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Azumah Resources Ltd.
Summary
| Project: | Wa | |
|---|---|---|
| Deposit: | Bepkong | |
| Location: | Ghana | |
| Commodities: | Gold | |
| Date: | 8/5/2019 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 5-8-2019: Azumah Resources Ltd. announces a Scoping Study report for its Bepkong deposit at the Wa project. Scoping study results for Bepkong Underground. West African gold explorer and developer Azumah Resources Limited (ASX: AZM) (“Azumah” or the “Compa | |
| Resources: | (Resource, Total): 2.424Mt @ 3.59g/t Au at Bepkong Underground | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | West African gold explorer and developer Azumah Resources Limited (ASX: AZM) (“Azumah” or the “Company”) advises that a scoping study to evaluate the technical and commercial merits of mining deeper-level mineralisation at its Bepkong deposit (“Bepkong Underground”), has indicated that an underground mining operation could provide a material boost to the already financially robust open-pit based Wa Gold Project, Ghana (“Project”), with a Production Target of approximately an additional 154,000oz of contained gold and adding approximately US$32 million cash flow at a gold price of US$1,300 per ounce (post-royalty, pre-tax)(Fig. 1. Tables 1 to 7. Graph 1. Tables A and B). The Bepkong deposit, which commences just below surface, is a key component of the Project for which a Feasibility Study being managed by joint venture partner, Ibaera Capital (“Ibaera”), and based on a 1,028,000oz Ore Reserve (18Mt at 1.77g/t Au)(JORC 2012), is nearing completion (ASX release 30 January 2019). At present, the Project is expected to have a pre-tax NPV5% of US$177 million, an IRR of 35% and to pay back the US$117 million establishment capital in 1.6 years. This is based on open-pit optimisations and revenue estimates using a US$1,300 gold price. An underground operation at Bepkong, should it proceed, will only need to cover dedicated capital and associated operating costs with all Project establishment costs likely to be repaid by open-pit mining operations prior to the commencement of underground mining. The Project Joint Venture has not made a production decision and its strategic plan to develop a gold mining operation is subject to the results of the completed Feasibility Study and other factors, some of which are beyond its control. | |
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