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04 August 2022

Hamak Gold Limited

("Hamak Gold" or the "Company")

Positive Channel Sampling Results Provide Drill Ready Targets at the Nimba Licence

Hamak Gold Limited (LSE: HAMA) is pleased to announce positive channel sampling results with wide intersects of significant gold mineralization from its Block-1 grid in the Nimba licence, which is located some 25 kilometres south-west of Endeavour Mining's Ity Gold Mine complex in neighbouring Cote d'Ivoire.

Highlights

·    Channel sampling yields encouraging gold results across geological units from which rock chip sampling results of 45.5 grammes per tonnes ("g/t") Au and 37/3 g/t Au were previously recovered

·    South face channel sampling yielded 55 metres ("m") at 0.63 g/t Au, including 14m at 1.98 g/t Au

·    North face channel sampling yielded 11m at 0.99 g/t Au including 3m at 3.14 g/t Au

·    Within these wide anomalous zones are 2m spaced channel samples returning 8.56 g/t Au, 3.38 g/t Au and 1.33 g/t Au and also 1m spaced channel samples returning 5.17 g/t Au and 3.26 g/t Au

·    Results are suggestive of a bulk tonnage gold target

·    Further trenching and channel sampling ongoing across significant gold in soil anomalies within Block-1

Karl Smithson, Executive Director of Hamak Gold commented:

"The results of the channel sampling in Block-1 of the Nimba licence have yielded very encouraging grades and widths of gold mineralization which provide clear drill targets.  These results are associated with rock units from which we have already identified visible gold and which previously yielded several high gold grade rock chip sample results.  We are actively trenching and channel sampling elsewhere in the block to further complement the results and provide additional drill targets."

Nimba Licence Block-1 Channel Sampling and Results

In late June the Company announced positive gold in soil results and significant rock chip sampling results of 45.5g/t Au and 37.3g/t Au from its first sampling block in the Nimba Licence.  The rock chip samples were collected from a silicified stockwork zone of fine grained metadolerite containing disseminated auriferous pyrite which has been exposed by artisanal mining.  A total of 43 channel samples over a distance of 66m were collected across this exposed zone, subdivided into north and south faces which form a continuous strike length, and were submitted to ALS Global laboratory in Ghana for gold fire assay.

The results have returned gold mineralization across the entire 66m channel length which is not closed off in any direction, with sections of significant gold mineralization returning 55.0m at 0.63 g/t Au and 11.0m at 0.99 g/t Au, which include better intervals of 14m at 1.98g/t Au and 3m at 3.14g/t Au respectively, and  with individual samples returning up to 8.56g/t Au over 2m splits. 

These results are clearly significant from a width and gold anomalism perspective and provide drill targets as the next step towards defining the extension of gold mineralization with depth, as well as its lateral extent.

Nimba Licence Blocks-1 Soil Sampling and Results

Results for a further 285 soil samples from Block-1 have been received, bringing the total collected and assayed to 1,096 samples. Two significant anomalies have previously been announced, and the additional samples have revealed a third strong anomaly with gold values of up to 0.732 parts per million ("ppm") or 0.73g/t Au located in the south-west of the block.  Further soil sampling is being conducted to the south of Block-1 to fully define these gold anomalies and results are awaited.

Currently, trenching and channel sampling is being conducted across peaks in gold values in anomalies 1 and 2 within Block-1, to identify further drilling targets. 

Figure 1:  Nimba Block-1 Soil Sampling Results

Stream Sampling and Block-2 Results

Exploration elsewhere in the Nimba licence has included soil sampling of Block-2 in the north of the licence, where 752 samples have been collected and assayed.  One positive anomaly with a value of 0.652ppm Au (0.65g/t Au) has been revealed at the western edge of the block and further sampling will be required to better define this anomaly.

In addition, stream sampling was conducted around a topographic high called Mount Blah in the centre of the licence.  The streams sampled drain from a prominent 8 kilometres long Greenstone Belt ridge that has been subjected to artisanal mining activity.  Some 29 stream samples have been collected with several of samples yielding positive gold values up to 2.230ppm Au (2.23g/t Au).  Further detailed follow up will be required to track up the streams to the source of the gold anomalies.

For further information you are invited to view the company's website at www.hamakgold.com or please contact:

About Hamak Gold Limited

Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration of a portfolio of licences in highly prospective areas of Liberia and having a growth strategy that considers other exploration and development opportunities in the wider West Africa region.

QA/QC

Channel sampling was undertaken by Hamak Gold's Liberian field crew, supervised by senior staff members of the Company.  All rock samples met the standards for adequate chain of custody without opportunity for third party access from the field to the preparation laboratory in Monrovia, Liberia, and then onward to the ALS Global analytical laboratory in Ghana.

Sample Preparation

Sample preparation was performed by Liberia Geochemical Services Inc. in Monrovia. The entire rock sample was dried and then crushed to 70% passing -2 millimetres and a representative split was taken by riffle splitting. The 500 grammes ["g")  split was then pulverized up to 85% passing -75 micron and the required pulp mass of ~ 250g was bagged and labelled for analysis; with the reminder being stored. 

Analysis

Analysis was performed by ALS Global at their laboratory in Ghana by fire assay with atomic absorption finish, specifically for gold content, using method Au-AA24 with a 50g charge.   During the analysis, the two samples, referred to above, exceeded the detection limits (of 10 ppm Au or 10g/t Au) whereby the over limit samples underwent fire assay with a gravimetric finish using method Au-GRA22 with a 50g charge. 

QC was performed by the analysis of four different certified lab standards with gold values similar to that expected from the rock samples. These standards were inserted within each sample batch and returned appropriate levels of gold within the range of each standard.

Qualified Person

The technical information in this announcement that relates to exploration results is based on information reviewed by Hamak Gold's retained consultant Dr Colin Andrew, who is an independent Consulting Economic Geologist, and graduate of Imperial College London and the Royal School of Mines and is a Member of the Institute of Materials, Minerals and Mining, a Fellow of the Geological Society of London, a Member of the Society of Economic Geologists, and a registered Chartered Engineer with the Engineering Council.

Colin Andrew has over forty years of diverse mining industry experience, relevant to the nature of exploration, the style of mineralization and type of deposit under consideration and to the activity that he is reviewing, to qualify as a "an "Independent Qualified Person" as such term is defined in NI 43-101.