Drilling Contract for Akoko Oxide Gold Project
Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, announces that it has signed a contract to undertake an initial 4,125m reverse circulation (“RC”) drill programme on the Akoko oxide gold project in southwest Ghana.
Highlights
· 4,125m RC drill contract signed for Akoko oxide gold project in southwest Ghana
· Drilling to upgrade 250,000 ounce (non-JORC) mineral resource estimate (“MRE”)
· Environmental and operating permit applications have been submitted
· Preliminary Economic Assessment (“PEA”) planned for an open pit gold mine at Akoko
CEO and Executive Director Karl Smithson commented:
“The Akoko oxide gold project is located on the world-famous Ashanti Gold belt and is in proximity to numerous multi-million ounce gold mines and deposits. Following the positive completion of our due diligence process, we have moved quickly to secure a drilling contractor to undertake an initial 4,125m resource confirmation drilling programme.
“The drilling will target the top 80m of the deposit from which previous drilling identified an MRE of over 250,000 ounces of gold (non-JORC), largely in the oxide zone. Following the drilling programme Hamak will engage an independent consultant to prepare and restate the MRE to industry compliant (JORC) standards. Following this Hamak intends to commission an independent PEA to determine the potential economic viability of an open pit oxide gold mine at Akoko.
“Our objective is to deliver the PEA this year to assist our decision on exercising our exclusive option to acquire Akoko, at a value of approximately US$10 per ounce based on the current non-JORC MRE.
“We believe that the Akoko oxide gold project represents a potential deep value opportunity for Hamak and we are hopeful our proposed exploration programmes will deliver positive results and unlock significant value for Hamak shareholders.”
RC Drilling Programme
Hamak has signed a contract with Ghana based drilling company Deeprock (GH) Limited (“Deeprock”) for an initial 4,125m RC drilling programme over the Akoko oxide gold project. Deeprock is an experienced drilling company that has drilled in Ghana for companies such as AngloGold Ashanti, Asante Gold and Pelangio Exploration since 2013.
Preparation for the drill programme will commence shortly, with access to the project and drill pad preparations made, in advance of planned mobilisation of the RC rig in April. In support of these activities Hamak, via its partner CAA Mining, has submitted the necessary applications for the required environmental and operating permits.
The planned drilling comprises approximately 72 holes (angled at 50-degrees) to a maximum depth of 80m, targeting the oxide gold mineralized zone that was delineated from past drilling programmes. The objective of the drill programme is to infill and potentially expand the current non-JORC MRE of over 250,000 ounces to deliver a maiden independent JORC compliant MRE.
The updated MRE will be used in a planned PEA of the Akoko gold deposit, which will assess the economics of a low cost open-pit heap leach gold mine at Akoko. The PEA will include estimates of capital and operating costs, potential gold production and cash flows. The results of the MRE and PEA will support the decision by Hamak whether or not to exercise its option to acquire the Akoko gold project. The acquisition consideration will comprise a US$1.9 million in cash and £1 million in Hamak shares, which will equate to around US$10 per ounce of gold (based on the current non-JORC resource).
To support the Akoko programme during 2026, Hamak has increased its in-country capabilities with the appointment of a senior Ghanaian finance and administration consultant, as well as a team of experienced Ghanian and West African geologists. The team is led by Hamak’s Operations Manager, Mr Rowan Carr, who has over 35 years’ experience in the African resource sector.
Figure 1: Akoko Gold Project Location
Figure 2: Akoko Gold Project – Resource and Geochemical Anomalies
Figure 3: Akoko Gold Project – Planned Drill Holes (North Zone)
Figure 4: Akoko Gold Project – Planned Holes (South Zone)
For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, CEO and Executive Director.