Business News of Monday, 10 July 2017
Africa-focused miner, Asante Gold Corporation (CSE:ASE/ FRANKFURT:1A9/OTC:ASGOF), which is developing the Kubi Mining Lease and is exploring the Keyhole, Fahiakoba and Betenase concessions, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle, has said that a second phase drilling programme will commence in mid-July in the MEM showing area on our Keyhole Option, Ghana.
In a statement issued by Asante Gold on behalf of President and CEO Douglas R. MacQuarrie, the miner said Burwash Contract Drilling of Vancouver will complete 800m of diamond drilling to follow up on the high-grade gold discovery from drillhole MEM17-001B which intersected 13.12g/t gold over 3.0m at a depth of 120m below the historical MEM showing.
The intersection is in a northeast trending shear hosted in meta-greywacke/argillite, with quartz, sulfide and visible gold mineralisation.
It said new channel sampling results are also reported from trench MEM17-529 located 110m to the northeast along the inferred strike of the mineralization in drillhole 001B, with significant assay result of 10.23 g/t Au over 2.0m in vertical dipping meta-sediments with 10-15 % quartz vein material; and 1.62 g/t Au over 1.0m in saprolite in trench MEM17-002 located 110m to the northwest of the MEM showing.
All of the significant gold values noted to date in the MEM showing area, according to Asante Gold, are located within areas of anomalous high geophysical IP results in association with lower apparent resistivity and are confirmed by drilling to be sulfide bearing shear zones. Shear zones host most of the major gold deposits currently in production in Ghana.
Phase 2 drill targets will test below the discovery hole and step out along an additional 300m of high IP results from a detail survey which was recently completed by Asante’s geophysical crews. The survey was limited to the 550m wide area in between heavily mined alluvial gold workings to the northeast and southwest of the MEM showing. Final results from the drilling are expected to be available in late August.
Mr MacQuarrie stated that: “The strong correlation of gold mineralization with high geophysical IP results in the MEM area gives us a powerful tool to explore for new gold deposits under the extensive alluvial mined areas which have not been explored to date. These areas stretch over 2km to the north and south of the MEM showing.”
The Keyhole Option covers a 6km long section of the Ankobra River and is strategically located at the intersection of three major regional gold mineralized trends:
– the Asankrangwa Gold Belt which hosts ~11 million ounces* of gold resources at the Asanko Gold Mine (formerly known as PMI Gold Corporation’s Obotan Mine), and Esaase gold projects located 36km and 60km respectively to the northeast;
– a major continental scale basement structure noted on regional aeromagnetic surveys which is spatially related to the 66 million ounce* AngloGold Ashanti Obuasi Mine and the 7.6 million ounce* Newmont Akyem Mine, located 57km and 130km to the east northeast; and
– the north trending Ankobra River lineament and its extensions which connects 90km to the south of the 60 million ounces total resource* gold mines at Bogosu, Prestea and Tarkwa operated by GoldenStar, AngloGold Ashanti, and Goldfields, with Newmont’s 15.3 million ounce* Ahafo Mine 100km to the north. (*past production plus current resources).
Keyhole, is under option from Sikasante Mining Company Limited and adjoins Asante’s Ashanti II Gold project. Asante can earn up to 100% in the Keyhole Gold Project by completing $500,000 in work over four years, issuing 1.25 million shares, and reserving for Sikasante a 2% net smelter return royalty.