TIDMHAMA
RNS Number : 2914J
Hamak Gold Limited
12 December 2022
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JURISDICTION.
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 deg -45 deg 117.7
NZ22-002 561955 744096 249.9 112 deg -45 deg 181.7
NZ22-003 561769 745351 269.3 161 deg -45 deg 150.1
Approximate collar location coordinates in WGDS NAD, Zone
29N,
Table 2: Significant downhole gold intercepts:
Hole From To Length Estimated Grade
(m) (m) (m) True width (g/t Au)
(m)
-------------- -------- -------- -------- --------------- ------------
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)
Lucy Williams +44 (0) 20 7469 0930
Guy Miller
Yellow Jersey PR
Tom Randell +44 (0) 20 3004 9512
Annabelle Wills + 44 (0) 7948 758 681
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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