TIDMHAMA
RNS Number : 6955C
Hamak Gold Limited
13 October 2022
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR
POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
13 October 2022
Hamak Gold Limited
("Hamak Gold" or the "Company")
Drilling Contract Signed
Issuance of Vesting and Fee Shares
Hamak Gold Limited (LSE: HAMA) is pleased to announce that it
has signed a drilling contract with Cestos Drilling Liberia
("Cestos"). The agreement is for an initial drilling programme to
identify the depth and width extensions of significant gold
mineralization recently identified from channel sampling of the
Ziatoyah bedrock outcrop exposure in an area of artisanal workings
on our Nimba Licence in northern Liberia.
Highlights
-- Up to 450m 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 metres ("m") at 0.63 g/t Au,
including 14m at 1.98 g/t Au and 11m at 0.99 g/t Au including 3m 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 $20,000
and up to 781,250 ordinary shares in Hamak Gold at an issue price
of 10 pence 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 3km x 1km
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 mineralization
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."
Planned Drilling Programme and Contract
The programme of up to 450m of diamond core drilling will
commence in late October.
Initially, two angled HQ/NQ core holes, attaining vertical
depths of 128m and 85m respectively, are scheduled to be drilled
under the previously reported gold mineralization associated with a
metadolerite outcrop at the Ziatoyah location. Notable results so
far obtained include rock chip samples grading at 46g/t Au and
37g/t Au and channel sampling that returned 55.0m at 0.63 g/t Au
and 11.0m at 0.99 g/t Au, which include better intervals of 14m at
1.98g/t Au and 3m at 3.14g/t Au respectively. Within these zones
are individual samples returning up to 5.2g/t Au and 8.56g/t Au
over 2m splits (Figure 1). The channel sampling results show that
the mineralization is open ended at surface, so the drilling will
be orientated to test the width extent of the gold mineralization
at depth.
The drill core will be split, logged and photographed with half
of the core being consigned to the ALS laboratory in Ghana for gold
fire assay. A third drill hole may be drilled at the Ziatoyah
location, or further to the northeast to test positive channel
sample results in trenches excavated across gold in soil
anomalies.
If positive results are returned from the assays, then a more
extensive drilling programme will incorporate the wider soil
sampling and channel sampling results within the block (Figure
2)
Figure 1: Planned Drilling Across Ziatoyah Gold
Mineralization
The Company has agreed to pay for the drill programme through
the issuance of 781,250 ordinary shares in Hamak Gold Ltd. and a
cash payment of U$20,000 to Cestos Drilling. The shares are being
priced at 10 pence per share and will be issued on the satisfactory
completion of the drill programme. The exact number of shares
issued will depend on the final drill meterage. Shares issued to
Cestos will be subject to a six-month lock-in period.
Soil and Channel Sampling Results
A total of 1,733 soil samples have been collected and assayed
from Nimba Block-1. A strong gold anomaly extends over a length of
3km and width of 1km and includes peak values of over 1.5ppm (g/t
Au). The anomaly trends in an approximate northeast orientation
which is consistent with the trend of the gold mineralized
metadolerite outcrop observed at Ziatoyah (Figure 2).
Figure 2: Nimba Block-1 Soil Sampling Results
Two trenches, totalling 554m in length, have been dug across two
key gold in soil anomalies.
Trench-1 was excavated over a distance of 274m and to a depth of
3m. A total of 303 samples were collected and assayed.
Trench-2 was excavated over a distance of 280m and to a depth of
3m. A total of 310 samples were collected and assayed.
In both cases bedrock was not reached with the over burden being
thicker than expected. However, both trenches show encouraging
broad gold anomalism across the channel samples with increasing
values at the southeast end of each trench (272ppb in Trench-1 and
310ppb in Trench-2) and therefore the trenches will be extended to
the southeast. Furthermore, to better define these strong soil
anomalies, additional trenches are also required to be dug and
channel sampled prior to subsequent drilling.
Issue of Vesting and Fee Shares
As reported in the recent Interim Results announcement (28
September 2022), the three milestones required to be completed for
the issuance of Vesting Shares (i.e. deferred shares from the IPO
on 1 March 2022) to founding directors Amara Kamara and Karl
Smithson have been met. The achievement of these milestones has
been independently reviewed and confirmed by the Remuneration
Committee of the Company. The total number of vesting shares to be
issued is 16,350,000 ordinary shares to Amara Kamara and 1,590,000
ordinary shares to Karl Smithson.
Furthermore, as outlined in the Company's Admission document, to
conserve funds, the Directors of the Company agreed to accept
shares in lieu of fees for a period of 18 months following the date
of Admission to the LSE, to be received quarterly in arrears ("Fee
Shares"). For the period of 1 June to 31 August 2022, a total of
465,472 Fee Shares will be issued to the Directors of the
Company.
Application will be made for the approval of the LSE to issue
the Vesting and Fee Shares. After issuance of the Vesting Shares
and Fee Shares the issued share capital of the Company will be
39,703,944 ordinary shares. The figure of 39,703,944 ordinary
shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
Following issuance of the Vesting and Fee Shares, the Directors'
share interests will be as follows:
Directors No of shares %
Amara Kamara 25,263,333 63.63%
Nicholas Karl Smithson 3,352,427 8.44%
Martin Lampshire 612,944 1.54%
Samuel Julius Baiden 350,000 0.88%
Walter Seaward
McCarthy 350,000 0.88%
Kenneth Niall Young 200,000 0.50%
------------- --------
Sub total 30,128,704 75.88%
Other shareholders 9,575,240 24.12%
------------- --------
Total shares in
issue 39,703,944 100.00%
------------- --------
For further information you are invited to view the company's
website at www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker)
Lucy Williams +44 (0) 20 7469 0930
Guy Miller
Yellow Jersey PR
Tom Randell +44 (0) 20 3004 9512
Annabelle Wills + 44 (0) 7775 194357
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed
on gold exploration of a portfolio of licences in highly
prospective areas of Liberia and having a growth strategy that
considers other exploration and development opportunities in the
wider West Africa region.
QA/QC
Channel sampling was undertaken by Hamak Gold's Liberian field
crew, supervised by senior staff members of the Company. All rock
samples met the standards for adequate chain of custody without
opportunity for third party access from the field to the
preparation laboratory in Monrovia, Liberia, and then onward to the
ALS Global analytical laboratory in Ghana.
Sample Preparation
Sample preparation was performed by Liberia Geochemical Services
Inc. in Monrovia. The entire rock sample was dried and then crushed
to 70% passing -2 millimetres and a representative split was taken
by riffle splitting. The 500 grammes ["g") split was then
pulverized up to 85% passing -75 micron and the required pulp mass
of 250g was bagged and labelled for analysis; with the remainder
being stored.
Analysis
Analysis was performed by ALS Global at their laboratory in
Ghana by fire assay with atomic absorption finish, specifically for
gold content, using method Au-AA24 with a 50g charge. During the
analysis, the two samples, referred to above, exceeded the
detection limits (of 10 ppm Au or 10g/t Au) whereby the over limit
samples underwent fire assay with a gravimetric finish using method
Au-GRA22 with a 50g charge.
QC was performed by the analysis of four different certified lab
standards with gold values similar to that expected from the rock
samples. These standards were inserted within each sample batch and
returned appropriate levels of gold within the range of each
standard.
Qualified Person
The technical information in this announcement that relates to
exploration results is based on information reviewed by Hamak
Gold's retained consultant Dr Colin Andrew, who is an independent
Consulting Economic Geologist, and graduate of Imperial College
London and the Royal School of Mines and is a Member of the
Institute of Materials, Minerals and Mining, a Fellow of the
Geological Society of London, a Member of the Society of Economic
Geologists, and a registered Chartered Engineer with the
Engineering Council.
Colin Andrew has over forty years of diverse mining industry
experience, relevant to the nature of exploration, the style of
mineralization and type of deposit under consideration and to the
activity that he is reviewing, to qualify as a "an "Independent
Qualified Person" as such term is defined in NI 43-101.
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