The country has a long history of gold production and is seen as a mining friendly environment, pointed out analyst Vishy Karamadam.
Abzu has interest in 16 concessions in the gold belts.
The company is developing plans for a phase 2 drill programme on its two advanced flagship projects - Nangodi and Asafo - from which positive drill results would provide short term catalysts, added the analyst.
"In phase 1 of the drilling campaign, the company intersected high-grade gold mineralisation – up to 41.60 g/t gold in Nangodi and 62.20 g/t gold in Asafo.
"The drilling result suggests potential for multi-million ounces of resources in the properties," said Karamadam, who added that it had also outlined a large mineralized gold zone of 1.2 km long in Nangodi and a 1,100 x 600m gold zone in Asafo.
The analyst also highlighted that Abzu’s management team had multinational exploration and business development experience.
Ubika Research also points out that the miner's stock is "steeply discounted" and calculates a Ubika model price (UMP) of $1.08 per share.