Asante Announces Significant GOLD Intercepts from Its Ongoing Exploration Program at Aboduabo Prospect
ASANTE ANNOUNCES SIGNIFICANT GOLD INTERCEPTS
FROM ITS ONGOING EXPLORATION PROGRAM AT
ABODUABO PROSPECT
Vancouver, British Columbia, February 8, 2023 – Asante Gold Corporation (CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the "Company") is pleased to announce results
from its ongoing exploration drilling program at the Aboduabo prospect located on our Bibiani - Chirano
mines corridor, Sefwi Greenstone Belt, Ghana.
The Sefwi Greenstone Belt is host to historically significant gold mining operations including our Bibiani
and Chirano mines which have produced +8Moz to date from shear faults and veins. Asante controls a
53km long by up to 5km wide corridor which is transected by both the Bibiani and Chirano shear zones .
Bibiani and Chirano together have current mineral reserves of ~2.8Moz and Measured and Indicated
mineral resources over 4.5Moz. The Company is exploring the corridor for new discoveries, to grow our
mine and near mine resources, and to increase the Life of Mine at both operations.
Aboduabo Prospect
The Company announced initial exploration results on January 17, 2023. To date nineteen (19) holes
totaling 4,300m have been completed. The drilling program has been accelerated and n ew intercepts
confirm near surface, high grade mineralization, with increased widths. The gold mineralization remains
open along strike and to depth.
The Aboduabo prospect is located approximately 5km north of the Chirano Process Plant and 10km south
of the Bibiani Process Plant. It lies within the Bibiani mineralized trend and is hosted in Birimian
sedimentary rock sequence s. T he Chirano gold deposits are primarily hosted in Birimian volcanic and
granitoid sequences along the sub parallel Chirano trend.
Highlights
• New drill intercepts include CHDD3347, which intersected 43.10m grading 3. 07g/t Au; including
9.95m grading 6.85 g/t Au.
• All holes intersected gold mineralization, which remains open in all directions.
• Footprint of gold mineralization tested and confirmed over 1km strike length and remains open along
strike and depth.
• Several mineralized intercepts indicate grade and width that are amenable to open pit mining.
• Additional drilling is currently underway to follow up on these drill results.
• Selected intercepts include:
• CHDD3347 – 43.10m @ 3.07 g/t Au from 169.5 to 212.6m
o Includes 9.95m @ 6.85 g/t Au from 196.0m to 205.95m
• CHRC3359 – 26.0m @ 3.12 g/t Au from 121.0m to 147.0m
o Includes 18.0m @ 4.19 g/t Au from 123.0m to 141.0m
• CHRC3350 – 15.0m @ 2.65 g/t Au from 85.0m to 100.0m
o Includes 7.0m @ 4.44 g/t Au from 85.0m to 92.0m
• CHRC3357- 17.0m @ 1.74 g/t Au from 44.0m to 61.0m
o Includes 5.0m @ 4.22 g/t Au from 55.0m to 60.0m
• CHRC3348D – 13.2m @ 1.59 g/t Au from 199.3m to 212.5m
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Dave Anthony, President, and CEO stated, “ We are pleased to report these additional assay results from
our exploration drilling program at Aboduabo. These results highlight the potential of this deposit, which
is close to surface and mineralized over an area up to 130m wide x 1km long. The drill program to advance
the target to resource definition has been accelerated. These results demonstrate the significant exploration
potential that remains along the Bibiani - Chirano Corridor.”
Drill Results
Table 1: Summary drill results from the Aboduabo Prospect
Hole ID From To Interval Au Elevation Intercept
(m) (m) (m) (g/t) mRL
CHDD3347 169.5 212.6 43.1 3.07 126 43.1m @ 3.07 g/t Au
CHDD3347 Including 196.0 205.95 9.95 6.85 119 9.95m @ 6.85 g/t Au
CHRC3359 121.0 147.0 26.0 3.11 209 26.0m @3.11 g/t Au
CHRC3359 Including 123.0 141.0 18.0 4.19 211 18.0m @ 4.19 g/t Au
CHRC3350 85.0 100.0 15.0 2.64 226 15.0m @ 2.64 g/t Au
CHRC3350 Including 85.0 92.0 7.0 4.44 229 7.0m @ 4.44 g/t Au
CHRC3357 44.0 61.0 17.0 1.74 294 17.0m @ 1.74 g/t Au
CHRC3357 Including 55.0 60.0 5.0 4.22 291 5.0m @ 4.22 g/t Au
CHRC3348D 199.3 212.5 13.2 1.59 94 13.2m @ 1.59 g/t Au
CHRC3348D Including 200.15 203.5 3.35 3.93 97 3.35m @ 3.93 g/t Au
CHDD3346 219.4 224.55 5.15 1.45 206 5.15m @ 1.45 g/t Au
CHRC3349 258.0 269.0 11.0 0.48 92 11.0m @ 0.48 g/t Au
CHRC3351 131.0 134.0 3.0 3.55 209 3.0m @ 3.55 g/t Au
CHRC3352 80.0 82.0 2.0 0.99 216 2.0m @ 0.99 g/t Au
CHRC3353 38.0 39.0 1.0 0.82 294 1.0m @ 0.82 g/t Au
CHRC3354 86.0 91.0 5.0 0.78 225 5.0m @ 0.78 g/t Au
CHRC3355 189.0 190.0 1.0 0.56 139 1.0m @ 0.56 g/t Au
CHRC3356 173.0 190.0 17.0 0.89 146 17.0m @ 0.89 g/t Au
CHRC3356 Including 173.0 177.0 4.0 2.74 151 4.0m @ 2.74 g/t Au
*CHDD3339 96.5 117.95 21.45 2.99 238 21.45m @ 2.99 g/t Au
*CHDD3339 Including 106.6 117.95 11.35 4.73 234 11.35m @ 4.73 g/t Au
*CHDD3341 188.0 210.0 22.0 1.31 117 22.0m @ 1.31 g/t Au
*CHDD3341 Including 198.0 210.0 12.0 1.72 114 12.0m @ 1.72 g/t Au
*CHRC3343D 264.5 268.55 4.05 5.56 74 4.05m @ 5.56 g/t Au
*CHDD3344 58.0 75.6 17.6 1.20 268 17.6m @ 1.20 g/t Au
*CHDD3345 168.0 177.0 9.0 2.93 200 9.0m @ 2.93 g/t Au
Notes:
1. Intervals reported are down hole lengths. True width estimated @ 80%.
2. Length-weighted averages from uncapped assays with assumptions of 0.5g/t cut off and <3m internal waste.
3. * Previously reported.
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Figure 1: Aeromagnetic map of the Bibiani – Chirano Gold Corridor, principal Asante gold deposits and
recent significant intercepts at the Aboduabo prospects.
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Figure 2: Plan view map of Aboduabo showing collar locations and recent drill results.
(* Previously reported result.)
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Figure 3: Aboduabo - Cross-section looking north recent drill intercepts (CHDD3347 and CHRC3351)
QA/QC
Asante employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling
was conducted by GTS Drilling S ervices supervised by the Asante exploration teams. Selected 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 utilizes accredited laboratories, and the samples were
transported to ALS-Kumasi, Ghana. Gold was analyzed by 50- gram fire assay with AA-finish. Certified
reference material (CRM) standards and coarse blank material are inserted every 20 samples.
Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.
Qualified Person Statement
Scientific and technical information contained in this news release has been reviewed and approved by
Kwamina Ackun -Wood, a member of the Australasian Institute of Mining and Metallurgy, and the
Exploration Manager for Mensin Gold Bibiani Ltd., a wholly owned subsidiary of Asante , and by Daniel
Apau, a member of the Australasian Institute of Geoscientists, and the Exploration Manager for Chirano
Gold Mines Limited, both of whom are “qualified persons” under NI 43-101.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of projects
and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines with combined
forecast production of approximately 400,000 ounces of gold for 2023. The Company continues with
detailed technical studies at its Kubi Gold Project for ear ly production. All mines and projects are located
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on the prolific Bibiani-Sefwi and Ashanti Gold Belts. Asante has an experienced and skilled team of mine
finders, builders and operators, with extensive experience in Ghana. Asante is listed on the Canadian
Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. 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. Additional information is available on the
Company’s website at www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is an operating open pit gold mining operation situated in the Western North Region of Ghana, with
previous gold production of more than 4 million ounces. It is fully permitted with available mining and
processing infrastructure on-site, consisting of a newly refurbished 3 million tonne per annum process plant
and existing mining infrastructure. Mining re-commenced in late February 2022 with the first gold pour
announced on July 7, 2022. Commercial production was announced November 10, 2022. For additional
information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please
refer to Asante’s press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on
its SEDAR profile (www.sedar.com) on September 1, 2022.
About the Chirano Gold Mine
Chirano is an operating open-pit and underground mining operation located in Western R egion of Ghana,
immediately south of the Company’s Bibiani Gold Mine. Chirano was developed as a large scale mine by
RedBack Mining from 1996 and began production in Oct ober 2005. The mine comprises the Akwaaba,
Suraw, Akoti South, Akoti North, Akoti Extended, Paboase, Tano, Obra South, Obra, Sariehu and Mamnao
open pits and the Akwaaba and Paboase underground mines. Gold Equivalent Production in 2021 was
154,668 oz on a 100% basis (source Kinross Gold Corporation).
For further information please contact:
Dave Anthony, President & CEO: +233 55 879 3309 (Ghana) or +1 647 382 4215 (Canada),
Frederick Attakumah, Executive Vice President, [email protected]
Cautionary Statement on Forward-Looking Statements
This news rel ease contains forward -looking statements. Forward -looking statements involve risks,
uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to
differ materially from those expressed or implied by such forward-looking statements, including the mineral
resources, mineral reserves, exploration results, development programs and increases in mine -life and
potential synergies between Chirano and Bibiani. Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, variations in the nature, quality and
quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary
permits, consents or authorizations required for its planned activities, the Company’s inability to raise the
necessary capital or to be fully able to implement its business strategies, and the price of gold. The reader
is referred to the Company’s public disclosure record which is available on SE DAR (www.sedar.com).
Although the Company believes that the assumptions and factors used in preparing the forward- looking
statements are reasonable, undue reliance should not be placed on these statements, which only apply as of
the date of this news release, and no assurance can be given that such events will occur in the disclosed
time frames or at all. Except as required by securities laws and the policies of the securities exchanges on
which the Company is listed, the Company disclaims any intention or obligation to update or revise any
forward-looking statement, whether as a result of new information, future events or otherwise.
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LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities
regulatory authority accepts responsibility for the adequacy or accuracy of this release.