Asante Gold Kubi Gold Project Update
05 November 2019 - 1:30AM
Asante Gold Corporation (CSE:ASE/ FRANKFURT:1A9)
(“Asante” or the "Company") announces that, in preparation for
locating our initial SMD* pilot hole collars, field crews have now
exposed the Kubi Main gold mineralization in the north face of the
former mined Kubi pit, located on the Kubi Mining Lease,
Dunkwa-Obuasi area, Ghana. Previous mine survey control
pillars and exploration drill collars are also being located and
recovered where possible and tied into the LIDAR topographic
control survey base.
In addition, test ground magnetic surveys are
being conducted over the Kubi Gold Main zone (NI 43-101 resource
estimate, completed by SEMS Exploration Services Ltd. of Accra,
Ghana: Measured Resources 0.66 million tonnes @ 5.30g/t for 112,000
ounces; Indicated Resources 0.66 million tonnes @ 5.65g/t for
121,000 ounces; and Inferred Resources 0.67 million tonnes @
5.31g/t for 115,000 ounces, which is filed on SEDAR) and the 513
Zone, located 1.3km to the southwest. The purpose of this
work is to test known Kubi Main Zone type gold mineralization for a
distinct magnetic signature which can be used to prioritize new 513
Zone drill targets. Of the 1,800m long 513 Zone gold geochemical
target area, only 566m have been drill tested to date.
The Company has also commenced a review of the
previous 2010 high resolution 100m line spacing helicopter airborne
magnetic survey and ground soil and auger sampling data. A string
of seven anomalous gold values (median value 838ppb Au, in a full
8,750 sample database with median 14 ppb Au) are noted along a 2km
long trend which is sub-parallel and circa 300m east of the Kubi
Gold Main zone trend, in geology interpreted as Tarkwaiian group
conglomerates. This area was not a priority target for the previous
operators. Numerous large ore deposits exist in Tarkwaiian group
rocks elsewhere in Ghana, and further research and new field work
to define the new targets significance are underway.
In addition, we are attending the International
Precious Metals and Commodities Show in Munich, Germany on November
8th and 9th 2019, please visit us at Booth #38 (link to the show -
https://www.edelmetallmesse.com/en/aussteller_1.html) to meet
with us and to discuss our future financing, exploration and
development plans.
On behalf of the Board,"Douglas R.
MacQuarrie"
President and CEO
SMD* is a two-stage drilling method that enables direct mining
of narrow, near vertical, deposits. The technology is being
developed and commercialized by Anaconda Mining Inc. (“Anaconda”),
in collaboration with Memorial University of Newfoundland, and
utilizes technology proven in other industries. Scientific and
technical information contained in this news release has been
reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.)
Geology & Geophysics, the President and CEO of the Company, who
is a "qualified person" under NI 43-101. Mineral resources that are
not mineral reserves do not have demonstrated economic
viability.
About Asante Gold Corporation
Asante is continuing to develop its Kubi Gold
project towards production, and is exploring the Keyhole, Fahiakoba
and Betenase concessions/options for new discoveries, all adjoining
or along strike of major gold mines near the centre of Ghana’s
Golden Triangle.
For further information please
contact: Douglas MacQuarrie, President and CEO, tel: +1
604-558-1134; E-mail: douglas@asantegold.comValentina Gvozdeva,
Business Development, E-mail: valentina@asantegold.comFlorian
Riedl-Riedenstein, Director; European Investor Relations,
E-mail: frram@aon.netDoreen Kent, Shareholder Communications,
tel: +1 604-948-9450; E-mail: d.kent@eastlink.ca
Additional information is available on our web
site at: www.asantegold.com
LEI Number: 529900F9PV1G9S5YD446. Neither
IIROC nor any stock exchange or other securities regulatory
authority accepts responsibility for the adequacy or accuracy of
this release.
(TSXV:ASE)
Historical Stock Chart
From Apr 2024 to May 2024
(TSXV:ASE)
Historical Stock Chart
From May 2023 to May 2024