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.
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.