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Azumah Resources Ltd looks to expand 2M ounce gold bounty in Ghana

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Azumah Resources Ltd (ASX:AZM) has completed an auger drilling program at the Manwe prospect that has extended to 3 kilometres zones the anomalous zone at the prospect, part of the Wa Gold Project in Ghana.

Azumah is looking to add to the gold resource of 2 million ounces and 624,000 ounces of reserves at Wa.

Azumah previously received excellent results from Phase 1 drilling at Manwe, including 12 metres at 5.28 g/t gold from 49 metres and 32 metres at 2.18 g/t gold from surface.

The company is currently conducting another 21 square kilometres auger drilling programme aimed at defining the extremities to the northwest - southeast trending anomalism.

Earlier this month Azumah Resources reported several initiatives designed to achieve major capital cost reductions at the project.

These resulted from a review of the March 2015 feasibility study and included US$54 million from establishment costs and US$28 million from its mining fleet, which will now be provided by a contractor.

The cost savings will reduce the capital funding requirement for the development of the WA Project.  Taken with strengthening gold prices, and the resulting improved investor sentiment, this enhances the chances of securing development finance.

Shares in Azumah Resources are up nearly three-fold from their low in January 2015.

 

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Quick facts: Azumah Resources Ltd

Price: 0.033 AUD

ASX:AZM
Market: ASX
Market Cap: $32.29 m
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