ASX-listed Azumah Resources, which is developing the Wa gold project in Ghana, has secured commitments to raise US$1.5 million in a private placement of approximately 69.6 million fully paid ordinary shares at $0.022 per share.
The funding will enable Azumah to finalise a number of minor commitments at its Wa project, and the imminent completion of the purchase of the Julie West licence from Castle Minerals.
“We welcome to the register our new international and local investors just as we ramp up drilling and accelerate the project towards a development decision”, says Azumah Resources MD Stephen Stone.
27 000 m drill programme underway
“The joint venture is very focused on achieving its objective of delivering a 1 Moz ore reserve for the Wa gold project.
“As part of our $6 million, 27 000 m drilling programme this year, we have several months of almost constant auger, air core, reverse circulation (RC) and diamond drilling ahead of us,” says Stone.
A 22-hole RC drilling programme has just been completed at the company’s Kunche deposit under the management of farm-in partner, Ibaera Capital, which this year has budgeted $6 million million for the project as part of its overall $17 million possible spend over two years.
This drilling programme was designed to identify opportunities to increase the size of the existing Kunche open pit design and, in particular its possible deepening.
Azumah Resources will report these results once the full programme as says are available and have been interpreted.
The RC rig is now drilling at the nearby Bepkong and Aduane deposits, will move north to the Yagha prospect and then over to Wa East where it will be joined by a second RC rig to drill the Manwe, Josephine and several other existing prospects and new targets.
Four auger rigs are now drilling new and existing targets to identify and better define zones of gold anomalism to ensure that there is a growing pipeline of enticing prospects available for subsequent aircore and RC testing.
Wa gold project at a glance
The Wa gold project is located in the upper west region in the far northwest of Ghana along the border with Burkina Faso.
The Black Volta river marks the western border of the project area and the Burkina Faso border.
The regional capital, Wa (from which the project takes its name), is located within 10 km of the project area.
The project comprises the three separate tenement blocks.
The Wa-Lawra block in the west covers a large area of approximately 2n177 km² in located to the west and north-west of the town of Wa.
It runs north-south for cabout 110 km immediately east of the Burkina Faso border along the Black Volta river.
The Wa East block includes the Josephine and Julie-Collette licence blocks located east of Wa.