What's Happening?
Hamak Strategy has signed a contract with Deeprock to conduct a 4,125-meter reverse circulation drill program at the Akoko Oxide Gold Project in southwest Ghana. The drilling aims to upgrade the project's non-JORC 250,000-ounce mineral resource estimate
(MRE) and support a Preliminary Economic Assessment (PEA) for a potential low-cost open-pit heap leach gold mine. The project is located on the Ashanti Gold Belt, near several multi-million ounce gold mines. Hamak's partner, CAA Mining, has submitted applications for necessary environmental and operating permits. The drilling will target the top 80 meters of the deposit, focusing on the oxide zone.
Why It's Important?
The Akoko Gold Project represents a significant opportunity for Hamak Strategy to expand its gold exploration portfolio in Africa. By upgrading the mineral resource estimate and conducting a PEA, Hamak can assess the project's economic viability and potential profitability. The project's location on the Ashanti Gold Belt, a region known for its rich gold deposits, enhances its strategic value. Successful exploration and development could lead to increased gold production, contributing to the company's growth and the local economy. Additionally, the project aligns with Hamak's strategy of leveraging digital asset treasury management to support its exploration activities.
What's Next?
Following the completion of the drilling program and PEA, Hamak Strategy will decide whether to exercise its option to acquire the Akoko project. The acquisition involves a cash payment and share issuance, contingent on positive exploration results. If successful, the company may proceed with developing the open-pit heap leach gold mine, subject to obtaining necessary permits and financing. The project's progress will be closely monitored by stakeholders, including investors and local communities, who may benefit from job creation and infrastructure development.
