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Azumah Resources Ltd

Azumah Resources enters trading halt pending upgraded mineral resource at Wa Gold Project

The company is completing a feasibility study at Wa which it aims to complete before the end of the year.

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To date Azumah has estimated a JORC mineral resource of 2.5 million ounces of gold grading 1.6 g/t at Wa

Azumah Resources Limited (ASX:AZM) has been granted a trading halt by the ASX pending the release of an announcement regarding upgraded mineral resources.

The company’s shares will remain halted until the earlier of the start of trading on Wednesday July 3, 2019, or when the announcement is released to market.

 

In May the company interested bonanza grades of up to 168 g/t gold, or more than 5 ounces per tonne, extending mineralisation to 500 metres below surface at the Kunche deposit within its Wa project in Ghana, West Africa.

The discovery of gold at these depths marks a step-change in depth expectations for Kunche and provides considerable geological information to guide the next phase of drilling.

READ: Azumah Resources raises $2 million in fully underwritten SPP to advance Wa Gold Project

Last month the company entered into a share purchase plan to raise $2 million, funding the completion of Wa’s feasibility study by the end of the year.

Azumah’s joint venture partner Ibaera Capital GP Limited is approaching the expenditure hurdle where it will have earned a 42% interest in Azumah Resources Ghana Limited as well as the Wa project.

The discovery of below-pit mineralisation at Bepkong and Kunche has seen the requirement for an additional US$2.25 million budget to complete the feasibility study, which has been approved by the JV parties.

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