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Azumah Resources Ltd begins drilling to expand Ghana gold resources

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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.

 

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Quick facts: Azumah Resources Ltd

Price: 0.032 AUD

ASX:AZM
Market: ASX
Market Cap: $31.31 m
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Azumah Resources progresses towards developing Wa Gold Project in Ghana

Azumah Resources Ltd(ASX: AZM) managing director Stephen Stone updates Proactive Investors on the company’s progress towards developing its Wa project gold asset in the West African country of Ghana. The plans are advancing following the recent release of a scoping study that indicated...

on 13/8/19

2 min read