REG - Hamak Gold Limited - Geophysical Survey Commissioned For Gold Discovery

Hamak GoldAnnouncement

06/02/2023 07:00

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RNS Number : 9164O  Hamak Gold Limited  06 February 2023

 

 

 

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6 February 2023

Hamak Gold Limited

("Hamak Gold" or the "Company")

Geophysical Survey Commissioned Over High-Grade Gold Discovery

Hamak Gold Limited (LSE: HAMA) is pleased to announce that it has commissioned
a geophysical survey over the Ziatoyah Prospect on the Company's 100% held
Nimba Licence in Liberia. The Ziatoyah Prospect has an extensive gold in soil
anomaly where initial core drilling over artisanal workings with high-grade
channel sample results, yielded a significant high-grade gold interceptnear
surface.

Highlights

·    Consulting group GeoFocus retained to conduct detailed Induced
Polarisation ("IP") geophysical survey.

 

·    Objective is to map the mineralized sulphide bearing metadolerite
units that recently yielded significant drilling results of 20m @7g/t Au,
including 5m @21gt Au.

 

·    The survey will be expanded over the related 3000m x 1000m gold in
soil anomaly to define the sub-surface mineralized units and to define and
prioritise future drill targets to test the geophysical targets generated.

 

Karl Smithson, Executive Director of Hamak Gold commented:

"The Induced Polarization ("IP") geophysical survey is the next step in
defining the possible extent of the high-grade gold intersections recently
discovered at Ziatoyah by the Company.  The initial survey will focus on the
immediate discovery area and then expand outwards to cover the extensive gold
in soil anomaly that has been defined by detailed geochemical sampling.  Our
objective is to generate new drilling targets that can lead to further
expansion and definition of the high-grade gold intersections already made."

Geophysical Survey

The gold mineralization intersected at Ziatoyah in recent drilling and
observed in outcrop of the mineralized metadolerite unit 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 (Figure 1). Microscopic
free gold has also been identified at numerous points within the mineralized
sections of the drill core.

Based on the high percentage of disseminated sulphides (pyrite) associated
with the gold, the IP geophysical technique is considered best suited to
define the disseminated sulphideand gold-bearing mineralized units below
surface.

 

Figure 1: Sulphide and Gold Mineralization

Figure 2: Location of completed drill holes and soil anomalies to be covered by the survey

The IP survey will commence on the site of the mineralized Ziatoyah outcrop
and signifcant drill intersections and will be expanded outwards from there
once the signature of the mineralization has been established, to cover the
broad soil anomalies (Figure 3).

Figure 3: Proposed IP Survey Area

South African based geophysical consultancy group GeoFocus (Pty) Ltd. has been
awarded the contract to conduct the IP survey.  GeoFocus provides cost
effective geophysical consultancy and equipment hire solutions to the mineral
and environmental industries. Other clients of theirs include major mining
companies such as Anglo American, De Beers, Rio Tinto, BHP Billiton and First
Quantum.

Review of Licence Options

Following the significant drilling results at the new Ziatoyah gold discovery,
the Company has reviewed its portfolio of licences and licences under
option.  At the time of the Company's IPO in March 2022 the priority was to
invest in the exploration of the Nimba and Gozohn licences, both of which have
delivered significant results.  The Company also had an option to acquire a
further five licences in Liberia.  However, it has decided at this stage not
to exercise its option on the Sinoe Lofa and River Gee Licences.  Two other
option licences, being Cestos and Fasama, remain under review but will not be
brought into the Hamak Gold licence portfolio at this point in time as the
Company focuses its resources on the significant drilling results achieved at
Nimba.

 

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,
where significant drilling results have identified a new high-grade gold
discovery with the discovery hole returning 20m @ 7g/t Au near surface.

 

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