West African gold explorer and developer Azumah Resources has increased combined mineral resources by 21% for its Wa Gold Project in Ghana, West Africa.
The company has revised figure to 433,900oz to 2.5Moz (49.2Mt at 1.6g/t Au), which is inclusive of maiden estimates for several emerging satellite discoveries.
With this recent increase in Mineral Resources and the successes being achieved in lowering capital and operating costs, expectations for attractive Project financial metrics are high.
Ore Reserves will be updated, along with the financial metrics for the Project, when an interim study is reported before the end of 2018.
Measured and Indicated Mineral Resources have increased by 16% to 1.6Moz (28.8Mt at 1.8g/t) and Inferred Mineral Resources increased by 31% to 0.9Moz (20.4Mt at 1.4g/t Au). These Mineral Resources are evenly distributed across the Kunche-Bepkong and the Wa East development camps.
Drilling down-dip and strike extensions at the flagship Julie deposit saw Mineral Resources lifted by 191,000oz to 1,025,000oz, while drilling has lifted Mineral Resources by 95,500oz to 846,500oz at the flagship Kunche deposit.
Maiden estimates for the emerging Kunche Northwest, Yagha, Josephine, Manwe and Alpha-Bravo satellite prospects accounted for a combined 148,600oz increase in Mineral Resources, with several of these yet to be fully closed-off.
Additional Mineral Resources updates are to be expected from planned drilling that will commence shortly at several of the Project’s deposits and prospects, and which will continue through into 2019.
The first scheduled RC holes are designed to test the continuity of high-grade mineralisation below the intercept of 44m at 5.37g/t Au from 99m (KRC831) obtained in Kunche’s central saddle zone.
Azumah’s Managing Director Stephen Stone said: “This 21% increase in Mineral Resources represents yet another positive milestone in the repositioning of the Wa Gold Project under the management of joint venture partner, Ibaera Capital, and adds to the preliminary advances in reducing capital and operating costs reported earlier this week.
“The additional 148,600oz of gold obtained from maiden estimates at several new discoveries is an important pointer to the highly prospective nature of the project’s extensive tenure and its capacity to continue delivering new quality discoveries.
“We are increasingly confident that the many positive attributes of the project will become apparent when we provide an interim study update later this year, with a fully updated Feasibility Study to be finalised in Q3 2019.
“The new field season will commence shortly with intensive, project-wide drilling campaigns directed at increasing Ore Reserves the primary focus”.
Source: Company Press Release