LSE-listed Hamak Gold has signed a drilling contract with Cestos Drilling Liberia for an preliminary drilling programme to establish the depth and width extensions of great gold mineralisation not too long ago recognized from channel sampling of the Ziatoyah bedrock outcrop publicity in an space of artisanal workings on Hamak’s Nimba licence, in northern Liberia.
As much as 450 m of drilling is deliberate from three drill holes as an preliminary take a look at of the depth and width extensions of optimistic channel sampling outcomes. Hamak stated on October 13 that these returned 55 m at 0.63 g/t of gold, together with 14 m at 1.98 g/t and 11 m at 0.99 g/t, together with 3 m at 3.14 g/t of gold.
Hamak famous in a press release that the worth of the drilling contract can be settled by way of a money cost of $20 000 and as much as 781 250 strange shares in Hamak Gold at a difficulty value of 10p a share, depending on the passable completion of the drilling programme.
Topic to optimistic drilling outcomes, Hamak stated a extra intensive drilling programme can be designed to check the intensive 3 km by 1 km gold in soil anomalous zone that features the Ziatoyah outcrop.
The corporate stated trenching and channel sampling outcomes to the north and west of Ziatoyah, positioned over recognized sturdy gold in soil anomalies, have returned optimistic outcomes, with trench extensions and extra trenches deliberate to totally outline the anomalies previous to drilling.
“We’ll shortly start a drilling programme . . . over the Ziatoyah outcrop in our Nimba licence. Cestos, which have agreed to just accept fairness for almost all of its drilling providers, [is] serving to to preserve money for the corporate in these difficult fairness markets,” Hamak Gold government director Karl Smithson stated.
The programme of as much as 450 m of diamond core drilling will start in late October.
