Low gold prices and a lack of investor interest in junior mining stocks have prompted Adikann Goldfields (ADK-V) to seek potential partners to explore its land holdings in Ghana.
According to the cash-strapped junior, its property portfolio in Ghana is extensive and at the grass-roots stage — accordingly, the costs of exploration are high.
The company has curtailed work programs, and is currently seeking partners to aid in the exploration of its properties.
Adikann recently carried out a trenching program at its Westbank concession in the Asankrangwa gold belt in Ghana, some 15 km west of the Ashanti-Ayanfuri mine. The trenching effort was focused on ground above an old, underground shaft structure.
The mineralized granite is described as being about 50 metres wide and more than 100 metres long. Samples taken from the trenches returned gold values described by the company as “encouraging.”
Adikann is reviewing its land package in Ghana and will attempt to keep the properties in good standing until partners can be found. However, the company may write down some of the properties and related expenses.
At the same time, Adikann has shelved plans to acquire several new properties in Zimbabwe, though it plans to continue with a gold-processing joint venture there.
The junior intends to shift its focus to North America, where it is currently reviewing a number of projects.
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