Hamak Gold Limited (LSE:HAMA) shares jumped 28% on Wednesday, rising to 0.8p, after the explorer unveiled a maiden independent resource of 210,430 ounces of gold at its Akoko project in Ghana, providing the foundation for an economic study of a potentially low-capex mining operation.
The NI 43-101 estimate comprises 3.88 million tonnes grading 0.83 grams per tonne for 103,200 measured and indicated ounces, alongside 5.24 million tonnes at 0.71g/t for 107,230 inferred ounces.
Around 124,000 ounces are contained in shallow oxide material within 50 metres of the surface, grading 0.81g/t. Initial testing returned oxide gold recoveries of between 85% and 94%, while Hamak said the weathered material may be suitable for free-dig open-pit mining.
Chief executive Karl Smithson said the resource had moved Akoko beyond an exploration concept and created an opportunity to advance development while expanding the deposit. Less than 35% of the project’s 15-kilometre geochemical trend has been drilled, with mineralisation open along strike and at depth.
Hamak will now commission a preliminary economic assessment focused on heap-leach production of at least 20,000 ounces annually. It holds an option to acquire 100% of Akoko by 14 December 2026 at an estimated cash-and-shares cost of US$15 per current resource ounce.
