Sikaman builds reserves on Ghana bet

Reserves in the Bogosu concession in Ghana have been increased by equal partners Sikaman Gold Resources and Denison Mines, Sikaman President A. T. Griffis says. An exploration program, under way since the beginning of the year, has enabled Sikaman to increase the project’s proven, probable and possible reserves markedly. Total ounces of gold in all these categories has increased to 5.5 million from 1.7 million previously. Of these, 462,536 oz of gold is deemed proven.

Underground work on the Marlu mine property has confirmed a proven reserve base of 752,000 tonnes grading 8.6 g gold per tonne (0.278 oz gold per tonne). Sikaman believes more than half of this material would be amenable to open pit mining methods.

On another ten known deposits within the large 58-sq-mile concession, Sikaman has outlined additional proven reserves of 1.1 million tonnes grading 2.1 g gold per tonne (0.067 oz gold per tonne). Work on the Marlu mine tailings dump has established a proven reserve of six million tonnes grading 0.9 g gold per ton (0.029 oz gold per tonne).

Initial examination of the alluvial gold potential of certain areas in the concession has returned weak results. Sikaman has encountered erratic grades and indications of small tonnages.

At the Chujah mine property, probable reserves remain the same. These are calculated at 4.2 million tonnes grading 4.8 g gold per tonne (0.155 oz gold per ton).

Sikaman officers are especially excited about the Bogosu South area where potential exists for establishing reserves. Based on a single drill hole, which cut 0.18 oz gold per ton across 200 ft, the company estimates the area holds possible reserves of 20 million tonnes. The drill hole cut the mineralized zone down dip from the Bogosu reef.

By month end, Mr Griffis says a prefeasibility report will be completed. Additional drilling is scheduled to begin in August. Both Sikaman and Denison each hold a 45% interest in the concession. The African government of Ghana holds the remaining 10%.