Asante GOLD - Corporate Update
ASANTE GOLD - CORPORATE UPDATE
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
FOR IMMEDIATE RELEASE April 16, 2018
Vancouver, British Columbia – April 16, 201 8 – Asante Gold Corporation ( CSE:ASE/
FRANKFURT:1A9/OTC:ASGOF) (“Asante Gold” or the “ Company”) wishes to update its
shareholders and the market on the current status of its ongoing search for a joint venture partner
for its Kubi Gold Project in Ghana.
Over the last year, t he Company has had numerous parties completing due dili gence on Kubi.
Interested parties are being offered the right to earn up to 50% of the Company’s interest in the
Kubi Mining Lease , and optionally a minority equity position in the Company, in return for
investments of between US$15 million and US$35 million.
The earn in will be based on completing construction of a portal and ramp for underground
exploration, resource to reserve upgrade drilling, and surface works which, depending on the size
of the investment, may include the construction of a dedicated 500 to 750 tpd milling facility.
No formal joint venture offers have been received as of this date, however due diligence is
continuing. Closing of the Kubi acquisition by Asante Gold and the granting of a joint venture
interest will require the prior consent of the Minister of Lands and Natural Resources of Ghana.
Additional information will be released if, as and when a formal joint venture offer is accepted.
The c urrent NI 43 -101 resource estimate for the Kubi Main deposit , completed by SEMS
Exploration Services Ltd. of Accra, Ghana , estimated: Measured 0.66 million tonnes @ 5.30g/t
for 112,000 ounces; Indicated 0.66 million tonnes @ 5.65g/t f or 121,000 ounces; and Inferred
0.67 million tonne s @ 5.31g/t for 115,000 ounces , using a 2.0g/t cut off, and was filed in
December 2014 on www.sedar.com. It is noted that mineral resources that are not mineral
reserves do not have indicated economic viability.
Asante Gold believes there is an exploration target of one million ounces of gold at 4 to 8 g/t
below the previously mined pits at the Kubi Main deposit, based on the current resource estimate
and projections to a depth of 1 ,200m. This assumption is conceptual in nature a s there has not
been sufficient exploration to define a mineral resource to this depth and it is uncertain if further
exploration will result in the exploration target being delineated as a mineral resource.
The above assumption is based on the following:
The deepest drill intersection to date in the Kubi Main deposit is at a depth of 630m and
assayed 7.77g/t Au over a sample length of 5.2 m (from 700.0m to 705.2m in drillhole
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KV96-28A, true width +-2.0m, in a garnet and pyrrhotite mineralized quartz vein w here
visible gold was noted);
Drilling by BHP Resources, Nevsun Resources and PMI Gold (now Asanko Gold) have
proven lateral continuity of the Kubi Main structure over 1,300m and to 630m depth;
Surface mining by Ashanti Goldfields (later AngloGold Ashanti) has confirmed lateral
grade continuity of Kubi Main zone oxide mineralization over a strike length of 420m.
Kubi is located on the western margin of the Ashanti Gold Belt along major deep seated
auriferous structures associated with AngloGold Ashanti’s 66 million ounce* Obuasi Gold Mine
and with Perseus Mining Limited’s 6.6 million ounce* Edikan Gold Mine (* pre -mining
resource, source company annual repor ts). Steeply plunging ore shoots at the Obuasi mine have
vertical continuity to + 2,500m in a mineralizing system estimated to extend over 10km in depth
(1Walshe et al, 1997).
A 3D isometric image of all drill intersections greater than 2.5 g/t Au showing the deepest gold
intersection in KV96 -28A with the proposed decline and underground level development is
available at: http://www.asantegold.com/assets/img/KubiIsoDeepDDHAssay.pdf
This news release has been prepared by Douglas R. MacQuarrie, P.Geo.(B.C.), the President &
CEO of the Company and a Qualified Person under National Instrument 43 -101, and is based on
visits to the Kubi mine while in operation, property tours, examination of selected drill core, and
a review of all available technical reports.
On behalf of the Board,
"Douglas R. MacQuarrie"
President and CEO
1J. Walshe, N. Netherway, and G. Hall, 1997, The Third Dimension of Hydrothermal Systems, Reduced Fluids and
Giant Au Deposits: Geodynamics and Ore Deposits Conference, AGCRC Conference, Ballarat University, 19-21
February, 1997
This news release contains statements of forward -looking information (or "FLI") including those in respect of future
exploration, joint venture, development, permitting and mining at Kubi and the other properties in which the
Company has an interest, financings and timing for closing of the various property options. FLI invo lves risks and
uncertainties which could cause actual results to vary from the FLI. The risk factors that could cause actual results to
differ materially include: the risk of failure to obtain sufficient financing; the inherent risks involved in the
exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other
exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity
of mineralization; the po ssibility that future exploration, development or mining results will not be consistent with
the Company’s expectations; accidents, equipment breakdowns, labor disputes or other unanticipated difficulties
with or interruptions in production and operations; the availability and costs of suitable milling facilities; fluctuating
prices of metals and other commodities; currency fluctuations; the possibility of project cost overruns or
unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the
future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and
expenses; regulatory restrictions, including environmental regulatory restrictions and liability and the lack of any
assurance that the Company will receive all of the necessary governmental title and approvals to proceed with the
development of its projects. The material factors and assumptions on which the FLI is based include the extensive
Kubi drilling database and current mineral resource estimate, the previously successful permitting, mining, trucking
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and milling operations at Kubi, the local availability of skilled labor, plant and machinery, and the positive results
from previous metallurgical tests on the Kubi Main deposit mineralization. The Company undertakes no obligation
to update FLI except as required by applicable law. Such information represents management's best judgment based
on information currently available. Readers are advised not to place undue reliance on FLI.
About Asante Gold Corporation
Asante is continuing to source equity/debt and or joint venture partner funding to develop the Kubi Mining Lease in
Ghana as a potential near term underground producer; and exploring the Keyhole, Fahiakoba and Betenase
concessions/options, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.
For further information please contact:
Douglas MacQuarrie, President and CEO, tel: +1 604-558-1134; E-mail: [email protected]
Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail: [email protected]
Florian Riedl-Riedenstein, Director; European Investor Relations, E-mail: [email protected]
Additional information is available on our web site at: www.asantegold.com
LEI Number: 529900F9PV1G9S5YD446
Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the
adequacy or accuracy of this release.
3D isometric image of all diamond drillhole intersections >= 2.5 g/t Au, with the deepest gold intersection in KV96-
28A (circled), and showing the proposed decline and underground level development , looking northwest and up to
the surface from underground.