Ghanaian project takes shape for Akiko Gold Resources

A reconnaissance program in southwestern Ghana has yielded highly prospective drill targets for Akiko Gold Resources (VSE).

Results from rock chip and soil samples indicate gold values of up to 0.69 oz. per ton. Moreover, Akiko has detected a broad soil anomaly surrounding two native workings, where quartz veins contain up to 0.38 oz. gold.

The 54-sq.-mile Antubia/

Afere concession is on the western flank of the Bibiani Greenstone Belt.

Back in the U.S., Akiko will receive financial help from Korea Zinc for the continued development of the Tintic project in Utah. The Seoul-based smelting firm will invest US$5 million in a drill program aimed at expanding reserves on the silver-lead-zinc property. In return, it will earn a 25% interest.

The property is owned by Chief Consolidated Mining (NASDAQ), from whom Akiko is earning a 50% interest for US$10 million. To date, US$2 million has been paid.

Within the same district, Akiko is confident that ongoing drilling will expand the Burgin deposit. Previously, reserves were estimated at 1.03 million tons containing 24 million oz. silver, 550 million lb. lead and 180 million lb. zinc.

The end result of the deal will be that Akiko gains a 25% stake in the property.

Korea Zinc recently announced it will purchase the Big River zinc smelter in Sauget, Ill., for US$52.5 million.