Asante Gold Corporation has announced the filing of a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects in connection with the Company’s recently acquired Chirano Gold Mine located immediately south of the Company’s Bibiani Gold Mine.
The Technical Report includes an updated Mineral Resource Estimate and a Mineral Reserve Estimate along with a detailed mining schedule and economic analysis relevant for continued open pit mining and underground operations. The Technical Report presents a plan which supports the current mining practices and equipment to deliver a robust economic outcome while minimizing execution risk. Asante plans to continue open pit and underground operations at the Mine.
The Chirano Gold Mine (“Chirano”) acquisition was completed on August 10, 2022. This acquisition added Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t Au (1.13 Moz) and Inferred Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz) to Asante’s gold resource. An updated NI 43-101 technical report for Chirano was filed by the Company on October 11, 2022. The technical report is based upon information and planning developed by Kinross Gold Corporation, the former owner of Chirano.
Asante continues to identify and develop opportunities to add value to this asset. An update to this technical report is planned for Q3 2023 and will incorporate results of the 2022 exploration program and Business Improvement Plan
Dave Anthony, President and CEO, stated, “We are pleased to submit this Technical Report on the Chirano Gold Mine which is based on Kinross data and planning in 2021. We believe there is significant economic upside to the Mine which has been in continuous production since 2005, and a strong opportunity to increase mineral inventory along the prolific Bibiani-Sefwi Gold Belt. We are also encouraged by the opportunity to add value through adjustments to operating facilities and practices. As we move forward with Chirano and consider and implement these value initiatives, the Company plans to publish an updated technical report in 2023 that will reflect Asante data and planning. Asante thanks the Chirano technical team and principal consultants dMb Management Services Pty Ltd, BARA Consulting Pty Ltd, Snowden Optiro and GB Independent Consulting (Pty) Ltd for delivering the Technical Report.”
Snowden Optiro has reviewed the Mineral Resources for the Chirano operations and did not identify any material issues with the Mineral Resource estimation and considers the standard procedures and internal controls in place at Chirano to be transparent and robust. Snowden Optiro’s validations of the Mineral Resources agree with those undertaken by Chirano; that the estimates are a reasonable representation of the grade distributions evident by the composite database informing the estimates.
Chirano consists of a multi-deposit complex with 11 mineralized deposits currently making up the updated Mineral Resources contained in the Technical Report. The Chirano gold deposits have been historically mined from both open pit and underground operations since 2005. The Mineral Resources for the Chirano Underground and Chirano Open Pits are constrained by resource optimized shapes and shells based on a US$1,600 gold price.
The Chirano deposits lie within the Proterozoic terrain of southwest Ghana along a major structure separating the Bibiani-Sefwi Belt to the west from the Kumasi Basin to the east, known as the Bibiani Shear Zone (“BSZ”). The belt and basin architecture comprises rocks of Birimian age, with the belts being dominated by mafic volcanics and the basins typified by fine-grained, deep marine sediments. Both are intruded by granites.
The Chirano deposits lie close to a splay off the BSZ known as the Chirano Shear Zone. The current deposits occur at regular intervals along a mineralised zone over 11 km long. The nature of the mineralization style and setting are well understood and can support a declared Mineral Resource and have additional exploration potential.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with a combined forecast production of 335,000 oz of gold over the next 12 months.
The Company continues with technical studies at its Kubi Gold Project, to define opportunities for advancement of production to 2023. All mines and projects are 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.
