As per a recent ASX announcement, Azumah Resources Limited (ASX: AZM), West African gold explorer and developer, advised that the first of three RC/DDH holes, BRCD487, drilled beneath the Bepkong deposit at its Wa Gold Project, Ghana has revealed a new ‘blind’ high-grade eastern lode.
The key aspect to note is the convergence of hole with a semi-continuous, 93 m mineralized zone; while two additional holes (BRCD485 and BRCD486, drilled 50 m and 100 m north of BRCD487) were drilled and completed.
These aspects aimed at testing the down-plunge extensions to high-grade mineralization. The intersection at drill holes BRCD451 and BRCD452A was another aspect that was noted. Further, the company could find gold at about 180.9 m of depth.
The mineralized rock volumes identified at Bepkong have significantly increased. This is because the of combination with historical drill holes. This will benefit the overall project of the company. It will also increase the chances of underground mining going forward.
The Managing Director of Azumah, Stephen Stone, said that the Wa Gold project is promising and have much more profitable opportunities to deliver as it is moving towards development. The drill intercept from the very first hole drilled, of this multi-target drilling campaign is a clear indication of this.
The group highlighted about drilling of two other complementary deep-targeted holes at Bepkong; and there are opportunities in these sites and presence of high-grade mineralization at depth as demonstrated by the company. It has the potential to considerably achieve greater depths than the company has been drilling till date.
The company is working on a 40,000-meter drilling campaign. The company undertook the current drilling project of 40,000 m drilling campaign which recently commenced, with a net worth A$4 million. The company now targets to enhance mineral resources and ore reserves while delivering a commercially development-ready Project. This is expected by Q3 of year 2019.
Kunche deposit that has two deep holes was targeted with a change to drill rig and the holes were drilled post noticing high-grade intercepts. With the support from gold specialist, Dr. Jon Hronsky, and Exploration Manager, Paul L’Herpiniere, the company has charted out an exploration programme and the above two being founders of Azumah’s joint venture partner, Ibaera Capital, can add a lot of value to the project.
Meanwhile, the stock was placed at a temporary trading halt yesterday due to the company announcement of the new discovery. Post the announcement, shares closed at $0.024, up from previous close of $0.022. The stock price has been following a downward trend over the past six months; however, it has posted a positive YTD return of 4.76%. The price remained flat at market open on December 13, 2018.
What to be noted is that these developments stand in light of the orogenic-style of mineralization aimed by the company.