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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.”

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ASX:AZM
Market: ASX
Market Cap: $32.29 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