Sharechat Logo

Azimuth Resources

By Dan Stratful (AFA)

Friday 24th August 2012

Text too small?

Azimuth Resources (ASX: AZH) is a junior gold and uranium explorer with a focus on gold and uranium exploration projects in Guyana, South America. Its Guyana exploration projects cover over 8,000km2 of granted licences (East and West Omai Projects) which are prospective for gold and 4,000km2 (Amakura Project) which is prospective for uranium.

AZH's strategy is to develop a world class portfolio of assets by upgrading existing resources, undertaking green fields exploration and through project acquisitions. A $6 million equity capital raising has just been completed to fund growth through the issue of 17 million shares to sophisticated and institutional investors. The offer was oversubscribed.

AZH recently reported its maiden resource estimate for its West Omai gold project, which although it came in at the lower end of Analyst expectations, provided AZH with the foundations to build a large resource of high quality gold deposits.

The resource was derived from the Smarts and Hicks deposits at the flagship West Omai gold project, with the Smarts resource providing some particularly high quality results while the Hicks resource was of lower quality.

AZH operates in a country that has a mining friendly government and AZH owns almost 100% of the West Omai Project which holds the largest ground position in Guyana. The area reportedly has good logistics with existing road access and the ground is reportedly highly prospective.

Analysts' value AZH's shares at around 80c per share and with on-going drilling, AZH anticipates its resource inventory to grow as it seeks to become a multi-million ounce gold explorer.

Another resource upgrade is expected by the end of 2012.


AZH's shares today traded at 39c

In accordance with the Financial Advisers Act 2008 ("the Act") Sharechat is "Class Advice" and any advice or recommendations contained on this webpage is not "Personalised Advice" as defined by the Act. This means Sharechat does not take into account an investor's particular financial position, financial needs, financial goals, risk profile or asset allocation. Investor's who require "Personalised Advice" should contact an Authorised Financial Adviser (AFA).



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

PCT - Delivering on strategy underpins strong operating result
KFL - August 2020 monthly update
BRM - August 2020 monthly update
MLN - August 2020 monthly update
Further COVID-19 Restrictions at SkyCity’s New Zealand Properties
FY20 results guidance met, Results date, Banking Facility
Sky sells OSB assets to NEP NZ, secures 10 year partnership
NZX fully operational - announcement re COVID-19
Heartland Market Update
Steel & Tube Fy20 Trading Update

IRG See IRG research reports