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.
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.