Hamak Strategy (LSE:HAMA) has declared a maiden independent Mineral Resource Estimate of 210,430 ounces of gold at its Akoko Oxide Gold Project in southwest Ghana, grading 0.76 grammes per tonne.
The London and OTCQB-listed company combines West African gold exploration with a bitcoin treasury strategy, and the resource marks Akoko's shift from exploration prospect to a quantified asset.
The estimate splits into 103,200 ounces in the Measured and Indicated categories and 107,230 ounces Inferred, with more than 120,000 ounces of shallow "free-digging" oxide material within 50 metres of surface grading 0.81 g/t.
Initial metallurgical test work returned oxide gold recoveries of between 85% and 94%.
Less than 35% of the 15km geochemical trend, which sits along the Ashanti gold belt near the Tarkwa mines, has been drilled to date, leaving the resource open at depth and along strike.
"Today is a defining milestone for Hamak. Akoko is no longer simply an exploration concept: it has an independently estimated mineral resource of over 210,000 ounces, with nearly half already in the Measured and Indicated categories," said CEO Karl Smithson.
Hamak holds an option to acquire 100% of Akoko, exercisable by 14 December, for US$1.9m cash to Topago Mining plus £1m in shares to CAA Mining, alongside a sliding production royalty.
Against the new resource, that implies roughly US$9 per ounce in cash or US$15 per ounce including the share component.
An independent preliminary economic assessment will now examine a low-capex, open-pit, heap-leach operation targeting at least 20,000 ounces of annual production.
News Intelligence what this means for the company
Hamak has published its first independent resource estimate at Akoko—210,430 oz of gold at 0.76 g/t, split 103,200 oz Measured & Indicated and 107,230 oz Inferred—converting the project from exploration prospect to a quantified asset. The option to acquire 100% costs US$1.9m cash plus £1m in shares, pricing the deal at roughly US$15 per ounce of resource; more than 120,000 oz sits in shallow oxide material within 50 m of surface grading 0.81 g/t with 85–94% recovery, and a preliminary economic assessment targeting 20,000 oz annual production now follows. Less than 35% of the 15 km geochemical trend has been drilled, leaving the resource open at depth and along strike.
The maiden resource underpins the economic case for exercising the Akoko option by 14 December and moves the project toward production feasibility study. Whether the PEA validates the 20,000 oz annual production target and low-capex heap-leach model will determine whether Hamak can fund development and monetize the asset, or whether further capital raises or partnerships are required.
Insights assembled by AI. Editor-reviewed and grounded in tickstock’s coverage and proprietary knowledge graph.
Content is for informational purposes only, not financial advice.
