Asante Gold Corp. [ASE-CSE; ASG-GSE; ASGOF-OTC; 1A9-FSE] reported additional results from its continuing exploration drilling program at the Aboduabo prospect, located on the Bibiani-Chirano mine corridor, Sefwi greenstone belt, Ghana.
The company released initial exploration results at Aboduabo on January 17 and February 8, 2023. From the start of exploration by Asante, 50 drill holes, totalling 11,950 metres, have been completed. These are focused on mineralization extensions along strike and down plunge.
These latest results extend the footprint of the prospect to the north, to approximately 1 km in length. There are significant intercepts down plunge in multiple mineralized structures, which highlight the strong upside potential of the deposit. All drill holes to date have been mineralized. The intercepts are consistent with those previously encountered in both grade, thickness and gold mineralization. The prospect remains open along strike and at depth, within favourable geology.
Highlights: New drill intercepts have extended strike length of mineralization to the north and remains open. The latest results continue to support an open pit development scenario within a corridor on the Bibiani Shear zone between our two process plants. Gold mineralization remains open along strike and to depth within favourable geology.
Selected intercepts include hole CHRC3384D that returned 36.8 metres at 2.56 g/t tonne gold from 280.75 metres to 317.55 metres, including 21.55 metresd at 3.13 g/t gold from 280.75 metres to 302.3 metres.
CHRC3358D returned 29.75 metres at 2.04 g/t gold from 187.0 metres to 216.75 metres, including 7.85 metres at 5.47 g/t gold from 196.65 metyres to 204.5 metres. CHRC3375D returned 47.8 metres at 1.76 g/t gold from 287.2 metres to 335 metres, including 26.7 metres at 2.06 g/t gold from 287.2 metres to 313.9 metres.
CHRC3377 returned 23 metres at 2.31 g/t gold from 51 metres to 74 metres and 15 metres at 1.24 g/t gold from 0 metres to 15 metres. CHRC3374 returned 28.0 metres at 1.81 g/t gold from 168.0 metres to 196.0 metres, including 9.0 metres at 4.10 g/t gold from 168.0 metres to 177.0 metres. CHRC3366 returned 26.0 metres at 1.32 g/t gold from 157.0 metres to 183.0 metres, including 11.0 metres at 2.43 g/t gold from 172.0 metres to 183.0 metres.
CHRC3367 returned 36.0 metres at 1.22 g/t gold from 163.0 metres to 199.0 metres, including 3.0 metres at 4.87 g/t gold from 196.0 metres to 199.0 metres. CHRC3376 returned 12 metres at 1.46 g/t gold from 45 metres to 57 metres. CHRC3387 returned 27 metres at 1.48 g/t gold from 104 metres to 131 metres.
The Aboduabo prospect is located approximately 5km north of the Chirano Mine Process Plant and 10km south of the Bibiani Mine Process Plant. Aboduabo is 7 km south of our Russel South deposit. Aboduabo lies within the Bibiani mineralized trend and is hosted in Birimian sedimentary rock sequences. The Chirano gold deposits are primarily hosted in Birimian volcanic and granitoid sequences along the sub parallel Chirano trend.
Bibiani and Chirano together have current mineral reserves of ~ 2.8Moz and Measured and Indicated mineral resources of over 4.5Moz.
Dave Anthony, president and CEO, stated: “The results from our exploration drilling at Aboduabo continue to impress. All drill holes completed to date have intersected mineralization and the latest results continue to demonstrate consistent grade and thickness. We now have a mineralized area at Aboduabo that is up to 130 metres wide by 1 km in length, close to the surface and just f5 km from our existing mine infrastructure.
“Based on the strength of the results, we are planning to develop a starter pit at Aboduabo, to be in operation by the fourth quarter of 2023. These results and those previously announced for our Russel South deposit, demonstrate the significant exploration potential of the Bibiani-Chirano Corridor. The company is aggressively exploring the corridor for new discoveries, to grow our mine and near mine resources and to increase the Life of Mine at both operations.”
Asante is currently operating the Bibiani and Chirano Gold Mines with combined forecast production of approximately 400,000 ounces gold for 2023. The Company continues with detailed technical studies at its Kubi Gold Project for early production. All mines and projects are located on the prolific Bibiani-Sefwi and Ashanti Gold Belts. 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.