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ASANTE GOLD announces discovery of high-grade gold at Bibiani mine in Ghana, Canadian Business Journal

Vancouver, British Columbia, March 29, 2022 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE: ASE/ / Frankfurt:1A9 / USOTC: ASGOF). (“Asante” or “Company”) announced the discovery of high-grade gold in the first drilling in South Russell’s outlook. This discovery is in the company’s Vivian Mining Lease, 3.8 km from the process plant.

The hole of discovery, MGRCD21-047 is back 16m @ 5.75 g / t Au, And was discovered to test the anomalous geophysical response outlined from our ongoing property-wide investigation. The gold mining system is open in all directions and has never been drilled in the area before.

  • MGRCD21-047 ―――― 16m @ 5.75 G / t Au from 194m
    includeuding 197 to 7m @ 9.18g / t Aum
  • MGRCD22-048 – 101m to 2m @ 2.53 g / t Au
  • MGRCD22-048 –111m to 4m @ 4.00 g / t Au
  • MGRCD22-048 – 121m to 8m @ 1.80 g / t Au
  • MGRCD22-048 – 140m to 2m @ 1.39 g / t Au

Follow-up drill holes are planned along the strike to the north and south of the discovery hole. This target is one of the eight high-priority geophysical targets outlined so far in Bibiani’s major shear corridors and is subject to additional drill testing.

Dave Anthony, President and CEO, said: Target along the Bibiani Shear Corridor. We are very pleased with the results of our exploration program so far and look forward to continued success in 2022. We commend the efforts and diligence of the exploration team. “

The process plant refurbishment is on schedule and on budget. All work activities are on track and there are currently +1,200 contractors and employees on site. The plant has been upgraded to improve performance compared to the original design, including the purchase and installation of the latest Knelson 6G concentrator and Moonlight ILR (Centralized Leachate Reactor), and the construction of a sulfide flotation / re-grinding facility. .. It will be supplied by the fourth quarter of 2022 and the gold recovery rate is expected to increase to 92%.

The Bibiani mine plans to inject the first gold in the third quarter of 2022 and will produce approximately 175,000 ounces of gold in the first 12 months of operation. After that, it plans to produce 220,000 to 270,000 ounces each year for a minimum of 7 years. Asante plans to begin developing underground mine designs in the third quarter of 2022 with a PEA-level study, with a view to developing underground mine operations from 2026. In 2029.

“Dave Anthony P. Eng.”
President and CEO

About Asante Gold Corporation

Asante is Africa’s largest and most reliable gold producer, Ghana, a gold prospecting, developing and operating company with a high quality project portfolio. Asante focuses on the development and operation of gold projects, including the prolific Bibiani and Bibiani and Kubi gold mines in the Ashanti Gold Belt. Asante has a team of experienced and skilled miners, builders and operators with extensive experience in Ghana.

Asante is listed on the Canadian Stock Exchange and the Frankfurt Stock Exchange and has announced plans to jointly list its shares in Ghana. Asante is also investigating keyhole, fahiakova, and bethenas projects for new discoveries, adjacent to or alongside a major gold mine strike near the center of Ghana’s Golden Triangle. Additional information is available on our website (www.asantegold.com).

About Bibiani Gold Mine

Bibiani is a historically important gold mine located in the western part of Ghana, where gold production was previously close to 5 Moz. Fully licensed on-site mining and processing infrastructure consisting of 3 million tonnes of mills and processing plants per year, as well as existing surface and mining infrastructure.

Estimates of Bibiani’s current mineral resources reported in the Technical Report on Bibiani Gold Mine in Ghana by Principal Authors IanM Glacken FAusIMM (CP), FAIG, CEng and Qualified Dan Bansah MSc, MAusIMM (CP), FWAIMM 2021 The MGIG submitted to SEDAR on November 7th was 20.1 million tons of gold at 2.71 grams per ton for 1.81 Moz of gold, and 841 at 2.78 grams of gold per ton for 0.75 Moz of gold. It is estimated to be 10,000 tons. From an open pit mine. Mineral resources have been reported to exceed the 0.65 g / t gold cutoff and are depleted in both historic open pit mining and underground development as of August 31, 2017. The mineral resources of the Viviani main pit are classified and reported according to the JORC Code (JORC, 2012) using industry practices accepted by competent persons (Optiro, 2017). There are no significant differences between the definition of measured, labeled, and estimated mineral resources under the CIM definition criteria and the equivalent definition of the JORC code. Satellite Pit Resources is an update completed in 2018 by ResoluteMiningLimited. Satellite pit resources have been reported above the 0.65 g / t gold cutoff grade within the pit shell defined at a gold price of US $ 1,950. Mineral resources that are not mineral reserves have not demonstrated economic feasibility..

For more information, please contact:

Dave Anthony, President and CEO: +1 647 382 4215 (Canada) or +233 558 799 3309 (Ghana) or dave@asantegold.com
Malik Easah, Executive Director, malik @ asantegold.com
Alec Rowlands, Capital Markets Consultant, alc @ asantegold.com
Valentina Gvozdeva, Manager IR, valentina @ asantegold.com
Kirsti Mattson, Media Relations, kirsti.mattson @ gmail.com

Summary of drill results from South Russell Prospect:

Hall ID from

(M)

To

(M)

length

(M)

Au

(G / t)

MGRCD21-047
include:
194 210 210 16 16 5.75
MGRCD21-047 194 195 1 1.83
MGRCD21-047 195 196 1 1.48
MGRCD21-047 196 197 1 0.48
MGRCD21-047 197 198 1 6.07
MGRCD21-047 198 199 1 6.78
MGRCD21-047 199 200 1 13.1
MGRCD21-047 200 201 201 1 5.65
MGRCD21-047 201 201 202 202 1 9.54
MGRCD21-047 202 202 203 1 16.3
MGRCD21-047 203 204 1 6.81
MGRCD21-047 204 205 1 1.46
MGRCD21-047 205 206 1 5.3 5.30
MGRCD21-047 206 207 1 2.46
MGRCD21-047 207 208 1 3.75
MGRCD21-047 208 209 1 9.35
MGRCD21-047 209 210 210 1 1.65
MGRCD22-048 101 103 2 2.53
MGRCD22-048 111 115 115 Four 4.00
MGRCD22-048 121 129 8 1.80
MGRCD22-048 140 142 2 1.39

The drill hole MGRCD22-048 was colored 75m northwest of MGRCD21-047. The true width is estimated to be 80% of the length of the section and is based on oriented core measurements where possible.

Qualified person

The scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australian Mining and Metallurgical Laboratory, and the exploration manager of Mensin Gold Bibiani Ltd., a wholly owned subsidiary of Asante. A person who is a “qualified person” under NI43-101.

QA / QC

We have a QA / QC program that adheres to NI 43-101 standards and industry best practices. The surface drilling was carried out by Toomahit Drill Limited and supervised by the Asante / Mensin Gold exploration team. The sampled drill core spacing was cut in half with a diamond blade saw. Half of the sampled core was left in the core box and the other half was placed in a bag and sealed. Asante used a certified laboratory and the samples were shipped to the SGS laboratory in Tarkwa, Ghana. Gold was analyzed by a 50 gram fire analysis using an AA finish. Certified Standards (CRM) standards and coarse blanks are inserted every 20 samples. The results of the QC program suggest that the reported results are accurate.

Precautions regarding future prospects

This news release contains forward-looking statements. Forward-looking statements include risks, uncertainties, and actual results, performance, prospects, and opportunities, including resources, reserves, exploration results, and timing of future mine development and the start of production. Development program at. Factors that may cause actual results to differ materially from these forward-looking statements include potential variations in the nature, quality and quantity of the deposits, and our inability to obtain the necessary permits and consents. Includes, but is not limited to. Or the approval required for the planned activity and the company’s inability to raise the necessary capital or to fully execute the business strategy. Readers should refer to our public records available at SEDAR (www.sedar.com). We believe that the assumptions and factors used in making forward-looking statements are reasonable, but we should place undue reliance on these statements that apply only as of the date of this news release. And there is no such guarantee. The event does not occur within the disclosed time frame or at all. Except as required by securities law and the policies of the Canadian Stock Exchange, we disclaim any intention or obligation to update or revise any forward-looking statement as a result of new information, future events, etc.

LEI number: 529900F9PV1G9S5YD446. Neither the IIROC nor the stock exchange or other securities regulators are responsible for the validity or accuracy of this release...

Figure 1: Color image of the resistivity of the found hole on the ground, shade from the northwest

Figure 2: Discovery holes and high-priority geophysical targets on satellite imagery of the Bibiani region, previously mined pits, infrastructure


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ASANTE GOLD announces discovery of high-grade gold at Bibiani mine in Ghana, Canadian Business Journal

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