Asante Gold Corporation on Tuesday, announced a high-grade gold discovery in initial drilling at its South Russel prospect. According to a press statement from the mining Company, the discovery is located on the Company’s Bibiani mining lease, 3.8 km from the Process Plant.
The discovery hole, MGRCD21-047, returned 16m @ 5.75 g/t Au, and was spotted to test anomalous geophysical responses outlined from our ongoing property wide surveys. The gold mineralized system is open in all directions with no previous drilling noted in the area:
MGRCD21-047 – 16m @ 5.75 g/t Au from 194m
including 7m @ 9.18g/t Au from 197m
MGRCD22-048 – 2m @ 2.53 g/t Au from 101m
MGRCD22-048 – 4m @ 4.00 g/t Au from 111m
MGRCD22-048 – 8m @ 1.80 g/t Au from 121m
MGRCD22-048 – 2m @ 1.39 g/t Au from 140m
Follow-up drill holes are planned along strike to the north and south of the discovery hole. This target is one of eight high priority geophysical targets that have been outlined to date on the main Bibiani shear corridor and that will be the subject of additional drill testing.
Dave Anthony, President and CEO stated, “The assay results announced today at South Russel, as well as the recent resource extension drilling at Walsh, highlight the effectiveness of the 2021 exploration program, including use of IP surveys as a targeting tool in prioritizing drill targets along the Bibiani shear corridor. We are very pleased with the results coming out of our exploration program to date and we look forward to continued success in 2022. We commend our exploration team for their hard work and diligence.”
The Process Plant refurbishment is on schedule and on budget. All work activities are proceeding as planned, with currently +1,200 contractors and employees on site. The plant is being upgraded to provide improved performance, relative to the original design, including the purchase and installation of an up-to-date Knelson 6G concentrator and Gekko ILR (intensive leach reactor) and the construction of a sulfide flotation/regrind facility to be delivered by Q4 2022, that is expected to increase gold recovery to 92%.
The Bibiani Mine plans its first gold pour in Q3 2022 and to produce approximately 175,000 oz of gold in its first 12 months of operation. Thereafter, plans are to produce 220,000 to 270,000 ounces every year for a minimum of seven years. Asante is planning to initiate development of an underground mine design at the PEA level of study in Q3 2022, with a view to developing an underground mine operation from 2026. This will provide significant overlap with open pit mining operations, which are currently scheduled to proceed into 2029.
About Asante Gold Corporation
Asante is a gold exploration and development and operations, company with a high-quality portfolio of projects in Ghana, Africa’s largest and most reliable gold producer. Asante is focused on developing and operating gold projects including the Bibiani and Kubi Gold mines 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 and Frankfurt Stock Exchange and has announced plans to co-list its shares in Ghana. Asante is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near the center of Ghana’s Golden Triangle. Additional information is available on our web site at: www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is a historically significant gold mine situated in the western region of Ghana, with previous gold production close to 5 Moz. It is fully permitted with available mining and processing infrastructure on-site consisting of a 3 million tonne per annum mill and processing plant, and existing surface and mining infrastructure.
