REG - Hamak Gold Limited - Extremely Positive Results from First Drill Hole

Hamak GoldAnnouncement

12/12/2022 07:00

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RNS Number : 2914J  Hamak Gold Limited  12 December 2022

 

 

 

 

 

 

 

 

 

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12 December 2022

 

Hamak Gold Limited

("Hamak Gold" or the "Company")

Extremely Positive Results from First Drill Hole at Nimba Licence Intersects
20m of 7 g/t Au, Including 5m at 22g/t Au

Hamak Gold Limited (LSE: HAMA) is pleased to announce positive assay results
from its initial three-hole diamond drilling programme to test gold
mineralization at the Ziatoyah Prospect on the Company's 100% held Nimba
Permit in Liberia.

Highlights

Results for the initial three diamond drill holes drilled on an extensive gold
in soil geochemical anomaly, which is supported by positive rock chip sample
and channel sample results, have intersected broad, near surface gold
mineralization containing high-grade zones with a best intercept of:

·    20.0 metres @ 6.98 grammes per tonne ("g/t") Au from 29.0m (down the
hole) in NZ22-001 including

·    5.0 metres @ 21.73 g/t Au from 35.0m

·    Mineralised unit open at depth and along strike

·    Soil anomaly extends for over 2.5km x 1km suggestive of an extensive
gold mineralised occurrence

·    Intersection is located just 25km from the Ity Mine in Cote D'Ivoire
and exhibits similar mineralogy

 

The drilling confirms the depth extension of surface mineralization previously
reported of 14.0m @ 1.98 g/t Au from channel sampling, and which remains open
at depth.

Karl Smithson, Executive Director of Hamak Gold commented:

"These initial drilling results, from our first gold discovery made at the
Nimba licence, are extremely encouraging and indicate a potentially mineable
width and grade at Ziatoyah. They point to a significant mineralised system
with geological similarities to the nearby deposits currently being mined at
Endeavour Mining's Ity Mine in neighbouring Cote d'Ivoire, only c.25
kilometres to the north-east of Ziatoyah.

"Our next step will be to evaluate the geological model of this promising
first discovery. Then we can plan a focussed drilling programme to establish
the extent of what we have found."

Technical Overview

An initial programme of diamond drilling, comprising three holes for a total
of 450m, has been completed at the Ziatoyah Prospect on the 100% held Nimba
Permit in Liberia. This initial target was located at the north-eastern margin
of a 2,500m long gold in soil geochemical anomaly adjacent to artisanal mine
workings.

Drilling of holes NZ22-001 and 002 was targeted to test channel sample results
of 14.0m @ 1.98 g/t Au and 3.0m @ 3.14 g/t Au returned from the sidewalls of
an extensive artisanal mining excavation, where an exposed metadolerite unit
also returned rock chip sample results of 46 g/t Au and 37 g/t Au.  Hole
NZ22-003 was targeted on a soil geochemical anomaly located some 1,250m north
of the first two drill holes.

Figure 1:  Drill Hole Locations at Nimba Licence

Figure 1: Location of holes NZ22-001, NZ22-002 and NZ22-003 superimposed on
gold in soil geochemistry.

Figure 2:  Drill Hole Section

Figure 2:  Section through drillholes NZ22-001 and 002 at Ziatoyah showing
mineralized intercepts

 

Geology & Mineralization

The host rocks of the mineraliation intersected by drilling are dominated by
Archaean-aged medium grained grey-green mafic intrusives comprised of
plagioclase, amphibole, magnetite and chlorite with fine-grained crystalline
pyrite.

So far initial technical appraisal of the gold mineralization at Ziatoyah
suggests that the gold occurs as free grains within disseminated crystalline
and aggregates of vetiform pyrite attaining levels of between 1% and 10% of
the rock mass which is dominated by locally carbonatized metadolerites.
Microscopic free gold has been identified at numerous locations within the
mineralized drill core. Local shearing appears to enhance the sulphide content
and may be coincident with minor endo-skarnification dominated by iron
sulphides with free gold, chlorite, epidote, tremolite and/or actinolite. A
programme of petrological studies is in progress to better define the styles
and associations of the gold mineralization.

Importantly the mineralization seen in the drilling to date is mineralogically
restricted indicating potentially simple process routes. Scoping metallurgical
test work will be undertaken as part of the next step of the assay process.

It is believed that the styles of this gold mineralization bear certain
similarities to that currently being mined at Endeavour Mining's Ity Mine in
neighbouring Cote d'Ivoire, only c.25 kilometres to the north-east of
Ziatoyah, though the Company is still working on establishing the context of
the geology and geological model for the mineralization.

Significant Gold Results

This initial drilling has confirmed the presence of bedrock gold in the area
immediately beneath the positive channel sample results at Ziatoyah, located
to the southern edge of an extensive gold in soil anomaly previously
reported.  This, coupled with the presence of extensive artisanal mining
operations in the area confirms the potential for economic concentrations of
gold mineralization.

Hole NZ22-002 appears to have been drilled parallel to the dip of the
mineralization intersected in hole NZ22-001 and thus failed to cut the
mineralized zone. Hole NZ22-003 was drilled on a separate soil geochemical
target and intersected a narrow zone of similar style mineralization at
depth.

 

 Table 1: Location of drill holes reported in this press release:

 Hole      Easting  Northing  Elevation  Azimuth  Dip    EOH (m)

 NZ22-001  562015   744095    244.3      292°     -45°   117.7
 NZ22-002  561955   744096    249.9      112°     -45°   181.7
 NZ22-003  561769   745351    269.3      161°     -45°   150.1

 Approximate collar location coordinates in WGDS NAD, Zone 29N,

 

 Table 2: Significant downhole gold intercepts:

 Hole       From   To     Length  Estimated True width (m)  Grade

            (m)    (m)    (m)                               (g/t Au)

 NZ22-001   29.0   49.0   20.0    ~16.0                     6.98
 including  35.0   40.0   5.0     ~4.0                      21.73
            85.0   87.0   2.0     ~0.8                      1.19

 NZ22-002   31.0   32.0   1.0     ~1.0                      0.38

 NZ22-003   134.0  138.0  4.0     ~3.5                      1.05

 Note: Intersections calculated above a 0.3 g/t Au cut-off with no top cut
 applied and a maximum internal waste interval of 2.0m

 

Next Steps

It is highly encouraging to have intersected such significant widths and
grades in the first drill hole. The Company will continue to evaluate the
geological model of what is clearly a promising first discovery in the Nimba
Licence. The objective will be to establish a focussed exploration and
expanded drilling programme to target the lateral and depth extent of this
high-grade geological unit.

 

For further information you are invited to view the company's website at
www.hamakgold.com or please contact:

 Hamak Gold Limited

 Amara Kamara                         +231 (0) 77 005 0005

 Karl Smithson                        +44 (0) 77 837 07971
 Peterhouse Capital Limited (Broker)  +44 (0) 20 7469 0930

 Lucy Williams

 Guy Miller

 Yellow Jersey PR                     +44 (0) 20 3004 9512

 Tom Randell                          +44 (0) 7948 758 681

 Annabelle Wills

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold
exploration of a portfolio of licences in highly prospective areas of Liberia
with a growth strategy that considers other exploration and development
opportunities in the wider West Africa region.

Drilling

The initial drilling programme at Ziatoyah was conducted by Cestos Drilling of
Monrovia Liberia using an Ingetrol Explorer Plus MD3 man-portable rig drilling
triple tube NQ diameter core.  Core recoveries were excellent throughout the
programme approaching 100%.

Core Sampling

After washing and geological logging, the core was marked along the long axis
perpendicular to foliation and cut by diamond saw, with half being sampled and
half retained.

 

Core sampling was undertaken by Hamak Gold's Liberian field crew, supervised
by senior staff members of the Company.  All core samples met the standards
for adequate chain of custody without opportunity for third party access from
the field to the preparation laboratory in Monrovia, Liberia, and then onward
to the ALS Global analytical laboratory in Ghana.

 

Analytical and QA/QC

Sample preparation was performed by Liberia Geochemical Services Inc. in
Monrovia. The entire rock sample was dried and then crushed to 70% passing -2
millimetres and a representative split was taken by riffle splitting. The
1,000 grammes ("g") split was then pulverized up to 85% passing -75 micron and
the required pulp mass of ~ 250g was bagged and labelled for analysis; with
the remainder being stored.

 

Analysis was performed by ALS Global at their laboratory in Ghana by fire
assay with atomic absorption finish, specifically for gold content, using
method Au-AA24 with a 50g charge.   During the analysis, four samples from
drill hole NZ22-001 exceeded the detection limits (of 10 ppm Au or 10g/t Au)
whereby the over limit samples underwent fire assay with a gravimetric finish
using method Au-GRA22 with a 50g charge.

 

In addition to ALS quality assurance / quality control ("QA/QC") protocols,
Hamak has implemented a quality control programme for all samples collected
through the drilling programme.  The quality control programme was designed
by a qualified and independent third party, with a focus on the quality of
analytical results for gold. Analytical results are received, imported to our
secure on-line database and evaluated to meet our established guidelines to
ensure that all sample batches pass industry best practice for analytical
quality control.

 

QC was performed by the analysis of four different certified lab standards
with gold values similar to that expected from the rock samples. These
standards were inserted within each sample batch and returned appropriate
levels of gold within the range of each standard.

 

Qualified Person

The technical information in this announcement that relates to exploration
results is based on information reviewed by Hamak Gold's retained consultant
Dr Colin Andrew, who is an independent Consulting Economic Geologist, and
graduate of Imperial College London and the Royal School of Mines and is a
Member of the Institute of Materials, Minerals and Mining, a Fellow of the
Geological Society of London, a Member of the Society of Economic Geologists,
and a registered Chartered Engineer with the Engineering Council.

 

Colin Andrew has over forty years of diverse mining industry experience,
relevant to the nature of exploration, the style of mineralization and type of
deposit under consideration and to the activity that he is reviewing, to
qualify as a "an "Independent Qualified Person" as such term is defined in NI
43-101.

 

 

 

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