TIDMHAMA
RNS Number : 2931T
Hamak Gold Limited
14 November 2023
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, DIRECTLY OR INDIRECTLY IN OR INTO AUSTRALIA, CANADA, JAPAN,
THE REPUBLIC OF SOUTH AFRICA, THE UNITED STATES, ANY TERRITORY OR
POSSESSION THEREOF OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION.
14 November 2023
Hamak Gold Limited
("Hamak Gold" or the "Company")
Operational Update
Issuance of Director Shares
Hamak Gold Limited (LSE: HAMA) is pleased to provide an
operational update on the Company's 100% held Nimba Licence in
Liberia.
Highlights
-- Independent detailed geological review undertaken on all
exploration work and results yielded to date to assist in targeting
priority areas related to the high-grade Ziatoyah gold discovery in
the Nimba Licence
-- A programme of detailed structural mapping, pitting and
trenching followed by further drilling is recommended to test key
targets that are associated with the significant gold
mineralization discovered at Ziatoyah, as well as testing the
broader 3 kilometre ("km") x 1 kilometre ("km") geochemical soil
anomaly which remains unresolved
-- Drilling completed over 13 geophysical and structural targets
with four holes yielding mineralized gold intersections with
low-grade values
Karl Smithson, Executive Director of Hamak Gold commented:
" Our understanding of the geology and structural controls have
been significantly improved through the drilling and detailed
independent review of all exploration data accumulated to date by
the Company's technical consultant. The exploration model has been
refined to target areas associated with structural continuity of
the high-grade gold metasedimentary assemblages at the Ziatoyah
discovery. Importantly, most of the extensive 3km x 1km strong gold
in soil anomaly remains unresolved in its entirety and requires
further detailed investigation. A structured work programme is
being established to advance the next phase of work across a number
of priority targets at Nimba. "
Geological Review and Recommendations
The Company's independent consulting geologist, Dr Colin Andrew,
has reviewed all exploration data and results related to the Nimba
licence, including;
- 1,873 geochemical soil sampling results which revealed an
extensive 3km x 1km gold in soil anomaly with numerous strong gold
peaks (occasionally >1 ppm)
- 554m of trenching and 552 assay results
- 66m of surface channel sampling and 43 assay results
- 1,450 metres of drilling and 477 assays of drill core
- 486 structural readings from surface outcrop mapping and orientated drill core
- 22 line kilometres of geophysical survey (Gradient & Induced Polarisation)
- 29 stream sediment samples and 43 element analyses
- 26 rock chip samples and 24 assay results
This in-depth report endeavoured to establish the potential
controls to the gold mineralization and to define future
targets.
A detailed 3D structural interpretation was undertaken of the
orientated drill core, as well as surface outcrop mapping, around
the localised Ziatoyah discovery area. The current interpretation
is that gold mineralization is preferentially hosted within mafic
metasediments, such as those intersected in the discovery hole at
Ziatoyah (20m @ 7g/t Au). Similar lithologies are seen in other
drill holes and are associated with above background gold values,
supported by the presence of marmorized carbonates within the
metasediment packages intersected. It is considered that these
assemblages pre-date the principal North East faulting seen in the
area and are folded in between the fault zones.
A number of priority targets have been recommended for follow-up
from the review. These targets are associated with known gold in
soil anomalies as well as possible extensions of structures and
metasediments associated with the high-grade Ziatoyah drill
intersection and positive surface channel sampling results.
The next phase of exploration work will include detailed surface
mapping, pitting/trenching and channel sampling. A low-cost
handheld ground magnetic survey over the broader gold-in-soil
anomalous area is also recommended. This work will be followed by
drilling of positive anomalous values and structural targets to
test the extent of the Ziatoyah mineralization.
Figures 1 to 5 are taken from the geological report and are
presented here for information.
Drilling Update
A total of 13 drill holes, for 1,001 metres ("m"), were drilled
over a selection of Induced Polarisation ("IP") and structural
targets generated from the recent geophysical survey across a small
area in the vicinity of the Ziatoyah gold discovery. Assays from
232 samples of selected drill core (including QA/QC samples) were
completed by ALS Ghana. The drill holes that tested the IP targets
were broadly negative and did not intersect meaningful gold
mineralization.
Drilling of structural targets, however, proved more successful
with four holes returning intersections of low-value gold
mineralization. Drilling to date over a limited area in the
vicinity of the Ziatoyah gold discovery has produced the following
significant intervals of gold mineralization:
Table 1: Significant downhole gold intercepts:
Hole From To Length Estimated Grade
(m) (m) (m) True width (g/t Au)
(m)
--------------- ------- ------ --------- --------------- -------------
NZ22-001 29 49 20 16.0 6.98
including 35 48 13 X 10.24
39 40 1 47.10
85 87 2 0.8 1.19
NZ22-002 31 32 1 1.0 0.38
NZ22-003 134 138 4 3.5 1.05
NZ23-002 57 59 2 0.71
NZ23-004 34 40 6 0.14
61 67 6 0.22
NZ-23-006 43 45 2 0.78
NZ-23-010 9 11 2 0.71
Note: Intersections calculated above at 0.3 g/t Au cut-off
with no top cut applied and a maximum internal waste interval
of 2.0m
Figure 1: Geological map of Liberia showing the locations of
current gold mining operations and localities and the Hamak Gold
Nimba Permit
Figure 2: Ziatoyah Area Showing Drill Collars, Interpreted
Structural Features and Gold in Soil Values (contoured at Mean,
Mean + 1std Dev, Mean + 2 std dev and Mean + 3std dev.)
Figure 3: Section through drill holes NZ22-001 and -002 showing
the correlation of mineralized intercepts with surface
trenching/chip sampling
Figure 4: High-grade gold assay results intercepted in drill
core (NZ22-001)
Figure 5: Combination of lineaments showing the pronounced NE to
NNE trend across the Nimba licence
and Ziatoyah Prospect area.
Issue of Director Fee Shares
As outlined in the Company's Prospectus, to conserve funds, the
Directors of the Company agreed to accept shares in lieu of fees,
at a deemed price of 10 pence per share, for a period of 18 months
following the date of Admission to the London Stock Exchange
("LSE"), to be received quarterly in arrears ("Fee Shares").
For the period of 1 June 2023 to 31 August 2023, a total of
415,472 Fee Shares will be issued to the Directors of the Company
as follows:
Name No. of Shares
Amara Kamara 145,000
--------------
Karl Smithson 125,000
--------------
Julius Baiden 50,000
--------------
Niall Young 50,000
--------------
Martin Lampshire 45,472
--------------
Total 415,472
--------------
Admission and Total Voting Rights
The Company has made applications to the Financial Conduct
Authority ("FCA") and the LSE to have 415,472 Ordinary Shares
admitted to the Standard Listing and to trading on the Main Market
with Admission expected to occur on or around 16 November 2023.
On Admission, the Company's issued share capital will comprise
50,563,522 Ordinary Shares, with each Ordinary Share carrying the
right to one vote. Accordingly, the total number of voting rights
in the Company will be 50,563,522 and this figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the FCA's
Disclosure Guidance and Transparency Rules.
Following the fee shares issue, the Directors holdings are as
follows:
Name Shares Held % of Issued
Share Capital
Amara Kamara 25,171,976 49.78%
------------ ---------------
Karl Smithson 4,826,391 9.55%
------------ ---------------
Martin Lampshire 1,720,505 3.40%
------------ ---------------
Julius Baiden 661,817 1.31%
------------ ---------------
Niall Young 511,817 1.01%
------------ ---------------
For the purposes of UK MAR, the person responsible for arranging
the release of this announcement on behalf of Hamak Gold is Karl
Smithson, Executive Director.
For further information you are invited to view the Company's
website at www.hamakgold.com or please contact:
Hamak Gold Limited
Amara Kamara +231 (0) 77 005 0005
Karl Smithson +44 (0) 77 837 07971
Peterhouse Capital Limited (Broker)
Lucy Williams
Guy Miller +44 (0) 20 7469 0930
Yellow Jersey PR
Sarah Hollins
Annabelle Wills +44 (0) 20 3004 9512
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed
on gold exploration of a portfolio of licences in highly
prospective areas of Liberia, where significant drilling results
have identified a new high-grade gold discovery with the discovery
hole returning 20m @ 7g/t Au near surface.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Nicholas Karl Smithson
2. Samuel Julius Baiden
3. Kenneth Niall Young
4. Amara Kamara
5. Martin Lampshire
------------------------ -----------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status 1. Executive Director
2. Non-Executive Director
3. Non-Executive Director
4. Executive Chairman
5. Non-Executive Director
------------------------ -----------------------------------------
b) Initial notification Amendment
/Amendment
------------------------ -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Hamak Gold Limited
------------------------ -----------------------------------------
b) LEI 213800NL4ICLKYSYU749
------------------------ -----------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------
a) Description Ordinary Shares of no par value each
of the financial ISIN: VGG4256S1048
instrument,
type of instrument
Identification
code
------------------------ -----------------------------------------
b) Nature of Issue of Fee Shares (as applicable)
the transaction
------------------------ -----------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) 1. N/A 1. 125,000
2. N/A 2. 50,000
3. N/A 3. 50,000
4. N/A 4. 145,000
6. N/A 6. 45,472
------------
------------------------ -----------------------------------------
d) Aggregated 415,472
information
Price N/A
------------------------ -----------------------------------------
e) Date of the 14 November 2023
transaction
------------------------ -----------------------------------------
f) Place of the Outside a trading venue
transaction
------------------------ -----------------------------------------
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END
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