REG - Hamak Gold Limited - Positive Gold Exploration Results in Nimba Licence

Hamak GoldAnnouncement

21/06/2022 07:00

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RNS Number : 5398P  Hamak Gold Limited  21 June 2022

 

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21 June 2022

Hamak Gold Limited

("Hamak Gold" or the "Company")

Significant Positive Gold Exploration Results from Nimba Licence

Follow the link to view the announcement in full including all figures:
http://www.rns-pdf.londonstockexchange.com/rns/5398P_1-2022-6-20.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5398P_1-2022-6-20.pdf)

Hamak Gold Limited (LSE: HAMA) is pleased to announce positive gold
exploration results from the first grid block soil sampling in its Nimba
licence, which is located in the North of Liberia and 25 kilometres west of
Endeavour Mining's Ity Gold Mine complex in neighbouring Cote d'Ivoire.

Highlights

·    Analysis of 839 soil samples from Nimba Block-1 returned strongly
positive gold results with values up to 1.52 parts per million ("ppm")*

·    Two strong anomalies with five sample peaks of >1ppm are supported
by additional anomalous values to generate coherent anomalies over two well
defined areas which are open ended to the north-east and south-west

·    Active artisanal gold diggings are present downstream of the gold
anomalies which are associated with topographic highs

·    Trenching and channel sampling planned to target bedrock gold
anomalies

·    Further soil sampling completed from Nimba Block-1 and Block-2 with
results expected shortly

*1ppm is equivalent to 1 grammes per tonne ("g/t")

Karl Smithson, Executive Director of Hamak Gold commented:

"Our first soil sampling results from the systematic exploration programme in
our Nimba licence have generated significant gold in soil anomalies over an
extensive area that remains open ended in both directions. These anomalies
will now be prioritised for detailed follow up through trenching to identify
the potential bedrock sources of the gold anomalies.

"Exploration work continues throughout the high-priority areas of both the
Nimba and Gozohn licences and we expect to announce further results from this
work in the near future."

Nimba Licence Location

The Nimba licence (MEL 7001518) covers an area of 985.60 square kilometres
("km") and is located approximately 120 km to the north-east of the Gozohn
licence and also some 25km west of the 3Moz Ity Gold Mine in neighbouring Cote
D'Ivoire (Figure 1).

Figure 1:  Location map of Nimba licence

Nimba Licence Block-1 Soil Sampling

Sampling Block-1 is located in the south-east of the licence and was sited
over an area that is host to several artisanal digging sites (Figure 2). A
total of 839 soil samples (with an additional 93 quality control samples) have
been collected from the block over an area of 3.7km by 3.4km with line and
sample spacing of 250 metres ("m") and 50m respectively. Results are available
for these samples and are reported below.

A further 285 samples have been collected from a southwestern extension of
Block-1 at a line and sample spacing of 500m and 50m respectively, and are
currently in the laboratory undergoing assay.

In addition, a second sampling block located in the north of the licence over
mapped greenstone belts with associated gold diggings is in progress (Figure
2).  Line cutting has been completed and sampling has commenced, with a total
of 723 samples planned to be collected at a line and sample spacing of 500m
and 50m respectively. Some 472 samples from this Block-2 are already in the
laboratory undergoing assay.

Figure 2:  Location map of Nimba Sampling Blocks

Nimba Licence Block-1 Soil Sampling Results

The Nimba soil sampling results from 839 samples show five significant
anomalous gold values in excess of 1 ppm (1 grammes per tonne ("g/t")) at two
key locations, surrounded by additional anomalous values generating coherent
anomalies. Anomaly 1 (approximately 700m by 450m) attains a high of 1.54ppm
gold whilst Anomaly 2 (approximately 1000m by 500m) attains 1.20ppm gold
(Figure 3).  It is not yet established if these anomalies represent a single
contiguous strike of mineralization. However, it is clear from the results
that the gold anomalies remain open ended to the south-west and north-east.

Importantly the gold in soil values are not constrained within topographic
lows but are located on topographic highs. Active artisanal gold mining is
present down slope from these two strong gold anomalies.

These gold anomalies represent valid targets for detailed follow up to include
trenching and channel and rock chip sampling to identify the host bedrock
geology of the gold.  Positive results from this work will justify a maiden
drilling campaign to test the gold mineralisation at depth.

Figure 3:  Nimba Block-1 Soil Sampling Results

Nimba Licence Extension

An application for a two-year extension to the Nimba licence, as permitted in
the Liberian 2000 Mining Code, has been submitted to the Ministry of Mines and
Energy and is currently being processed.

Gozohn Licence Block-2 Results

As previously announced, 701 soil samples were collected from Block-2 in the
south of Gozohn licence.  Assay results demonstrate a weak gold in soil
anomaly across a central ridge in the block. However, given the highly
encouraging results from Gozohn Block-1 and Nimba Block-1, which have been
prioritised for immediate further work, this anomaly is considered to be lower
priority at this stage.

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

The soil sampling was undertaken by Hamak Gold's Liberian field crew and
followed Standard Operating Procedure HGL_SoP 001.  Supervision was by senior
staff members of the Company.  All 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
analytical laboratory in Ireland.

 

Sample Preparation

 

Sample preparation was performed by Liberia Geochemical Services Inc of
Monrovia who provided aliquots of 75% passing 75 microns in kraft paper bags
along with duplicates and blanks of pulverized beach sand.

 

All sample batches had a series of field and laboratory duplicates and blanks
inserted randomly within each batch. These included:

 

Field Duplicates - Splits of soil samples from the same sampling site /
interval. These splits were bagged separately with separate sample numbers to
be blind to the sample preparation laboratory.

 

Preparation Duplicates - Splits of one sample were taken after the coarse
crush but before pulverizing (pulp). These were done routinely by the sample
preparation laboratory (usually 1 in 20 samples) in Monrovia, Liberia.

 

Pulp Duplicates - Two separate weighing's and analyses from one pulp  were
conducted by the receiving laboratory in Ireland

 

For the analytical batches in question these comprised 839 samples with 46
field duplicates and 47 blanks inserted.

 

Analysis

Analysis was performed by  ALS Global at their OMAC laboratory in Loughrea,
Ireland by AuME-TL43 25g trace gold and Multi Element PKG methodology (Batches
LR 22144968, 22144985, 22145011 and 22145019) reported by certified analysis
on 13th and 14th June 2022.  Over limit Au analysis was by aqua regia
extraction with ICP-MS finish.

 

QC was performed by the analysis of four different certified lab standards
with gold values similar to that expected from the soil samples.  These
standards inserted within each sample batch, 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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