Proactive Investors - Run By Investors For Investors

Azumah Resources increases gold JORC resource to 2.5 million ounces

An interim study update is expected later this year at the Wa Gold Project.
map with magnifying glass over Ghana
New drilling is planned to increase the project's Ore Reserves

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.”

View full AZM profile View Profile

Azumah Resources Ltd Timeline

Related Articles

TGME plant
February 06 2019
A scoping study for Theta Hill released in October 2018 delivered a positive result for the shallow, high-grade gold resource.
October 20 2018
Montero Mining already has an attractive lithium portfolio in Namibia
January 16 2019
The company has been granted a key approval by the State Government to build processing plant and tailings storage facilities.

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use