Asante Gold Corporation on Tuesday released preparation of an updated Technical Report for the Bibiani Gold Mine project operated by Mensin Gold Bibiani Limited a 90% owned Ghana subsidiary of Asante.
According to the Mining Company, the 2022 Technical Report has been prepared to the level of confidence of a Pre-Feasibility Study and will be filed on the Company’s SEDAR profile (www.sedar.com) within 45 days.
The 2022 Technical Report when filed will supersede the previous Bibiani JORC/NI 43-101 submissions by Resolute Mining Limited in 2018 and by Asante in November 2021, which were based on geological modelling for development of an underground mine.
By re-configuring to open pit mining, Asante increased the 2021 Project Measured + Indicated Mineral Resources by 26.4% to 2.29 Moz. The Mineral Resource estimate included in the 2021 Technical Report does not include significant gold mineralization outlined beneath the current pit shells.
The 2022 Technical Report is based on updated geological data and resource modelling. It specifically reflects development of open pit mining plans, plus start of mining operation and processing facilities.
The Measured and Indicated Mineral Resources have been increased to 2.29 Moz and are further classified as 1.95 Moz of Mineral Reserves. The open pit mine life has been increased from 6 years to 8.3 years, with more than 1.9 Moz of gold expected to be produced. The Bibiani Mine orebody remains open at depth and along strike. The Company continues with exploration at surface and will start an underground mine design project during Q4 2022, with a view toward commencing underground operations in 2024.
The 2022 Technical Report will include re-modelled and updated Mineral Resource and Mineral Reserve Estimates along with a detailed mining schedule and economic analysis relevant for an open pit mining operation. Asante plans to mine using staged cut-backs of the Bibiani Main Pit and two satellite pits, Walsh and Strauss.
“We purchased the Bibiani Gold Mine in August 2021 and have recently announced the start of operations. We are pleased to report that our initiatives to conduct extensive near mine exploration, resume open pit operations and refurbish the Process Plant, have resulted in a significant increase to mine life and expected gold production at Bibiani. We continue our work to define and capture opportunity for significant upside at Bibiani.
”The Company continues with surface exploration activity and anticipates extending open pit mine life. An underground mine design program will start in Q4 2022, with a goal to start underground mining in 2024. These exploration, design and production initiatives are not considered in the 2022 Technical Report. Recently, we announced a forward gold financing agreement that will account for less than 30% of the next 12 months expected gold production at Bibiani”
”This agreement puts the Company on solid financial footing as we move forward,” Dave Anthony, President and CEO of Asante Gold stated.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects in Ghana. Asante is currently operating the Bibiani Gold Mine with forecast production of 175,000 oz of gold over the next 12 months, is completing the acquisition of the Chirano Gold Mine from Kinross Gold Corporation (the Chirano Acquisition), and is developing to production its Kubi Gold mine, all located on the prolific Bibiani and Ashanti Gold Belts. Asante has an experienced and skilled team of mine finders, builders and operators, with extensive experience in Ghana.
Asante is listed on the Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.
