Azumah Resources Limited (ASX:AZM) non-executive director Linton Putland has demonstrated his faith in the company's gold strategy by acquiring 125,000 fully paid ordinary shares.
The on-market transaction at 1.6 cents per shares in an indirect interest was Putland’s first acquisition of ordinary shares in the West African gold explorer.
Multiple gold lodes extending below planned open pit
Commenting on the June quarter, managing director Stephen Stone said it was “extremely productive for Azumah on several fronts with the highlight being an 11% increase in mineral resources to 2.77 million ounces following the estimation of a maiden mineral resource of 279,000 ounces for the recently discovered Bepkong 'underground' mineralisation.
“Drilling also confirmed that mineralisation at the Kunche deposit extends up to 500 metres below surface, which raises our expectations for multiple mineralised lodes extending below the planned 1.5-kilometre-long Kunche open pit.”
Azumah’s plans for this quarter comprise a scoping study on the technical and economic viability of a possible underground mining operation at Bepkong, advancing and securing environmental protection authority licence applications for Kunche-Bepkong and Julie, and developing a strategy to identify and secure a new growth opportunity.
Outstanding components of the project feasibility study, due by the end of the year, will also be advanced and the results reported to shareholders.
Opportunities to enhance returns
Stone added: “Azumah continues to work closely with Ibaera Capital to finalise the project feasibility study by the end of the year and to evaluate several opportunities to enhance returns.
“The most notable of [these] is the recently discovered Bepkong underground mineralisation which is yet to be incorporated into our development plans.”