Asante GOLD Announces High Grade GOLD Discovery at Bibiani MINE, Ghana
ASANTE GOLD ANNOUNCES HIGH GRADE GOLD
DISCOVERY AT BIBIANI MINE, GHANA
Vancouver, British Columbia , March 29, 2022 – Asante Gold Corporation ( CSE:ASE/
FRANKFURT:1A9/U.S.OTC:ASGOF) (“Asante” or the “Company”) announces a high-grade
gold discovery in initial drilling at its South Russel prospect. The discovery is located on the
Company’s Bibiani mining lease, 3.8 km from the Process Plant.
The discovery hole , MGRCD21-047, returned 16m @ 5.75 g/t Au , and was spotted to test
anomalous geophysical responses outlined from our ongoing property wide surveys . The gold
mineralized system is open in all directions with no previous drilling noted in the area:
• MGRCD21-047 - 16m @ 5.75 g/t Au from 194m
including 7m @ 9.18g/t Au from 197m
• MGRCD22-048 - 2m @ 2.53 g/t Au from 101m
• MGRCD22-048 - 4m @ 4.00 g/t Au from 111m
• MGRCD22-048 - 8m @ 1.80 g/t Au from 121m
• MGRCD22-048 - 2m @ 1.39 g/t Au from 140m
Follow-up drill holes are planned along strike to the north and south of the discovery hole. This
target is one of eight high priority geophysical targets that have been outlined to date on the main
Bibiani shear corridor and that will be the subject of additional drill testing.
Dave Anthony, President and CEO stated, “The assay results announced today at South Russel, as
well as the recent resource extension drilling at Walsh, highlight the effectiveness of the 2021
exploration program, including use of IP surveys as a targeting tool in prioritizing drill targets
along the Bibiani shear corridor. We are very pleased with the results coming out of our exploration
program to date and we look forward to continued success in 2022. We commend our exploration
team for their hard work and diligence.”
The Process Plant refurbishment is on schedule and on budget. All work activities are proceeding
as planned, with currently +1,200 contractors and employees on site. The plant is being upgraded
to provide improved performance, relative to the original design , including the purchase and
installation of an up-to-date Knelson 6G concentrator and Gekko ILR (intensive leach reactor) and
the construction of a sulfide flotation/regrind facility to be delivered by Q4 2022, that is expected
to increase gold recovery to 92%.
The Bibiani Mine plans its first gold pour in Q3 2022 and to produce approximately 175,000 oz
of gold in its first 12 months of operation. Thereafter, plans are to produce 220,000 to 270,000
ounces every year for a minimum of seven years. Asante is planning to initiate development of an
underground mine design at the PEA level of study in Q3 2022, with a view to devel oping an
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underground mine operation from 2026. This will provide significant overlap with open pit mining
operations, which are currently scheduled to proceed into 2029.
“Dave Anthony P. Eng.”
President & CEO
About Asante Gold Corporation
Asante is a gold exploration and development and operations, company with a high -quality
portfolio of projects in Ghana, Africa’s largest and most reliable gold producer. Asante is focused
on developing and operating gold projects including the Bibiani and Kubi Gold mines 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 and Frank furt Stock Exchange and has
announced plans to co -list its shares in Ghana. Asante is also exploring its Keyhole, Fahiakoba
and Betenase projects for new discoveries, all adjoining or along strike of major gold mines near
the center of Ghana’s Golden Trian gle. 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 close to 5 Moz. It is fully permitted with available mining and processing
infrastructure on-site consisting of a 3 million tonne per annum mill and processing plant, and
existing surface and mining infrastructure.
The Current Mineral Resource Estimate for Bibiani, as reported in the Technical Report on the
Bibiani Gold Mine, Ghana, by Principal Author Ian M Glacken FAusIMM (CP), FAIG, CEng and
Qualified Person Dan Bansah MSc, MAusIMM (CP), FWAIMM, MGIG, date d November 7,
2021, and filed on SEDAR, is Measured and Indicated 20.1 million tonnes at 2.71 grams of gold
per tonne for 1.81 Moz of gold, plus Inferred 8.41 million tonnes at 2.78 grams of g old per tonne
for 0.75 Moz of gold from an open pit mine. The Mineral Resource has been reported above a
0.65 g/t gold cut -off and has been depleted for both historical open pit and underground
development as of August 31, 2017. The Bibiani Main Pit mineral resource has been prepared by
Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and
reported in accordance with the JORC Code (JORC, 2012). There are no material differences
between the definitions of Meas ured, Indicated and Inferred Mineral Resources under the CIM
Definition Standards and the equivalent definitions in the JORC Code. The Satellite pit resource
is an update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also
reported above a cut-off grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950.
Mineral resources that are not mineral reserves do not have demonstrated economic viability.
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For further information please contact:
Dave Anthony, President & CEO: +1 647 382 4215 (Canada) or +233 558 799 3309 (Ghana) or
Malik Easah, Executive Director, [email protected]
Alec Rowlands, Capital Markets Consultant, [email protected]
Valentina Gvozdeva, Manager IR, [email protected]
Kirsti Mattson, Media Relations, [email protected]
Summary of drill results from South Russel Prospect:
Hole ID From
(m)
To
(m)
Length
(m)
Au
(g/t)
MGRCD21-047
including: 194 210 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 1 5.65
MGRCD21-047 201 202 1 9.54
MGRCD21-047 202 203 1 16.3
MGRCD21-047 203 204 1 6.81
MGRCD21-047 204 205 1 1.46
MGRCD21-047 205 206 1 5.30
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 1 1.65
MGRCD22-048 101 103 2 2.53
MGRCD22-048 111 115 4 4.00
MGRCD22-048 121 129 8 1.80
MGRCD22-048 140 142 2 1.39
Drill hole MGRCD22-048 was collared 75m north -west of MGRCD21-047. True widths are estimated at 80% of
intercept lengths and are based on oriented core measurements where available.
Qualified Person
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 ow ned subsidiary of Asante, and who is a
“qualified person” under NI 43-101.
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QA/QC
The Company employs a QA/QC program consistent with NI 43-101 standards and industry best practices.
Surface drilling was conducted by Toomahit Drill Limited and was 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 utilizes
accredited laboratories, and the samples were transported to the SGS 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. Results from the QC program suggest that the reported
results are accurate.
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 statements
regarding the resources, reserves, exploration results, and development program at Bibiani, including
timing of future mine development and the start of production. 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, and the Company's
inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is
referred to the Company's public disclosure record which is a vailable 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 Canadian Securities
Exchange, 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.
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Figure 1: Discovery Hole on ground Resistivity colour image, sun shading from north-west
Figure 2: Discovery hole and high priority geophysical targets, previously mined pits,
infrastructure, on Bibiani area satellite image