REG - Hamak Gold Limited - Positive Channel Sampling Results at Nimba Licence

Hamak GoldAnnouncement

04/08/2022 07:15

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RNS Number : 9061U  Hamak Gold Limited  04 August 2022

 

 

 

 

 

 

 

 

 

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04 August 2022

Hamak Gold Limited

("Hamak Gold" or the "Company")

Positive Channel Sampling Results Provide Drill Ready Targets at the Nimba
Licence

Hamak Gold Limited (LSE: HAMA) is pleased to announce positive channel
sampling results with wide intersects of significant gold mineralization from
its Block-1 grid in the Nimba licence, which is located some 25 kilometres
south-west of Endeavour Mining's Ity Gold Mine complex in neighbouring Cote
d'Ivoire.

Highlights

·    Channel sampling yields encouraging gold results across geological
units from which rock chip sampling results of 45.5 grammes per tonnes ("g/t")
Au and 37/3 g/t Au were previously recovered

·    South face channel sampling yielded 55 metres ("m") at 0.63 g/t Au,
including 14m at 1.98 g/t Au

·    North face channel sampling yielded 11m at 0.99 g/t Au including 3m
at 3.14 g/t Au

·    Within these wide anomalous zones are 2m spaced channel samples
returning 8.56 g/t Au, 3.38 g/t Au and 1.33 g/t Au and also 1m spaced channel
samples returning 5.17 g/t Au and 3.26 g/t Au

·    Results are suggestive of a bulk tonnage gold target

·    Further trenching and channel sampling ongoing across significant
gold in soil anomalies within Block-1

Karl Smithson, Executive Director of Hamak Gold commented:

"The results of the channel sampling in Block-1 of the Nimba licence have
yielded very encouraging grades and widths of gold mineralization which
provide clear drill targets.  These results are associated with rock units
from which we have already identified visible gold and which previously
yielded several high gold grade rock chip sample results.  We are actively
trenching and channel sampling elsewhere in the block to further complement
the results and provide additional drill targets."

Nimba Licence Block-1 Channel Sampling and Results

In late June the Company announced positive gold in soil results and
significant rock chip sampling results of 45.5g/t Au and 37.3g/t Au from its
first sampling block in the Nimba Licence.  The rock chip samples were
collected from a silicified stockwork zone of fine grained metadolerite
containing disseminated auriferous pyrite which has been exposed by artisanal
mining.  A total of 43 channel samples over a distance of 66m were collected
across this exposed zone, subdivided into north and south faces which form a
continuous strike length, and were submitted to ALS Global laboratory in Ghana
for gold fire assay.

The results have returned gold mineralization across the entire 66m channel
length which is not closed off in any direction, with sections of significant
gold mineralization returning 55.0m at 0.63 g/t Au and 11.0m at 0.99 g/t Au,
which include better intervals of 14m at 1.98g/t Au and 3m at 3.14g/t Au
respectively, and  with individual samples returning up to 8.56g/t Au over 2m
splits.

These results are clearly significant from a width and gold anomalism
perspective and provide drill targets as the next step towards defining the
extension of gold mineralization with depth, as well as its lateral extent.

Nimba Licence Blocks-1 Soil Sampling and Results

Results for a further 285 soil samples from Block-1 have been received,
bringing the total collected and assayed to 1,096 samples. Two significant
anomalies have previously been announced, and the additional samples have
revealed a third strong anomaly with gold values of up to 0.732 parts per
million ("ppm") or 0.73g/t Au located in the south-west of the block.
Further soil sampling is being conducted to the south of Block-1 to fully
define these gold anomalies and results are awaited.

Currently, trenching and channel sampling is being conducted across peaks in
gold values in anomalies 1 and 2 within Block-1, to identify further drilling
targets.

Figure 1:  Nimba Block-1 Soil Sampling Results

Stream Sampling and Block-2 Results

Exploration elsewhere in the Nimba licence has included soil sampling of
Block-2 in the north of the licence, where 752 samples have been collected and
assayed.  One positive anomaly with a value of 0.652ppm Au (0.65g/t Au) has
been revealed at the western edge of the block and further sampling will be
required to better define this anomaly.

In addition, stream sampling was conducted around a topographic high called
Mount Blah in the centre of the licence.  The streams sampled drain from a
prominent 8 kilometres long Greenstone Belt ridge that has been subjected to
artisanal mining activity.  Some 29 stream samples have been collected with
several of samples yielding positive gold values up to 2.230ppm Au (2.23g/t
Au).  Further detailed follow up will be required to track up the streams to
the source of the gold anomalies.

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) 7775 194357

 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
and having a growth strategy that considers other exploration and development
opportunities in the wider West Africa region.

QA/QC

Channel sampling was undertaken by Hamak Gold's Liberian field crew,
supervised by senior staff members of the Company.  All rock 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.

 

Sample Preparation

 

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 500
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
reminder being stored.

 

Analysis

 

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, the two samples,
referred to above, 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.

 

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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