Galiano Gold Inc. [GAU-TSX, NYSE American] on Tuesday June 15 said Greg McCunn has stepped down as CEO and as a director of the company.
He is being replaced by Galiano Chief Operating Officer Matt Badylak, who is taking on the role of President and CEO. Badylak has also joined the company’s board of directors.
In a press release, Galiano said its new CEO has spent over 20 years in the mining sector and has held a number of senior management positions in North America, Australia, Asia and Africa. He holds a Bachelor of Science degree in extractive metallurgy and chemistry from Murdoch University, Perth, and is a member of the Australian Institute of Mining and Metallurgy.
On Tuesday, Galiano shares eased 2.7% or $0.04 to $1.44. The shares currently trade in a 52-week range of $2.80 and $1.28.
The announcement comes after Galiano recently released an update on exploration underway at its Asanko Gold Mine in Ghana, West Africa.
Galiano operates and manages the Asanko Gold mine, which it owns jointly with Gold Fields Ltd. [GFI-NYSE]. Both companies have a 50% interest in the mine. In May, 2021, the company added to its portfolio by announcing the acquisition of exploration properties in Mali from a subsidiary of Barrick Gold Corp. [ABX-TSX; GOLD-NYSE]
The Asanko mine produced 59,999 ounces during Q1 2021, an amount that was in line with 2021 production guidance of 225,000 to 245,000 ounces.
Asanko is a multi-deposit complex, with two main deposits, Nikran and Esaase, and multiple satellite deposits situated on the Asankrangwa Gold Belt. The complex includes a 5 million tonne per annum carbon-in-leach (CIL) processing plant. Commercial production commenced in April, 2016.
The recent update included results from a phase 3 drilling at the Miradani North target, which is located on the Dantano Mining Lease, approximately 10 km south of the processing plant.
Highlights include 54 metres of 1.7 g/t gold.
To date, over 17,300 metres of drilling have been completed in 59 holes over three phases of drilling from Q1 2019 to May, 2021. Assays have been received for all drill holes that are expected to be included in the planned maiden resource estimate for Miradani North. The maiden resource estimate is expected to be announced by Q3 2021.
The company said the latest set of results from Miradani North continue to indicate that mineralization extends to 300 metres vertical depth and beyond, with a + 100 gram-metre shoot plunging steeply to the northeast, remaining open at depth.
Now that mineral resource drilling of the deposit has been completed, step out drilling along the +5.0- kilometre greater Mirandani trend is underway. A second rig is expected to be deployed to accelerate this drilling program.
The Miradani North target is situated along the Fromenda shear zone, a laterally extensive structure recognized from VTEM and magnetic surveys and extensively mapped on the ground. The Fromenda shear zone forms part of the prominent northeast striking Asankrangwa gold belt which hosts all nine of the Asanko Gold Mine’s deposits.
Numerous historical and geochemical anomalies and artisanal workings are associated with this feature, making it an attractive exploration target, the company said.