Hamak Strategy Limited (LSE: HAMA) (OTCQB: HASTF) reported historical drilling results from its Akoko Gold Project in southwest Ghana following the acquisition of exploration data covering drilling and geochemical work conducted between 2016 and 2018.
The newly obtained information includes results from 77 reverse circulation drill holes totaling 6,270 meters and nine diamond drill holes totaling 1,072 meters. According to Hamak, the results identified several high-grade gold intersections, including 21.40 grams per tonne (g/t) gold over two meters from 27 meters depth and 15.44 g/t gold over 12 meters from 42 meters depth.
Hamak said it has exclusive access to a geological database provided by CAA Mining covering exploration work and assay results from 2007 to 2016, and holds an option to acquire a 100% interest in the Akoko Gold Project from CAA Mining. The company added that it recently became aware of additional exploration work conducted at Akoko between 2016 and 2018, including geochemical sampling and drilling, and acquired that dataset for a nominal amount to support ongoing geological interpretation.
Ghana remains one of Africa’s largest gold-producing jurisdictions and has attracted sustained exploration investment due to its established mining infrastructure and regulatory framework.
#Historical Drilling Data Expands Geological Model
Hamak said the newly acquired exploration data identified mineralized oxide zones near surface in multiple target areas, with several higher-grade intersections occurring within 50 meters of surface.
Among the results highlighted by the company were intercepts of 8.99 g/t gold over seven meters from 42 meters depth, 1.59 g/t over 11 meters from 39 meters depth, and 1.01 g/t over 34 meters from nine meters depth.
The company also pointed to diamond drill hole ANDD17-004, which reportedly intersected 15.44 g/t gold over 12 meters alongside sulphide mineralization. Hamak stated that the sulphide mineralization could indicate a deeper primary source for the oxide-hosted gold, although it noted that additional drilling and verification work will be required to confirm that interpretation.
Chief Executive Officer Karl Smithson said the company plans to conduct follow-up drilling to validate the historical results and integrate the information into its broader geological model for the project. He added that Hamak intends to commission an independent mineral resource estimate and preliminary economic assessment after its current drilling campaign is completed and assay results are received.
#Current Drilling Program Continues
Separately, Hamak provided an update on its ongoing reverse circulation drilling campaign at Akoko North. The company said 29 holes totaling 1,806 meters have been drilled so far as part of resource confirmation and condemnation drilling activities.
The latest batch of assay results included seven additional drill holes, five of which were drilled outside known mineralized zones to evaluate potential locations for future mine infrastructure. Hamak reported that the strongest intercept from the recent results measured 2.07 g/t gold over four meters from 33 meters depth.
The company said additional drill samples remain at the laboratory for analysis and that further assay results will be released when available.
Near-surface oxide deposits are often evaluated for their potential processing and extraction advantages compared with deeper hard-rock mineralization. However, exploration-stage projects remain subject to technical, financing, permitting, and commodity price risks before commercial development can occur.
#Technical Review and Risk Considerations
Hamak stated that the technical information related to the exploration results was reviewed by independent consulting geologist Dr. Colin Andrew, who the company identified as an Independent Qualified Person under NI 43-101 standards. According to the company, the verification process included reviews of laboratory procedures, quality assurance and quality control protocols, and original laboratory assay sheets.
All analyses were reportedly conducted by Intertek Minerals Limited in Tarkwa, Ghana using fire assay methods with quality control measures that included standards, blanks, and certified reference materials. Hamak said no material flaws were identified during the verification review.
In addition to its gold exploration activities, Hamak maintains a treasury strategy that includes holdings in Bitcoin. The company noted in its announcement that cryptocurrency investments carry volatility, liquidity, cybersecurity, and regulatory risks.
The company emphasized that forward-looking statements regarding mineral resources, project economics, and exploration outcomes remain subject to further drilling, technical evaluation, and independent assessment. Exploration-stage mineral projects frequently require additional verification work before historical drilling results can be incorporated into formal resource estimates.