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.”
