#What the Akoko Drill Results Signal for Hamak Strategy
Hamak Strategy (LSE: HAMA) (OTCQB: HASTF) has returned its first four assay results from Akoko in Ghana, and the early grades suggest the geological thesis is holding up. A 4m intersection at 29.53 g/t gold from just 13m down-hole indicates that the near-surface oxide system the company has been modelling is not only present but locally high-grade. For a programme designed to upgrade a historical estimate into a compliant resource, that is a constructive starting data point.
Hamak refreshed its board and management during 2025, strengthened its balance sheet and broadened its strategy beyond the Nimba project in Liberia to include a treasury policy covering Bitcoin and, from early 2026, physical gold.
The significance lies in what these intercepts could de-risk if the pattern repeats across the remaining holes. Wide oxide zones close to surface can materially reduce mining complexity and may improve processing economics compared with deeper sulfide systems. The company’s confirmation of broad mineralized horizons also strengthens confidence in the historical resource estimate already identified at Akoko.
The drilling program also highlights a potentially efficient exploration pathway. Reverse circulation drilling in soft oxide material allows faster turnaround times and lower drilling costs than harder rock campaigns, which could accelerate resource definition if subsequent assays continue to confirm continuity. The 50-degree inclination and 50m to 80m target depths also keep drilling cheap per metre, which matters for a company funding exploration alongside a digital asset treasury strategy.
There is also a strategic implication around optionality. Near-surface oxide discoveries in West Africa can attract interest from regional operators seeking additional oxide feed sources or standalone development opportunities. While the program remains at an early stage, the combination of shallow mineralization and strong grades is encouraging. The interpretive read is that Hamak now has supporting evidence for its model, which lowers the technical risk premium on the next set of assays, though execution risk on the broader programme remains.
#72-Hole Program Targets Expansion Of Historical Gold Resource
Hamak reported assay results from the first four holes of a planned 72-hole, 4,125 meter reverse circulation drilling program at the Akoko Gold Project in southwest Ghana. The program is designed to support conversion of a previously calculated near-surface gold mineralization estimate of 252,000 ounces into a JORC mineral resource estimate.
Significant intercepts included 29.53 g/t gold over 4 meters in hole 2026-037, including 57.29 g/t over 2 meters. The same hole also intersected 6 meters at 3.15 g/t from 64 meters, including 3 meters at 6.05 g/t. Hole 2026-013 intersected 17 meters at 0.79 g/t from 7 meters, including 6 meters at 1.08 g/t.
The company stated that sixteen holes for 1,091 meters have already been completed in the northern section of the Akoko permit area. All holes are being drilled at a 50-degree inclination to depths between 50 meters and 80 meters, targeting upper oxide mineralization. Samples are processed by SGS Laboratory Services Ghana in Tarkwa using 50g fire assay with atomic absorption spectroscopy finish (a standard lab method for measuring how much gold is in a rock sample).
The programme is designed to provide confirmatory and infill data to support upgrading a previously calculated near-surface estimate of 252,000 ounces into a mineral resource estimate under modern standards.
CEO Karl Smithson said: “Drilling at Akoko has got off to an excellent start with highly encouraging gold intersections from the first 4 RC holes received to date.”
#Why Akoko’s Early Results Matter
High-grade mineralization close to surface could support lower-cost oxide mining potential.
Early drilling results strengthen confidence in the project’s existing geological model.
Broad mineralized zones may improve the likelihood of resource continuity across the license area.
Fast and lower-cost RC drilling allows quicker resource definition than deeper hard-rock programs.
Confirmation of shallow oxide horizons may improve future development optionality.
Continued assay consistency would materially reduce geological risk for the project.
Early results are consistent with the historical 252,000-ounce footprint, subject to further drilling.
#Strategic Takeaways for Investors
The Akoko program demonstrates a relatively capital-efficient exploration strategy focused on shallow oxide material that can be drilled quickly and economically. That improves the pace of technical de-risking compared with deeper hard-rock campaigns requiring more expensive diamond drilling programs.
Investors should watch whether upcoming assay batches continue to demonstrate continuity between historical drilling and current intercepts. Consistency matters more than isolated high-grade intervals because resource conversion depends on repeatable mineralization across the broader structure.
The main execution dependency remains scale validation. Early results are encouraging, but the investment case still depends on proving sufficient continuity, tonnage, and metallurgical characteristics to support a viable development pathway. Investors should also monitor drilling density, future resource updates, and any indications of economic studies following the current campaign.
#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. The company recently published its audited financial results for the period ended 31 December 2025.
#FAQs for Retail Investors
#Why is oxide gold mineralization important?
Oxide deposits are generally easier and cheaper to mine and process than deeper sulfide systems because they are softer and often require less intensive processing methods.
#How significant is a 29.53 g/t gold intercept?
Grades above 5 g/t are generally considered high-grade in open-pit gold contexts, so 29.53 g/t over 4m near surface is a notable result, though continuity across more holes is needed before drawing resource-level conclusions.
#Is the 252,000-ounce figure a current JORC resource?
It refers to a previously calculated historical near-surface gold estimate at Akoko. It is not a current mineral resource under NI 43-101, and the drill programme is designed to support a future compliant estimate.
#Why does Hamak hold Bitcoin and physical gold in its treasury?
Hamak runs a dual strategy that pairs gold exploration with a treasury policy holding both Bitcoin and physical gold. The approach is designed to give the balance sheet exposure to two different stores of value alongside the operational upside from the exploration assets.
#What should investors watch next?
The next batches of assay results from the remaining 56 holes, QA/QC outcomes, and any update on progress toward a NI 43-101 compliant mineral resource estimate.