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Azumah Resources Ltd

Azumah Resources reaffirms gold drilling success at Butele North target in Ghana

The company's shares are trading about 8% higher intra-day, at $0.026.

the flag of ghana painted on a human arm
The Wa Gold Project already hosts 2.1 million ounces of gold

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

Quick facts: Azumah Resources Ltd

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