Hamak Strategy Ltd (LSE: HAMA / OTCQB: HASTF) saw its shares surge 32% after publishing its maiden independent NI 43-101 Mineral Resource Estimate for the Akoko Oxide Gold Project in Ghana, outlining a 210,430-ounce gold resource and paving the way for a preliminary economic assessment.
The maiden resource comprises 210,430 ounces of gold grading 0.76g/t, including 103,200 ounces in the Measured and Indicated categories at 0.83g/t and 107,230 ounces in the Inferred category at 0.71g/t.
A key feature of the resource is more than 120,000 ounces of shallow oxide gold within 50 metres of surface, grading 0.81g/t, which the company believes could support a low-capex, open-pit heap-leach operation.
Initial metallurgical testing returned encouraging oxide gold recoveries of between 85% and 94%, while sulphide recoveries averaged 68%.
Hamak said less than 35% of the project’s 15-kilometre gold-in-soil anomaly has been drill tested, with the resource remaining open both along strike and at depth, providing significant exploration upside.
Following the resource estimate, the company plans to commission an independent Preliminary Economic Assessment (PEA) to evaluate the potential development of a simple open-pit, heap-leach gold mine targeting annual production of at least 20,000 ounces.
Chief executive Karl Smithson described the maiden resource as a defining milestone, saying Akoko had progressed from an exploration concept to a quantified gold asset with substantial development potential.
Hamak retains an option to acquire a 100% interest in the Akoko project by 14 December 2026. Under the option terms, the acquisition would cost approximately US$15 per resource ounce, comprising US$1.9 million in cash and £1 million in Hamak shares, which the company believes represents an attractive entry valuation for a West African gold asset.
The independent resource estimate concluded that the project has reasonable prospects for eventual economic extraction, supporting the company’s decision to advance towards the PEA stage while continuing drilling aimed at expanding and upgrading the resource.
