Hamak Advances Akoko Gold Project With Drilling Start

By Kirsteen Mackay

Apr 16, 2026

4 min read

Hamak Strategy (LSE: HAMA) (OTCQB: HASTF) begins drilling at Akoko in Ghana, targeting a maiden JORC resource and low-cost open pit potential.

Large open pit gold mine in Ghana with visible gold mineralization in foreground rocks at sunset

#Akoko Drilling Signals Shift Toward Resource Definition

Hamak Strategy (LSE: HAMA) (OTCQB: HASTF) has begun drilling at its Akoko gold project in Ghana, suggesting near-term resource validation progress. This marks a transition from early-stage exploration toward resource definition, which aims to reduce geological uncertainty and improve project visibility for investors. Moving into a structured drill campaign implies the company is positioning the asset for formal valuation under recognized reporting standards.

The focus on shallow oxide material indicates a strategy centered on lower-cost extraction and faster development timelines. Oxide deposits are generally easier and cheaper to process, which indicates the company is exploring development scenarios that may prioritize lower-cost extraction methods, subject to further technical and economic evaluation. This could reduce both upfront capex intensity and technical risk compared to deeper or more complex deposits.

The planned JORC-compliant resource and subsequent preliminary economic assessment (PEA) highlight a shift toward monetization rather than exploration upside alone. This suggests that management is aiming to convert geological potential into financially modeled outcomes, which can potentially enable funding, partnerships, or strategic transactions.

The involvement of third-party consultants and structured QAQC processes reinforces credibility. It indicates that the company is aligning with industry standards, which could improve investor confidence and may support improved market perception of execution risk as the project advances.

#72 Holes Planned Across 4,125m Targeting Oxide Gold

On April 15, 2026, Hamak Strategy announced commencement of a 4,125-meter reverse circulation (RC) drilling program at its high-potential Akoko gold project in southwest Ghana. The program consists of 72 drill holes across two primary target areas, Akoko North and Akoko South, focusing on oxide gold mineralization within the upper 80 meters.

The drilling is being conducted by Ghana-based contractor Deeprock (GH) Limited, which has mobilized equipment to site following completion of access preparation and drill pad construction. Samples are collected at one-meter intervals and processed using industry-standard QAQC procedures, including insertion of certified reference materials, blanks, and duplicates. Assays will be conducted at the ISO-accredited SGS laboratory in Tarkwa (Ghana) using fire assay methods.

The program is designed to support a maiden JORC-compliant mineral resource estimate. Historical non-JORC estimates indicate approximately 270,000 ounces of contained gold. The updated resource is expected to support a PEA, subject to successful completion of the resource estimate, evaluating mining and processing options, capital requirements, and projected cash flows.

The company has engaged independent consultant Dr. Colin Andrew to prepare the resource estimate and is in discussions with engineering groups for the economic assessment. Completion of the JORC resource estimate is a prerequisite for advancing the PEA.

We are delighted to commence drilling at the Akoko gold project in southwest Ghana. The 4,125m RC drill programme is designed to generate a maiden JORC compliant MRE and support the preparation of a PEA. Drilling is focused on the upper 80m where modelling suggests the primary oxide gold target is, and which could be amenable to low-cost open pit mining and processing. We look forward to providing regular updates on the exploration results from this programme.

- CEO and Executive Director Karl Smithson

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#Key Considerations Based on This Drilling Update

  • Intends to move Hamak toward a JORC-compliant resource, a key step for valuation and funding

  • Targets shallow oxide gold, which could lower capex and accelerate development timelines

  • Supports a PEA, enabling visibility on project economics and cash flow potential

  • It is intended to help reduce geological uncertainty, depending on drilling results, which may improve confidence in resource scale and continuity if results are consistent with expectations

  • Positions the project for potential strategic partnerships, financing, or asset monetization

  • Use of third-party contractors and QAQC processes may enhance credibility and reduce execution risk

#Strategic Takeaways for Investors

This development signals a move toward scalability, as defining a compliant resource is the foundation for any future production decision. The shallow oxide focus suggests a potentially capital-efficient development pathway, which could improve project economics and shorten time to production if results are favorable.

However, execution risk remains tied to drilling outcomes and resource conversion. The transition from a non-compliant estimate to a JORC resource is critical, and any shortfall in grade or continuity could impact project viability. Investors should also monitor how the upcoming economic assessment frames capital intensity and projected returns.

Next milestones include assay results, resource publication, and details from the economic assessment. These are expected to help inform whether Akoko can progress from a technical opportunity into a financeable asset.

#About Hamak Strategy

Hamak Strategy Limited (LSE: HAMA) (OTCQB: HASTF) is a gold exploration and development company focused on advancing early-stage gold assets in West Africa. The Company currently operates a portfolio of projects in Ghana and Liberia, with additional exposure to treasury strategy that includes holding physical gold and Bitcoin.

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#FAQs for Retail Investors

#What is the goal of the current drilling program?

To establish a maiden JORC-compliant gold resource at the Akoko project. Historical non-JORC estimates have suggested approximately 270,000 ounces of contained gold; however, this estimate is not compliant with JORC standards, has not been verified by a qualified person, and should not be relied upon as an indication of current mineral resources.

#Why is oxide gold significant?

Oxide deposits are typically easier and cheaper to mine and process than deeper sulphide ores.

#What comes after the resource estimate?

A preliminary economic assessment (PEA) will evaluate project viability, costs, and potential returns.

#How large is the current exploration target?

A historical estimate suggests around 270,000 ounces, but this is not yet JORC-compliant.

#What should investors watch next?

Drill results, the published resource estimate, and economic assessment outcomes.

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