Asante GOLD Announces Additional Significant GOLD Intercepts from the South Russel Prospect - Bibiani GOLD MINE, Ghana
ASANTE GOLD ANNOUNCES ADDITIONAL SIGNIFICANT
GOLD INTERCEPTS FROM THE
SOUTH RUSSEL PROSPECT - BIBIANI GOLD MINE, GHANA
Vancouver, British Columbia, August 1 7, 2022 – Asante Gold Corporation (CSE:ASE
| GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the "Company") is pleased
to announce drill results from its ongoing drilling program at the South Russel prospect located on
the Bibiani Gold Mining Lease, 3.8 km southwest from the Bibiani Process Plant.
The discovery hole, MGRCD21- 047, was announced March 29, 2022 with follow up drilling
demonstrating potential for possible development of a satellite pit. To date, Asante has confirmed
over 200m strike length of mineralization. The gold mineralized system remains open along strike
and at depth.
Highlights
o Additional drill intercepts up to 17.2m down hole grading at 4.47g/t Au.
o Significant gold mineralization has been intersected at shallower depths and from surface.
o Footprint of minerali zation tested and confirmed over 200m strike length and remains open
along strike and depth.
o Assay results provide strong indication of potential for gold endowment at the southern portion
of the Bibiani Mining Lease.
o Follow-up drill holes are planned to the south and north along strike of the recent intercepts.
o Selected intercepts include:
• MGDD22-101 – 17.2m @ 4.47g/t Au from 78.8m to 96m
Including 5m @ 8.02 g/t Au from 80m to 85m
• MGRCD22-067 – 19m @ 3.18 g/t Au from 72m to 91m
Including 4m @ 7.02 g/t Au from 73m to 77m
• MGRCD22-058 - 10m @ 3.51 g/t Au from 123m to 133m
• MGDD22-091 - 8m @ 3.21 g/t Au from 207m to 215m
• MGDD22-060 - 5m @ 5.46 g/t Au from 279m to 284m
• MGRCD22-065 - 17m @ 0.74 g/t Au from 24m to 41m
• MGRCD22-070 - 7m @ 1.47 g/t Au from 55m to 62m
• MGDD22-073- 7.5m @ 0.56 g/t Au from 1.2m to 8.7m
• MGDD22-073- 3m @ 1.23g/t Au from 16.2m to 19.2m
Dave Anthony, President, and CEO stated, “These additional assay results from the initial drilling
program at South Russel are exciting and confirm the significant exploration potential of the
Bibiani gold corridor. The assay results received so far lends itself to possible satellite pit
development at South Russel. We are pleased with the results of our exploration program and we
look forward to continued success.”
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Details of Drill Results
The latest drill results are summarized in the table below:
Table 1: Summary drill results from South Russel Prospect
Hole ID From To Length Au Elevation
(m) (m) (m) (g/t) (mRL)
MGRCD22-057 238 242 4 0.68 82.1
MGRCD22-058 123 133 10 3.51 156.8
MGDD22-060 279 284 5 5.46 16.7
MGRC22-061 No significant intercept
MGRC22-062 13 14 1 1.73 290.6
MGRCD22-063 129 130 1 0.66 163.5
MGRC22-064 75 78 3 2.27 285.3
MGRC22-065 24 41 17 0.74 309
MGRC22-065 Including 24 31 7 0.63 318.4
MGRC22-065 Including 33 41 8 0.95 309.9
MGRC22-065 67 70 3 0.74 282.1
MGRCD22-067 65 67 2 1.8 221.3
MGRCD22-067 72 91 19 3.18 207.6
MGRCD22-067 109 111 2 1.02 182.5
MGRC22-068 33 34 1 0.69 255.5
MGDD22-069 No significant intercept
MGDD22-073 1.2 8.7 7.5 0.56 290.1
MGDD22-073 16.2 19.2 3 1.22 279.1
MGDD22-073 118 125 7 0.76 189.2
MGRCD22-070 55 62 7 1.47 286.3
MGRCD22-070 89 94 5 0.96 257.6
MGDD22-101 78.8 96 17.2 4.47 197.4
MGDD22-102 Including 80 85 5 8.02 201
MGRCD22-091 207 215 8 3.21 80.9
*MGRCD21-047 194 210 16 5.75 135
*MGRCD21-047 Including 197 204 7 9.18 137
*MGRCD22-048 101 103 2 2.53 235
*MGRCD22-048 111 115 4 4 230
*MGRCD22-048 121 129 8 1.8 219
*MGRCD22-048 140 142 2 1.39 205
True widths are estimated at 80% of intercept lengths and are based on oriented core
measurements where available.
* Previously released drill intercepts.
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Figure 1: Plan view of the Bibiani Gold Mine lease showing the location of South Russel, previous
mined pits, and the latest assay results.
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Figure 2: Plan view map of South Russel showing collar locations of drill holes.
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Figure 3: Cross-section 1 - looking north-east, showing drill traces and recent intercepts.
QA/QC
Asante employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface
drilling was conducted by Toomahit Drill Limited and was supervised by the Asante / Mensin
Gold Bibiani 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 utilizes 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 are inserted every 20 samples.
Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.
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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 Lt d., a wholly owned
subsidiary of Asante, and who is a “qualified person” under NI 43-101.
About Asante Gold Corporation
Asante is a gold exploration, development and operating company with a high-quality portfolio of
projects in Ghana. Asante is current ly operating the Bibiani Gold Mine with forecast production
of 175,000 oz of gold over the next 12 months, has completed the acquisition of the Chirano Gold
Mine, an operating open-pit and underground mining operation located immediately south of the
Bibiani Gold Mine, and is developing to production its Kubi Gold Mine, all located on the prolific
Bibiani 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 our web site at www.asantegold.com.
About the Bibiani Gold Mine
Bibiani is a historically significant gold mine situated in the Western Region of Ghana, with
previous gold production of more than 4Moz. It is fully permitted with available mining and
processing infrastructure on- site consisting of a 3 million tonne per annum process plant, and
existing mining infrastructure. Mining commenced in late February with the first gold pour
announced on July 7, 2022. The Company is forecasting 175,000 oz of gold production over the
next 12 months.
For additional information relating to the mineral resource and mineral reserve estimates for the
Bibiani Gold Mine, please refer to Asante's press release dated July 18, 2022. Asante will file a
technical report on its SEDAR profile (www.sedar.com) within 45 days of July 18, 2022.
About the Chirano Gold Mine
Chirano is an operating open- pit and underground mining operation located in southwestern
Ghana, immediately south of the Company’s Bibiani Gold Mine. Chirano was first explored and
developed in 1996 and began production in October 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).
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For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 55 879 3309 (Ghana),
Frederick Attakumah, Executive Vice President, [email protected]
Valentina Gvozdeva, Manager Investor Relations, [email protected]
Kirsti Mattson, Media Relations, [email protected]
Cautionary Statement on Forward-Looking Statements
This news release 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 resources, reserves, exploration results, the development program and
production forecast at 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 deposi ts 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 SEDAR (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.
LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other
securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.