Hamak Gold Limited is pleased to announce that it has signed a drilling contract with Cestos Drilling Liberia. The agreement is 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 their Nimba Licence, in northern Liberia.
Highlights
- Up to 450 m of drilling planned from three drill holes as an initial test of the depth and width extensions of positive channel sampling results. These returned 55 m at 0.63 g/t Au, including 14m at 1.98 g/t Au and 11 m at 0.99 g/t Au including 3 m at 3.14 g/t Au.
- The value of the drilling contract will be settled by a mix of cash and Hamak Gold shares, made up of a cash payment of US$20 000 and up to 781 250 ordinary shares in Hamak Gold at an issue price of £0.10 per share, dependent on satisfactory completion of the drilling programme.
- Subject to positive drilling results, a more extensive drilling programme will be designed to test the extensive 3 km x 1 km gold in soil anomalous zone that includes the Ziatoyah outcrop.
- 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.
Karl Smithson, Executive Director of Hamak Gold commented:
“We will shortly commence a drilling programme to test the width and depth extensions of the significant gold mineralisation identified by soil and channel sampling over the Ziatoyah outcrop in our Nimba licence. We are pleased to be working with Cestos who have agreed to accept equity for the majority of their drilling services, showing their confidence in our programme and helping to conserve cash for the company in these challenging equity markets. We look forward to providing further updates as the programme progresses."