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Azumah Resources Ltd

Azumah Resources hits gold at new Butele North target in Ghana

The Wa Gold Project already hosts 2.1 million ounces of gold grading 1.5 g/t gold.

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The company is targeting a 1 million ounce ore reserve to underpin a development decision

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

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Price: $0.03

Market: ASX
Market Cap: $27.4 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