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Hamak Strategy Commences Resource Drilling at Akoko Gold Project in Ghana

Author:
FAQSIR News Desk
Last Updated:
Reading Time
2 min

#Overview of the Drilling Program

Hamak Strategy Limited has officially begun a reverse circulation (RC) drilling program at its Akoko gold project, located in southwest Ghana. The extensive 4,125-meter initiative is designed to facilitate the development of the project's maiden JORC compliant mineral resource estimate, essential for evaluating its economic viability.

#Details of the RC Drilling Initiative

The drilling program, which includes 72 planned holes, focuses on the upper 80 meters of oxide gold material. This area is anticipated to contain significant resources that could be suitable for low-cost open pit mining operations. Previous estimations indicated the presence of approximately 270,000 ounces of contained gold at the site.

#Quality Assurance Measures

To ensure the integrity of the drilling results, Hamak Strategy has implemented strict quality assurance and quality control protocols. The company will collect samples at one-meter intervals and will include certified reference materials along with blanks and duplicates. All samples will be analyzed at an ISO accredited laboratory in Tarkwa, a nearby town, ensuring prompt receipt of the assay results.

#Preparation for Mineral Resource Estimation and Economic Assessment

Hamak has engaged independent geologist Dr. Colin Andrew to lead the preparation of the JORC compliant mineral resource estimate. This assessment will leverage both the current drilling outcomes and previously collected historical data from 16,000 meters of drilling done by earlier license holders. Alongside this, the company is assessing costs and prospects for a preliminary economic assessment, which will explore various mining and processing methods.

#Strategic Direction in Gold and Crypto Asset Management

Hamak Strategy is notable for blending traditional gold exploration with a strategy to manage a digital asset treasury, including a portion of its reserves in Bitcoin. Whilst this approach presents distinctive opportunities, it also introduces risks tied to the volatility and regulatory landscape surrounding cryptocurrencies. Investors are advised to weigh these factors carefully when considering their involvement with the company.

#Key Takeaways

  • Hamak Strategy has launched a 4,125-meter drill program at the Akoko gold project in Ghana.
  • The focus is on the upper 80 meters of oxide gold material to generate a maiden JORC compliant mineral resource estimate.
  • 72 reverse circulation holes are planned to assess the resource potential.
  • The company is employing rigorous quality assurance practices for sample collection and analysis.
  • Hamak also aims to explore economic assessments for potential low-cost mining operations.

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Frequently Asked Questions

The commencement of the 4,125-metre reverse circulation drilling programme at the Akoko Gold Project is critical for advancing the project's resource estimation. This initiative aims to generate a maiden JORC compliant mineral resource estimate, reflecting a systematic approach to assessing the economic viability of the project.
The drilling programme encompasses a total of 72 reverse circulation holes. This robust number indicates a thorough exploration strategy aimed at delineating resource potential across the primary targets at Akoko.
The current drilling focuses on the upper 80 metres of oxide gold material. This selectivity suggests a strategic emphasis on potentially high-grade areas amenable to low-cost open pit mining.
Independent consulting geologist Dr. Colin Andrew has been retained to prepare the maiden JORC compliant mineral resource estimate. His expertise will lend credibility to the assessment, enhancing investor confidence in the project's results.
The Preliminary Economic Assessment aims to evaluate various mining and processing options, alongside capital and operating costs, to provide a comprehensive financial overview of the project. This step is indicative of a forward-looking strategy for the project’s economic viability.
Previous owners conducted a non-JORC resource estimate in 2016, which indicated the presence of 270,000 ounces of contained gold. This historical data provides a foundational benchmark that the current drilling programme seeks to enhance further.
Hamak Strategy is committed to industry best practices in its drilling operations, with a Quality Assurance Quality Control regime that includes the systematic use of certified reference materials and standards. This approach is designed to ensure the integrity of assay results.
Hamak Strategy maintains a portion of its treasury reserves in Bitcoin, indicating a dual focus on gold exploration and cryptocurrency. However, investors should be aware of the inherent high risks and volatility associated with Bitcoin investments, which could impact the company's overall valuation.