Hamak Strategy: Resource Drilling Underway at Akoko Gold Project

#Resource Drilling Underway at Akoko Gold Project in Ghana 

Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, is pleased to announce that it has commenced a 4,125 metres reverse circulation ("RC") resource drill programme on the Akoko gold project in southwest Ghana.

Highlights

·      Resource drill programme underway at Akoko oxide gold project in southwest Ghana

·      72 RC holes for 4,125m planned across the two primary targets at Akoko

·      Drilling focused on upper 80m of oxide gold material which hosts a non-JORC resource

·     Programme to generate a maiden JORC* compliant mineral resource estimate ("MRE") and a Preliminary Economic Assessment ("PEA") for a low-cost open pit mine

CEO and Executive Director Karl Smithson commented:

"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."

RC Drilling Programme

Since Hamak signed its contract with Ghana based drilling company Deeprock (GH) Limited ("Deeprock") for an initial 4,125m RC drilling programme over the Akoko oxide gold project, the Company has rapidly undertaken the necessary preparation for drill rig access and drill pads. Deeprock has now mobilised the drill rig to the Akoko North project area and has commenced drilling a planned 72 holes for 4,125m across Akoko North and Akoko South.

Drill rig being mobilised to the first drill pads

QAQC

All drilling samples are collected by the Company following industry best practices with an appropriate number and type of certified reference materials (standards), blanks and duplicates inserted to ensure an effective Quality Assurance Quality Control "QAQC" regime. RC samples are collected at 1m intervals with representative samples split at the site. Samples will be submitted to the ISO accredited SGS Laboratory ("SGS") in Tarkwa (Ghana) for fire assay technique.  Tarkwa is a nearby town to the Akoko project and is where Hamak has established its base and therefore, it is expected that assay results will be received on a regular basis.

MRE & PEA Report Preparation

Hamak has retained independent consulting geologist Dr. Colin Andrew to prepare a maiden JORC compliant MRE for Akoko. The MRE will be based on the current drill programme results and the 16,000m of historical drilling assay results that Hamak has received. The current MRE (non-JORC) was undertaken in 2016 by the previous licence owners which estimated 270,000 ounces of contained gold.

Hamak is currently engaging with several independent consulting and engineering groups to propose a budget for the preparation of a preliminary economic assessment ("PEA") for a potential low-cost open pit mining and processing operation at Akoko. The declaration of the updated and JORC compliant MRE is the first step towards preparing the PEA, which will also assess options for mining and processing methods, capital and operating costs and cash flow forecasts, in a robust financial model.

* Note: JORC refers to the Joint Ore Reserves Committee Reporting Code (2012), the Australian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves

The Company further announces that an updated corporate presentation has been added to its website at https://hamakstrategy.com/

For the purposes of UK MAR, the person responsible for arranging release of this announcement on behalf of Hamak is Karl Smithson, CEO and Executive Director.

For further information on Hamak you are invited to view the company's website at https://hamakstrategy.com/ or please contact:

About Hamak Strategy Limited

Hamak Strategy Limited (LSE: HAMA / OTCQB: HASTF) is a UK listed company focussed on gold exploration in Africa and with a strategy of pursuing an appropriate and compliant BTC / crypto treasury management policy. 

Important Notice

The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated by The Financial Conduct Authority (FCA) and Bitcoin investments are generally not subject to regulation by the FCA or otherwise in the United Kingdom. Neither the Company nor investors in the Company's shares are protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme.

However, the FCA considers Bitcoin investments to be high-risk. The value of Bitcoin can go up as well as down, leading to fluctuations in the value of the Company's Bitcoin holdings, and the Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.

The Company's Board of Directors have identified the following risks in relation to the holding of Bitcoin, which are not exhaustive:

•           The value of Bitcoin can be highly volatile, with its value falling as quickly as it rises. Investors in Bitcoin must be prepared to lose all money invested.

•           The Bitcoin market is largely unregulated. There is a risk of losing money due to factors such as cyber-attacks, financial crime, and counterparty failure.

•           The Company may not be able to sell its Bitcoin at will. The ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks, and comingling of funds could cause unwanted delays.

•           Cryptoassets carry a perception of fraud, money laundering, and financial crime.

An investment in the Company is not an investment in Bitcoin itself, but prospective investors in the Company are encouraged to conduct their own research before investing and should be aware that they will have indirect exposure to the high-risk nature of cryptoassets, including their volatility, and could therefore sustain large or total losses of their investment.