a sealed airstrip.

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Mon, 12 Dec 2016 12:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/170294/azumah-resources-makes-fourth-discovery-at-west-african-gold-project-170294.html
<![CDATA[News - Azumah Resources Ltd drills up to 28.9g/t gold in West Africa ]]> https://www.proactiveinvestors.com.au/companies/news/167799/azumah-resources-ltd-drills-up-to-289gt-gold-in-west-africa-167799.html Azumah Resources Ltd (ASX:AZM) has received mid-program results grading up to 28.9 g/t gold from its multi-target drilling at the Wa Gold Project located in Ghana.

Results have confirmed extensions to existing mineralisation at the Josephine prospect with a best intercept of 10 metres grading 7.43 g/t gold from 97 metres.

First pass drilling at Manwe South, Madam’s Farm and Julie Far East have all successfully confirmed near-surface primary mineralisation.

A total of 74 holes for 4,831 metres out of a planned 5,500 metres have been completed.

Results from 27 holes have been received with the remaining assays expected within weeks.

Stephen Stone, managing director, commented: “This bodes well for the eventual estimation of a maiden Mineral Resource to supplement Azumah’s existing 2.1 million ounce Mineral Resources.”


Background

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.

Licences cover 2,400 square kilometres and encompass over 150 kilometres strike of the prospective Birimian terrain, the rocks that host the majority of West Africa’s major gold mines.
 
Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.

Azumah anticipates Mineral Resources will continue to grow through the systematic testing of its pipeline of specific targets, prospects and many areas of interest.

Azumah holds a 16.5% interest in its neighbour and junior Ghana explorer, Castle Minerals NL which has circa 10,000 square kilometres of licences adjacent to Azumah.


Mid-program drill results

Mid-program results have been received from Josephine Main, Manwe South, Julie Far East and Madam’s Farm.


Josephine Main

Drilling has extended mineralisation to 400 metres of strike and remains open at depth.

All six holes intersected mineralisation, which includes 10 metres at 7.43 g/t gold from 97 metres including 2 metres at 28.95 g/t gold.

The broader mineralised envelope has been expanded with intercepts of 14 metres at 1.19 g/t gold from 74 metres, 9 metres at 1.08 g/t gold from 47 metres and 9 metres at 1.34 g/t gold from 61 metres.

Drilling is advancing towards a maiden Mineral Resource estimate.


Manwe South

First pass drilling intercepted 2 metres at 22.99 g/t gold from 46 metres, 4 metres at 2.14 g/t gold from 16 metres and 9 metres at 2.01 g/t gold from 22 metres.

Additional holes are planned.


Julie Far East

First pass drilling intercepted 7 metres at 3.00 g/t gold from 44 metre and 8 metres at 1.50 g/t gold from 18 metres.

This likely confirms an eastern offset to the main Julie ore deposit trend and additional holes are planned.


Madam’s Farm

First pass drilling intercepted 2 metres at 3.29 g/t gold from 32 metres and 4 metres at 2.20 g/t gold from 34 metres.

Additional holes have already been drilled with results available in the coming weeks.


Analysis

These mid-program results demonstrate the potential the Wa Gold Project has to host shallow gold mineralisation.

The results from Josephine are encouraging and confirm extensions to the current mineralisation, which increases the likelihood of a maiden Mineral Resource estimate at the prospect.

First pass testing at Manwe South, Julie Far East and Madam’s Farm is a further indicator of the prospectivity of Azumah’s 2,400 square kilometre project area.

Azumah will stay leveraged to exploration news flow over the coming weeks with the majority of drill results still to come.

Extensive metallurgical test work has been undertaken to confirm a high average overall gold recovery of circa 92% for the Kunche, Bepkong and Julie gold deposits.

Azumah has had two, 15-year mining leases granted over its key deposits and is now moving to obtain environmental operating permits.

The project benefits from supportive regional infrastructure including grid power to site, good quality roads, easy access to water and a sealed airstrip.

Company shares are up over 55% year to date, last trading at $0.044.

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Mon, 24 Oct 2016 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167799/azumah-resources-ltd-drills-up-to-289gt-gold-in-west-africa-167799.html
<![CDATA[News - Azumah Resources updates resource to over 2M gold ounces ]]> https://www.proactiveinvestors.com.au/companies/news/167252/azumah-resources-updates-resource-to-over-2m-gold-ounces-167252.html Azumah Resources Ltd (ASX:AZM) has updated its JORC compliant resources at the Wa Gold Project in Ghana to 2.06 million ounces of gold.

The project hosts 7 gold deposits, has had a feasibility study completed and two mining leases granted.

The resource increase totalled 69,000 ounces gold grading 4.4 g/t gold and came from the outcropping Julie West and Danyawu deposits.

These deposits are only 7 kilometres from the granted mining lease and the project’s largest gold resource, the 834,000 ounce gold Julie deposit. 

Stephen Stone, managing director, commented: “The outcropping Julie West and Danyawu Mineral Resources totalling 69,000 ounces at 4.4 g/t gold are expected to provide high-value incremental ounces to Azumah’s existing 624,000 ounce Ore Reserve and enhance the company’s already advanced plans for the development of an initial seven year, 90,000 ounces per year gold operation.”


Wa Gold Project

Azumah is exploring and developing its regional scale Wa Gold Project in the West African country of Ghana.
  
Three main deposits have been discovered and extensively drilled at Kunche, Bepkong and Julie.

To date the company has defined a JORC 2012 Mineral Resource of 2.06 million ounces of gold grading 1.5 g/t gold across 7 deposits.

The Kunche, Bepkong and Julie deposits have an Ore Reserve of 624,000 ounces gold.

Azumah completed a feasibility study for an open pit mining operation based on an initial seven-year life producing ~90,000 ounces gold per year.

The company has had two, 15-year mining leases granted over its key deposits.


Current drilling

Azumah is nearing the end of a multi-target, 5,500 metre drilling campaign investigating several new targets.

The key objective is advancing the Josephine and Manwe prospects closer to maiden resource estimates.


Analysis

The resource increases at the Julie West and Danyawu deposits are valuable due to their shallow depth and high grade.

These attributes mean they have the potential to be cost effectively mined.

Azumah has further potential to expand its resource base at the Wa Gold Project through the ongoing drill program targeting maiden resource estimates at the Josephine and Manwe prospects.

Azumah is in the process of finalising its environmental impact statement to obtain a Ghana environmental protection agency license for the project.

The project benefits from supportive regional infrastructure including grid power to site, good quality roads, easy access to water and a sealed airstrip.

Company shares are up over 40% year to date, last trading at $0.04.

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Wed, 12 Oct 2016 09:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/167252/azumah-resources-updates-resource-to-over-2m-gold-ounces-167252.html
<![CDATA[News - Azumah Resources Ltd begins drilling to expand Ghana gold resources ]]> https://www.proactiveinvestors.com.au/companies/news/165845/azumah-resources-ltd-begins-drilling-to-expand-ghana-gold-resources-71008.html Azumah Resources Ltd (ASX:AZM) has commenced a 5,500 metres drilling campaign to test several high-priority targets at its Wa Gold Project in north-west Ghana.

The Wa Gold Project contains an ore reserve of 624,000 ounces gold at 2.14 g/t gold.

Azumah had completed a feasibility study, which estimated an initial 7 year mine-life for Wa, producing 90,000 ounces of gold per annum.

The new drilling will test multiple targets at Manwe for depth and strike extensions to the high-grade mineralisation discovered earlier in the year.

At Madam’s Farm, 4 kilometres northwest of the main Julie deposit, drilling will test a new area of auger and rock chip anomalism trending parallel to the Julie mineralisation.

Additionally, reverse circulation drilling at Kjersti East has been designed to follow-up high grade anomalism identified in recent trenching that returned up to 4 metres at 7.64g/t gold.

The aircore and reverse circulation programs are expected to be completed by end-September with results in October.

Azumah is presently progressing discussions with parties interested in project financing and development co-participation for the Wa project.

The company is also progressing on obtaining Ghana Environmental Protection Agency license for the project.

Azuma raised $4.65 million in July from a share placement and a share purchase plan.

The company’s share price has increased by 64% since the beginning of 2016, last trading at $0.046.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 14 Sep 2016 15:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/165845/azumah-resources-ltd-begins-drilling-to-expand-ghana-gold-resources-71008.html
<![CDATA[News - Azumah Resources Ltd raising cash for African exploration ]]> https://www.proactiveinvestors.com.au/companies/news/149950/azumah-resources-ltd-raising-cash-for-african-exploration-69239.html Ghana focused gold explorer and developer Azumah Resources Ltd (ASX:AZM) is heading to market with a capital raising.

Azumah's Wa Gold Project hosts 2 million gold ounces, with 1.3 million ounces in the higher confidence measured and indicated categories.

The ASX has granted a trading halt, which will remain in place until the opening of trade on Monday 20th June 2016, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 16 Jun 2016 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/149950/azumah-resources-ltd-raising-cash-for-african-exploration-69239.html
<![CDATA[News - Azumah Resources Ltd looks to expand 2M ounce gold bounty in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/149949/azumah-resources-ltd-looks-to-expand-2m-ounce-gold-bounty-in-ghana-68937.html Azumah Resources Ltd (ASX:AZM) has completed an auger drilling program at the Manwe prospect that has extended to 3 kilometres zones the anomalous zone at the prospect, part of the Wa Gold Project in Ghana.

Azumah is looking to add to the gold resource of 2 million ounces and 624,000 ounces of reserves at Wa.

Azumah previously received excellent results from Phase 1 drilling at Manwe, including 12 metres at 5.28 g/t gold from 49 metres and 32 metres at 2.18 g/t gold from surface.

The company is currently conducting another 21 square kilometres auger drilling programme aimed at defining the extremities to the northwest - southeast trending anomalism.

Earlier this month Azumah Resources reported several initiatives designed to achieve major capital cost reductions at the project.

These resulted from a review of the March 2015 feasibility study and included US$54 million from establishment costs and US$28 million from its mining fleet, which will now be provided by a contractor.

The cost savings will reduce the capital funding requirement for the development of the WA Project.  Taken with strengthening gold prices, and the resulting improved investor sentiment, this enhances the chances of securing development finance.

Shares in Azumah Resources are up nearly three-fold from their low in January 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 31 May 2016 12:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/149949/azumah-resources-ltd-looks-to-expand-2m-ounce-gold-bounty-in-ghana-68937.html
<![CDATA[News - Azumah Resources on a funding drive ]]> https://www.proactiveinvestors.com.au/companies/news/149948/azumah-resources-on-a-funding-drive-65494.html Azumah Resources (ASX:AZM) is heading to market with a capital raising, and the ASX has granted the company a trading halt to prepare.

Azumah is focussed on the Wa Gold Project in Ghana, which currently hosts 2 million gold ounces, with over half in the higher confidence Measured & Indicated categories.

The halt will remain in place until the opening of trade on Wednesday 11th November 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 09 Nov 2015 15:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/149948/azumah-resources-on-a-funding-drive-65494.html
<![CDATA[News - Azumah Resources cornerstone investor adds to holdings at premium ]]> https://www.proactiveinvestors.com.au/companies/news/149947/azumah-resources-cornerstone-investor-adds-to-holdings-at-premium-57606.html Azumah Resources (ASX:AZM) should trade firmer after existing shareholder Caitlyn Limited committed to invest an additional $1.2 million, reinforcing its commitment to assist Azumah advance its Wa Gold Project in Ghana, West Africa.

Funds will be provided via the issue of 30 million Azumah shares at $0.04 and together with Caitlyn’s existing shareholding of 20 million shares, will elevate it to become Azumah’s largest shareholder at 13%.

Azumah’s working capital will increase to over $4 million with the new funds being applied to complete a Feasibility Study scheduled for Q4 2014, and to drill several high-priority exploration targets.

The increased commitment by Caitlyn provides a strong endorsement for the Wa Gold Project and complements Azumah's other key investors and project participants, Ausdrill (ASX:ASL) and Macquarie Bank.

Caitlyn is controlled by Indian industrialist Mr Agnivesh Agarwal who is Chairman of United Arab Emirates-based gold refiner Fujairah Gold, a 100%-owned subsidiary of listed British mining house, Vedanta Resources (LON:VED).

A subscription agreement also provides Caitlyn with a frontline opportunity to participate in a project development funding package structured by Azumah.

If Caitlyn decides to not participate, it has agreed not to use its shareholding to block progress of the funding or any related corporate transaction.

An anti-dilution provision allows Caitlyn to maintain its 13% equity holding for the next 12 months and a standstill undertaking prevents Caitlyn exceeding a 19.99% holding for 3 years.

Azumah recently increased Ore Reserves and Mining Inventory to over 650,000 gold ounces, underpinning an initial seven year mine life for the proposed 100,000 ounce per year operation.

The project is already substantially de-risked with mining leases granted, grid power to site, easily accessible water, sealed roads and community support.

There is also the untapped prospectivity of Azumah’s 2,800 square kilometre licence holdings.

In late January, Azumah entered into an innovative alliance with Ausdrill whereby it will gain funding via a convertible note.

Ausdrill will invest $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05.

At the time, Azumah was trading just above $0.03.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 16 Sep 2014 15:30:00 +1000 https://www.proactiveinvestors.com.au/companies/news/149947/azumah-resources-cornerstone-investor-adds-to-holdings-at-premium-57606.html
<![CDATA[News - Azumah Resources clinches gold leases in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/149946/azumah-resources-clinches-gold-leases-in-ghana-56537.html Azumah Resources (ASX:AZM) shares will trade higher after the Ghanaian Minister of Lands and Natural Resources granted two mining leases for its Wa Gold Project in Ghana.

The leases are for a term of 15 years and encompass the Kunche and Bepkong deposits, where Azumah’s proposed 1.2 million tonne per year gold plant will be sited, and the Julie deposit, 80 kilometres to the east.

Granting of the mining leases represents another milestone in de-risking and advancing Azumah’s Wa Gold Project to development ready status and planned production in 2016.

Combined with the provision of new grid power infrastructure and the issue of water extraction licences, the grant of the Mining Leases underscores the Ghana Government’s strong support for the project.

Importantly, the grant of the Mining Leases paves the way for Azumah to formally commence its application to the Ghana Environmental Protection Authority for an environmental permit.

As part of this process, Azumah is updating a previously lodged draft Environmental Impact Statement.

GR Engineering Services is managing a feasibility study for the project that is on-track for completion this year. 

In late January, Azumah entered into an alliance with mining services company Ausdrill (ASX:ASL) whereby it will gain funding via a convertible note.

Ausdrill invested $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05.

At the time, Azumah was trading just above $0.03.

And in November last year, whilst trading at $0.025, AZM completed a $1 million placement at $0.05 to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal.

Agarwal is managing director of United Arab Emirates based gold refiner, Fujairah Gold FZE, in turn a wholly-owned subsidiary of the Indian mining conglomerate, Vedanta Resources (LON:VED).

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 28 Jul 2014 12:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/149946/azumah-resources-clinches-gold-leases-in-ghana-56537.html
<![CDATA[News - Azumah Resources shares on the up following gold price and placement premiums ]]> https://www.proactiveinvestors.com.au/companies/news/149945/azumah-resources-shares-on-the-up-following-gold-price-and-placement-premiums-52940.html Azumah Resources (ASX:AZM) shares have soared on the back of multiple share placements at premiums to its prevailing share price, coupled with a possible reversal to the previously downtrending gold price.

Its shares galloped to an intraday high of $0.056 today, before retracing, up from lows of $0.021 in mid-December 2013.

In late January, Azumah entered into an innovative alliance with mining services company Ausdrill (ASX:ASL) whereby it will gain funding via a convertible note.

Ausdrill will invest $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05.

At the time, Azumah was trading just above $0.03.

And in November last year, whilst trading at $0.025, it completed a $1 million placement comprising 20 million new shares at $0.05 to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal.

Agarwal is managing director of United Arab Emirates based gold refiner, Fujairah Gold FZE, in turn a wholly-owned subsidiary of the Indian mining conglomerate, Vedanta Resources (LON:VED).

Azumah is focused on the exploration and development of the 3,100 square kilometre Wa project, which contains a JORC mineral resource of over 2 million ounces of gold.

The company also holds a 15.5% strategic stake in neighbouring junior explorer, Castle Minerals (ASX:CDT), which controls 11,000 square kilometres of prospective ground in the region.

Azumah last traded at $0.045 and is capitalised at around $17 million.

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Tue, 18 Feb 2014 17:44:00 +1100 https://www.proactiveinvestors.com.au/companies/news/149945/azumah-resources-shares-on-the-up-following-gold-price-and-placement-premiums-52940.html
<![CDATA[News - Azumah Resources strikes $2M funding deal with Ausdrill Limited ]]> https://www.proactiveinvestors.com.au/companies/news/149944/azumah-resources-strikes-2m-funding-deal-with-ausdrill-limited-52233.html Gold company Azumah Resources (ASX:AZM) has entered into an innovative alliance with mining services company Ausdrill (ASX:ASL) whereby it will gain funding via a convertible note.

Ausdrill will invest $2 million in Azumah via a two year unsecured converting note which Ausdrill may convert into Azumah shares at $0.05 per share anytime prior to expiry.

Currently, the Azumah share price is $0.033.

Azumah is looking to develop the advanced the 2.2 million ounce Wa Gold Project, in north west Ghana which has a Measured and Indicated Resource of 1.4 million ounces grading 1.8 grams per tonne gold.

An update of the Feasibility Study and Mineral Reserves is underway following substantial Mineral Resource increases. The funds invested will be applied principally to the completion of the revised Study.

Under the alliance the parties have undertaken to work together on a collaborative and transparent basis to optimise the mining components of the Project.

Ausdrill is a leading Perth-based contract mining and services group with revenue of over A$1.1 billion in FY2013.

Azumah has the option to repay the note on expiry (if not converted by Ausdrill at $0.05) and pay periodic interest (8%pa) in cash or with new shares to be issued based on the Azumah share price at the time.

Azumah also has the right to require conversion prior to expiry at $0.05 if the 30 day volume average weighted price (VWAP) for Azumah shares is above $0.075.

If Ausdrill was to convert its note at $0.05, it would hold a 10% interest in Azumah making it the Company’s
largest single shareholder.

The alliance with Ausdrill follows the recent $1.0 million placement at $0.05 to Indian industrialist Agnivesh Argawal through his wholly owned Caitlyn Limited and together takes cash reserves for Azumah to $5.5 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 28 Jan 2014 09:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/149944/azumah-resources-strikes-2m-funding-deal-with-ausdrill-limited-52233.html
<![CDATA[News - Azumah Resources bags $1 million at 100% premium for Wa gold project, Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/149943/azumah-resources-bags-1-million-at-100-premium-for-wa-gold-project-ghana-50537.html Azumah Resources (ASX:AZM, TSX:AZR) has completed a $1 million placement comprising 20 million new shares at $0.05, with funds to be directed towards a revised at it Wa gold project in Ghana.

The placement was made to Caitlyn Limited, a private investment company associated with Indian industrialist Mr Agnivesh Agarwal, who will now hold a 5.6% interest in Azumah and become its third largest shareholder.

Agarwal is managing director of United Arab Emirates based gold refiner, Fujairah Gold FZE, a wholly-owned subsidiary of  Indian mining conglomerate, Vedanta Resources (LON:VED).

Azumah is focused on the exploration and development of the 3,100 square kilometre Wa project, which contains a JORC mineral resource of over 2 million ounces of gold.

The company also holds a 15.5% strategic stake in neighbouring junior explorer, Castle Minerals (ASX:CDT), which controls 10,000 square kilometres of prospective ground in the region.

Azumah is currently capitalised at around $8 million.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 26 Nov 2013 11:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/149943/azumah-resources-bags-1-million-at-100-premium-for-wa-gold-project-ghana-50537.html
<![CDATA[News - Azumah Resources intercepts high grade gold at Wa project in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/149942/azumah-resources-intercepts-high-grade-gold-at-wa-project-in-ghana-44422.html Azumah Resources (ASX:AZM; TSX:AZR) has delivered high grade gold intercepts from drilling that are likely to result in a material increase in Mineral Reserves from the Wa East area in Ghana.

These included 3 metres at 15.59 g/t gold from 73 metres, 2 metres at 4.37 g/t gold from 84 metres and 5 metres at 12.69 g/t gold from 68 metres from RD/diamond drilling at Julie East.

These are part of the Wa gold project in northwest Ghana where Measured and Indicated resources have increased to 1.36 million ounces of gold and Inferred resources to 0.85 million ounces of gold.

The conversion to mineral reserves is likely to occur when Azumah hands down its Feasibility Study update later in the year.

Azumah also reported the results of drilling at the Josephine North prospect which has successfully tested for mineralisation below a 400 metres long zone of artisanal workings.

The RC drilling at the Josephine North prospect saw intercepts including 14 metres at 2.18 g/t gold from 28 metres and 5 metres at 1.87 g/t Au from 56 metres.

The Josephine North results highlight the opportunity to define additional mineralisation in the Wa East region and to lift resources that already comprise more than 50% of the Wa Gold Project inventory.

An update of the Feasibility Study and Mineral Reserves is underway following substantial increases in resources.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 13 Jun 2013 11:20:00 +1000 https://www.proactiveinvestors.com.au/companies/news/149942/azumah-resources-intercepts-high-grade-gold-at-wa-project-in-ghana-44422.html
<![CDATA[News - Azumah Resources extends Ghana gold mineralisation ]]> https://www.proactiveinvestors.com.au/companies/news/149941/azumah-resources-extends-ghana-gold-mineralisation-35906.html Azumah Resources (ASX:AZM) has struck more gold at its Wa project in Ghana, with mineralisation at the Julie deposit extending outside of the current resource envelope and below the base of the current shallow pit designs.

The new Julie drill results, along with early stage exploration results from Collette and Kjersti prospects confirm Wa's potential as a highly prospective gold mineralisation zone, with further mineral reserves being defined in the area.

The latest holes at Julie have been drilled into two high grade zones, over 1 kilometres long. Notable intercepts include:

- 7 metres at 5.39 grams per tonne (g/t) gold from 141 metres;
- 13 metres at 5.11g/t gold from 106 metres; and
- 4 metres at 10.32g/t gold from 68 metres.

An updated mineral resources estimate is underway for all key Wa gold project deposits, which now stands at a combined 1.02 million ounces measured and indicated and 0.66 million ounces inferred.

The updated mineral reserve and feasibility study, likely by end of first quarter next year, will include results from an additional 58000 metres of infill and extensional drilling undertaken since the last resource estimate.

The latest drilling results from the Julie deposit confirm the resource potential at the prospect, which is currently declared at 386,000 ounce Measured and Indicated and 181,000 ounce inferred.

The Collette deposit drilling also returned intercepts including 14 metres at 1.53 grams per tonne and 4 metres at 3.51 grams per tonne.

Follow up drilling at Kjersti prospect returned mineralisation at 20 metres at 2.21 grams per tonne and 3 metres at 4.12 grams per tonne.

Drilling is to start on the Josephine prospect to evaluate the gold anomalies.

Azumah's Wa gold project comprises 3,100 square kilometres over the Birimian greenstone belt, with less than 10% effectively explored.

The company also has a 17% strategic investment in neighbouring Castle Minerals (ASX:CDT) and has a cash position of A$16 million.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Thu, 15 Nov 2012 10:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/149941/azumah-resources-extends-ghana-gold-mineralisation-35906.html
<![CDATA[News - Azumah Resources set to grow 1.2 million gold ounces at Wa in Ghana ]]> https://www.proactiveinvestors.com.au/companies/news/149940/azumah-resources-set-to-grow-12-million-gold-ounces-at-wa-in-ghana-11163.html An aggressive drilling campaign has been designed to build on the 1.2 million gold ounce resource at the Azumah Resources (ASX: AZM) Wa Gold Project in Ghana.

Reverse circulation and aircore drilling will focus on the discovery of additional shallow, high-margin resources close to the existing Kunche and Bepkong resources, with the programe including 100,000m of drilling to be completed by the end of 2010, with a further 150,000m by mid-2011.

The Wa Gold Project contains a JORC compliant indicated and inferred resource of 1.2 million ounces of gold, including 516,000 ounces at the Kunche deposit, 350,100 ounces at the Julie deposit and 212,000 ounces at Bepkong.

Azumah's aim is to upgrade this initial resource base to underpin plans to establish an initial 70,000 ounce a year operation, with the goal to expand this to over 100,000 ounces annually.

Stephen Stone, managing director, said “we have achieved a great deal at Wa in a short period but we believe that we have tapped only a small portion of its tremendous prospectivity.

“The recently acquired high-resolution aeromagnetic survey and ground geophysics datasets highlight this and are a real game-changer for Azumah enabling us to place our large pipeline of targets into a much better structural context and to generate new areas of interest.”

Azumah said the first assays are expected within the next few weeks.

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Wed, 27 Oct 2010 05:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/149940/azumah-resources-set-to-grow-12-million-gold-ounces-at-wa-in-ghana-11163.html