Azumah Resources (ASX: AZM) has broadened its board’s experience with two new appointments to fast-track development of the company’s Wa gold project in Ghana.
Debra Bakker has joined the board and brings with her banking and project financier capabilities, while Linton Putland has brought the board his 30-years’ experience as a mining consultant and private equity advisor.
Azumah managing director Stephen Stone said the appointments will assist the company with securing financing and making a final development decision, which is anticipated next year.
“[Ms Bakker] brings more than 25 years’ experience as an international banker, deal-maker and advisor to the resources sector, while [Mr Putland] is highly experienced in technical, operational and managerial roles centred on open pit and underground operations, including several campaigns in Africa,” Mr Stone noted.
“We look forward to both [Ms Bakker] and [Mr Putland] playing critical roles in the company’s growth and to its innovative partnership with private equity group, Ibaera Capital,” he added.
Wa gold project
According to Mr Stone, the Wa delivered “game-changing” results during the June quarter.
In early May, drilling at the Kunche target returned a thick gold intersection of 44m at 5.37 gram per tonne gold from 99m, including two higher grade intervals of 1m at 144g/t gold and 20m at 10.27g/t gold.
The project has a current JORC resource of 2.1Moz of contained gold with an average grade of 1.5g/t.
Ibaera is earning up to 47.5% in Wa over two years by spending A$17 million on exploration at the project to boost ore reserves from the current 624,000 ounces of contained gold, with a target of 1Moz.
“Our exploration plans for the September quarter include drilling to test the recently identified Kunche ‘feeder zone’, exploration drilling at the Danyawu, A-B-C, and Butele North targets, and continued auger drilling at Butele North, Yagha Southwest and throughout our prospective 2,400 square kilometre tenure,” Mr Stone said.
The project has access to grid power, sealed roads, skilled labour and abundant water.
Azumah claims the project also has strong support from the Ghana government and local community.
An updated mineral resource is pencilled in before the end of the current quarter, with the reserve upgrade due by the end of the year.
By late morning trade, shares in Azumah were up almost 5% to A$0.022.