REG - Hamak Gold Limited - Positive Liberia Exploration Update

Hamak GoldAnnouncement

14/03/2022 07:01

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RNS Number : 5660E  Hamak Gold Limited  14 March 2022

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14 March 2022

Hamak Gold Limited

("Hamak Gold" or the "Company")

Positive Liberia Exploration Update

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http://www.rns-pdf.londonstockexchange.com/rns/5660E_1-2022-3-11.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5660E_1-2022-3-11.pdf)

 

Hamak Gold Limited (LSE: HAMA) is pleased to announce that exploration work
has been completed across two priority areas in the highly prospective Gozohn
Licence in central Liberia.

Highlights

·    Detailed geochemical soil sampling and geological mapping completed
over two priority areas of the Gozohn Licence

·    1,554 samples collected and consigned to laboratory for multi-element
and gold assay

·    Intensive artisanal gold mining observed in several parts of the
sampled priority areas

·    Field teams now mobilised to the Nimba licence to commence a detailed
exploration programme over priority targets

Karl Smithson, Executive Director commented:

"Hamak Gold has moved exceptionally quickly since our recent IPO to undertake
exploration activities over priority target areas in the Gozohn licence.  Two
detailed grid blocks have been soil sampled which are centred over intensive
artisanal gold diggings of saprolite overlaying high-interest greenstone belt
geology. Our exploration strategy is to fast track detailed geochemical soil
sampling to identify and delineate gold anomalies related to underlying
hard-rock gold sources that can then be trenched and drilled.

"Samples are being assayed in the laboratory and we are looking forward to
announcing the first results over the coming weeks. In addition, our
geological teams have commenced exploration in the Nimba licence and we look
forward to updating shareholders on progress and results in the near future."

Background

Gozohn Licence Exploration

The Gozohn licence (MEL 7002318) covers an area of 766 square kilometers and
is located some 30 kilometres to the south of the high-grade Kokoya Gold mine
operated by MNG Gold.  The licence is host to a number of structurally
controlled greenstone belts similar to those at Kokoya, with strongly deformed
amphibolite, quartzite, schist and banded ironstone formations which generally
occur as topographic highs.

Several of these greenstone ridges are mineralised with gold as evidenced by
extremely active artisanal gold diggings, particularly on the western slope of
Mt. Koklun.  Geological mapping and sampling has therefore initially focussed
on this area and 46.5 km of baseline and sampling traverse lines have been cut
with 853 soil samples collected across the whole area at a sampling interval
of 50m with traverse lines spaced 250m and 500m apart.  These samples were
consigned to the Liberia Geochemical Services Inc. laboratory in Monrovia
where they were weighed, dried and screened to minus 180 micron, prior to
shipping to the ALS laboratory in Loughrea, Ireland ("ALS"), where the soil
samples are currently being assayed for super trace gold and multi-element
analysis.

A second priority soil sampling block has also been completed to the south of
Mt. Koklun  over deformed greenstone units comprising
quartz-mica-amphibolite-banded iron formation that is also being exploited by
artisanal gold miners.  A total of 40km of baseline and sampling traverse
lines have been cut with 701 soil samples collected across the area at a
sampling interval of 50m with a 500m interval line spacing.  These samples
have been prepared at the Liberia Geochemical Services Inc. laboratory in
Monrovia and will shortly be consigned to  ALS for multi-element and gold
assay.  First results from the Gozohn sampling exercise are expected over the
coming weeks.

Nimba Licence Exploration

In the meantime the field teams, headed by three highly-experienced West
African geologists, have been mobilised to the high-priority Nimba licence to
commence exploration work over key areas previously identified as being
subject to significant artisanal gold mining activity.  The Nimba licence
covers an area of 986 square kilometres located some 101km to the north east
of the Gozohn licence, along the same deformed greenstone belt structure.
The eastern boundary of the Nimba licence is located some 25km southwest from
the 3.8 million ounce Ity Gold Mine in neighbouring Ivory Coast.

 

Figure 1 Hamak Gold Licences

Figure 2 Gozohn Licence Area and Geology

Figure 3 Gozohn Block 1 Sampling

Figure 4 Gozohn Block 2 Sampling

Photographs below showing: Mt. Koklun topographic high (top left); Artisinal
gold mining on Mt. Koklun (top right, middle left and middle right); gold
recoveries from artisanal mining (bottom left and right)

- Ends -

 

For further information please contact:

 Hamak Gold Limited

 Amara Kamara                                   +231 (0) 77 005 0005

 Nicholas Karl Smithson                         +44 (0) 77 837 07971

 www.hamakgold.com (http://www.hamakgold.com)

 Peterhouse Capital Limited (Broker)            +44 (0) 20 7469 0930

 Martin Lampshire

 Guy Miller

 Yellow Jersey PR                               +44 (0) 20 3004 9512

 Tom Randell                                    +44 (0) 7948 758 681

 Annabelle Wills

 

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