Asante Gold has announced significant gold intercepts from its ongoing near mine exploration drill program at the Bibiani Gold Mine in Ghana.

The company initiated the exploration program in late September 2021, after contracting Harlequin International, early September 2021 to kick-start the refurbishment of the newly acquired Bibiani gold mine.

The drill program included extensive induced polarization and ground magnetic surveys across the entire lease and diamond drilling. Other additions to the program involved a high-level structural geology review targeting near mine areas with high potential for new discoveries.

The program objective was to increase the quantum of resources to be included in its comprehensive mining plan being prepared for second quarter 2022, with plant start-up scheduled for third quarter 2022.

The results from the program confirmed the extension and grade continuity of the mineralization beneath the current US$1,500 design shell, the company noted. These recent assay results improve the existing deposit model and will support an update of the Walsh mineral resource estimate.

Douglas MacQuarrie, President & CEO commented: “Early drilling success at the Walsh Pit is indicative of the high potential and underexplored nature of our Bibiani asset. We thank our exploration team for their hard work and wish them many more successes in 2022.

“We anticipate adding ounces to the existing resource. Follow-up drilling is continuing, focusing on deepening and extending the Walsh Pit to its economic limit. Additional near mine targets have been identified and the drilling program will continue into next year.”
Douglas MacQuarrie, CEO

Quality Control Results Affirm Drill Results

The Company employed a Quality Assurance (QA)/Quality Control (QC) program consistent with National Instrument (NI) 43-101 standards and industry best practices.

Also, surface drilling was conducted by Geodrill Ghana Limited and Toomahit Drill Limited and supervised by the Asante/Mensin Gold exploration team. Sampled drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed.

Asante Gold utilized accredited laboratories, and the samples were transported to the Intertek laboratory in Tarkwa, Ghana. Gold was analyzed by 50-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material were inserted in every 20 samples. To be certain of the assay results, the QC program results suggested that the reported results were accurate.

Recall that, Asante Gold Corporation acquired Bibiani gold mine at a cost of US$90 million which it raised from issuing 74,650,000 subscription receipts at US$1 per subscription receipt.

The Bibiani mine is highly viable and profitable. The Current Mineral Resource Estimate for Bibiani, as reported on November 7, 2021, measured and indicated 20.1 million tonnes at 2.71 grams of gold per tonne for 1.81 Moz of gold, in addition to inferred 8.41 million tonnes at 2.78 grams of gold per tonne for 0.75 Moz of gold.

Apart from Asante Gold’s Bibiani Mine, it is also exploring its Keyhole, Fahiakoba and Betenase projects for new discoveries.