https://www.miningweekly.com

Hamak signs drilling contract for Nimba gold prospect in Liberia

14th October 2022

By: Darren Parker

Deputy Editor Online

     

Font size: - +

LSE-listed Hamak Gold has signed a drilling contract with Cestos Drilling Liberia for an initial drilling programme to identify the depth and width extensions of significant gold mineralisation recently identified from channel sampling of the Ziatoyah bedrock outcrop exposure in an area of artisanal workings on Hamak’s Nimba licence, in northern Liberia.

Up to 450 m of drilling is planned from three drill holes as an initial test of the depth and width extensions of positive channel sampling results. Hamak said on October 13 that these returned 55 m at 0.63 g/t of gold, including 14 m at 1.98 g/t and 11 m at 0.99 g/t, including 3 m at 3.14 g/t of gold.

Hamak noted in a statement that the value of the drilling contract would be settled through a cash payment of $20 000 and up to 781 250 ordinary shares in Hamak Gold at an issue price of 10p a share, dependent on the satisfactory completion of the drilling programme.

Subject to positive drilling results, Hamak said a more extensive drilling programme would be designed to test the extensive 3 km by 1 km gold in soil anomalous zone that includes the Ziatoyah outcrop.

The company said trenching and channel sampling results to the north and west of Ziatoyah, located over identified strong gold in soil anomalies, have returned positive results, with trench extensions and additional trenches planned to fully define the anomalies prior to drilling.

“We will shortly begin a drilling programme . . . over the Ziatoyah outcrop in our Nimba licence. Cestos, which have agreed to accept equity for the majority of its drilling services, [is] helping to conserve cash for the company in these challenging equity markets," Hamak Gold executive director Karl Smithson said.

The programme of up to 450 m of diamond core drilling will begin in late October. 

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Rare earths
USA Rare Earth secures $1.6bn US funding
Updated 18 minutes ago By: Reuters

Showroom

MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 
Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.047 0.877s - 110pq - 2rq
Subscribe Now