Hamak Gold Limited (LSE:HAMA) shares jumped 31% in Thursday morning's trade after it announced that newly acquired historical drilling data from the Akoko Gold Project, in southwest Ghana, has unearthed several shallow, high-grade gold intersections, giving the company fresh targets to validate in follow-up work.
The database covers work carried out between 2016 and 2018 and includes 77 reverse circulation holes totalling 6,270 metres, nine diamond drill holes totalling 1,072 metres, and 404 geochemical soil samples.
Reported intercepts include 21.40 grams per tonne gold over 2 metres from 27 metres depth, 15.44 g/t over 12 metres from 42 metres, and 8.99 g/t over 7 metres from 42 metres. Hamak said the higher-grade intersections typically occur less than 50 metres from surface, consistent with its model of a shallow gold-mineralised oxide horizon at Akoko.
Chief executive Karl Smithson said the results could add significantly to Hamak’s understanding of gold mineralisation at Akoko, subject to standard validation and follow-up exploration.
Hamak said its current RC drilling programme has so far completed 29 holes for 1,806 metres at Akoko North, with further samples in the laboratory.
Once drilling is complete and all results have been received, the company plans to commission an independent Mineral Resource Estimate and Preliminary Economic Assessment for Akoko.