Hamak Gold Limited Drill Targets Identified by Geophysical Survey (8462Y)

TIDMHAMA

RNS Number : 8462Y

Hamak Gold Limited

10 May 2023

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10 May 2023

Hamak Gold Limited

(" Hamak Gold " or the " Company ")

High Priority Drill Targets Identified by Geophysical Survey

Hamak Gold Limited (LSE: HAMA) is pleased to announce that it has received the report and interpretation of the geophysical Induced Polarisation ("IP") survey conducted over the high-grade Ziatoyah gold discovery on the Company's Nimba licence in northern Liberia.

Highlights

-- Consulting group GeoFocus conducted the detailed Induced Polarisation ("IP") geophysical survey

-- 21 line kilometres of survey successfully completed over the high-grade Ziatoyah gold discovery and northern gold insoil anomaly

-- The survey has identified strong geophysical anomalies which are coincident with the high-grade Ziatoyah gold discovery and gold in soil anomalies

-- Priority drill targets have been identified to test these geophysical anomalies and to identify extensions of the gold mineralisation encountered in the first drill hole at Ziatoyah which intersected 20m @7g/t Au

Karl Smithson, Executive Director of Hamak Gold commented:

"We are extremely encouraged with the results the geophysical survey which has generated strong IP anomalies that are believed to be associated with the high-grade gold discovery at Ziatoyah and with the gold in soil anomalies. After detailed review of the results, we have identified several high priority drill targets to test these anomalies and determine whether they represent extensions of the gold mineralization intersected at Ziatoyah."

Geophysical Survey and Results

South African based geophysical consultancy group GeoFocus (Pty) Ltd. conducted the IP survey. A total of 21 line kilometers ("km") of survey were run along traverses varying from 800 metres ("m") to 1,200m with line spacings of 100m and 200m. These lines were chosen to cover the Ziatoyah gold discovery in the vicinity of the significant drill intersection of 20m at 7 grammes per tonne ("g/t") Au as well as the northern part of the 3km x 1km strong gold in soil anomaly. An initial IP Orientation/Pilot survey block was surveyed (at 25m and 50m dipole-dipole spacing) directly over the Ziatoyah discovery outcrop and Drill Holes 1 and 2 to get the "finger print" of the gold discovery and establish the optimal survey parameters to be applied and conducted over the wider discovery area and northern soil anomaly during the IP Follow Up survey (Figure 1).

Figure 1: Geophysical Survey Blocks

GeoFocus reported that the data quality generated from the survey was very good, particularly on the 50m dipole-dipole transmitter spacing, which provides data to depths of 100m below surface. Processing and interpretation of the data has resulted in the identification of a number of strong IP chargeability and resistivity anomalies that can be correlated to the Ziatoyah discovery and the gold in soil anomalies further to the north. Figure 2 shows a strong chargeability anomaly at 75m depth that runs from the Ziatoyah discovery site and Drill Hole 1, to the north and then curves to the northwest. This arcuate, strong chargeability anomaly (30 - 40 mSecs) is possibly related to a fold or shear/fault structure. A further two strong chargeability anomalies were identified to the north (circled in black) which correlate well with peak values of gold in soil anomalies.

Figure 2: 75m Depth Slice Chargeability Anomaly and Gold in Soil Values

As previously reported, the gold mineralization intersected at Ziatoyah in drilling and observed in outcrop of the mineralized metadolerite unit suggests that the gold occurs as free grains within disseminated crystalline and aggregates of pyrite attaining levels of between 1% and 10% of the rock mass. The resistivity anomaly at Ziatoyah likely indicates alteration associated with sulphide mineralization and shows a strong correlation between gold in soil anomalies and high resistivity readings. This is also the case for the two northern anomalies (Figure 3).

Figure 3: 75m Depth Slice Resistivity Anomaly and Gold in Soil Values

Summary

Rock chip sampling and limited initial drilling at the Ziatoyah outcrop returned very encouraging results, in particular Drill Hole 1 which intersected 20m @7g/t Au. The geophysical survey has successfully identified a very strong chargeability anomaly trending north and then northwest from the vicinity of the Ziatoyah outcrop which will be drill tested to determine whether it represents an extension of the high-grade gold mineralization discovered at the Ziatoyah outcrop and in Drill Hole 1 (see Figure 2). Additionally, the survey has generated several new high priority drill targets to test both the chargeability and resistivity anomalies coincident with gold in soil anomalies in the northern part of the survey area. A drilling programme is being designed to test these anomalies during the next phase of exploration.

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.

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