Asante GOLD Intersects 13.1 Gpt GOLD over 3.0M at Keyhole Option, Ghana
ASANTE GOLD INTERSECTS 13.1 GPT GOLD OVER 3.0M AT
KEYHOLE OPTION, GHANA
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
FOR IMMEDIATE RELEASE April 24, 2017
Vancouver, British Columbia – April 24 , 201 7 – Asante Gold Corporation ( CSE:ASE/
FRANKFURT:1A9/OTC:ASGOF) (“Asante” or the “ Company”) has received fina l assay
results from the first drilling program in the historical MEM shaft/showing area on our Keyhole
Option property, Asankrangwa gold belt, Ghana.
The program was designed as the first modern drill test of bedrock for gold mineralization in a
structurally favourable area where extensive alluvial mining has been ongoing over the last 30
years.
The program consisted of 1,151m of diamond drilling in twelve holes , surface sampling and
ground geophysics and has confirmed that the MEM showing is part of a northeast trending gold
mineralized shear that is in excess of 250m in length, 120m in depth, and is open to extension
in all directions.
Based on the success of this initial program, an expanded program to further test and extend the
zone and outline other potential mineralized zones is being planned.
Five holes were spotted in the MEM area where recent grab samples of sulfidic and vuggy quartz
reef dump material from artisanal shafts average d 15.5g/t gold , and historical underground
sampling results to 8m widths grading 25g/t gold were reported by Junner, Gold Coast Geological
Survey, 1933.
Drillhole MEM17-001B was spotted to test directly under the old MEM shaft area and intersected
13.12g/t gold over 3.0 m at a down hole depth of 139m . The intersection was vertically ~120m
below the showing in a graphitic shear zone hosted in meta-greywacke/argillite, with quartz,
sulfide mineralization and with minor visible gold noted. Core orientation data suggest that t he
shear zone is sub-parallel to the regional foliation at azimuth 030 to 046 degrees with a moderate
to steep dip to the northwest . A photo of the mineralization is at:
http://www.asantegold.com/assets/docs/pdf/nr/MEM17-001b 140.3m.pdf .
Drillhole MEM17-002 was drilled 85m to the southwest of the MEM showing , and intersected
two shear zones grading 3.43g/t over 3.0m and 3.46g/t over 1.5m at down hole depths of 64.5 and
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75.0m respectively. Drillhole MEM17-010B tested the structure 60m to the northeast of the MEM
showing intersecting a narrow shear zone that graded 2.0g/t gold over 0.3m. Two of the five
drillholes had to be abandoned - one in heavily fractured ground/shear zone and the other in
brecciated quartz/greywacke and mud filled underground workings.
In addition, twenty five surface grab /channel samples over ~1.0m widths were taken in recently
exposed saprolite in an area ~120m to the northeast of the MEM showing, with the best section
grading 1.89g/t over 3m.
The balance of the drillholes were collared to test anomalous IP and interpreted structural targets
from a recent ground geophysical orientation program. Regional scale-fracture controlled pyrite
mineralization was intersected, accounting for many of the noted IP responses. Areas with
interpreted high resistivities appear related to thicker sections of greywacke interbedded with the
argillaceous phyllite host.
A map showing the MEM area drill collars and significant gold intersections is available at:
http://www.asantegold.com/assets/docs/pdf/nr/MEMdrillPlan.pdf . Recent pictures from the drill
program are available at: http://www.asantegold.com/projects/keyhole-option .
The Keyhole Option covers a 6km long section of the Ankobra River and is strategically located
at the intersection of three major regional gold mineralized trends:
• the Asankrangwa Gold Belt which hosts ~11 million ounces* of gold resources at the
Asanko Gold Mine (formerly known as PMI Gold Corporation’s Obotan Mine), and
Esaase gold projects located 36km and 60km respectively to the northeast;
• a major continental scale basement structure noted on regional aeromagnetic surveys
which is spatially related to the 66 million ounce* AngloGold Ashanti Obuasi Mine and
the 7.6 million ounce* Newmont Akyem Mine, located 57km and 130km to the east
northeast; and
• the north trending Ankobra River lineament and its extensions which connects 90km to
the south the +60 million ounces total resource* gold mines at Bogosu, Prestea and Tarkwa
operated by GoldenS tar, AngloGold Ashanti, and Goldfields, with Newmont’s 15.3
million ounce* Ahafo Mine 100km to the north. (*past production plus current resources).
Keyhole, under option from Sikasante Mining Company Limited, adjoins Asante’s Ashanti II Gold
project: http://www.asantegold.com/news/asante-gold-acquires-kubi-mining-leases-and-eight-prospecting-licenses-
in-ghana and map at http://www.asantegold.com/assets/img/goldentristruckeyhole.jpg . Asante can earn up to
100% in the Keyhole Gold Project by completing $500,000 in work over four years, issuing 1.25
million shares, and reserving for Sikasante a 2% net smelter return royalty.
Douglas MacQuarrie, President & CEO commented: "These drill results are highly encouraging
and reinforce our confidenc e in the potential for finding further g old mineralization at
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Keyhole. An expanded program will look at extending the mineralized zones as well as test further
areas within the property with gold potential."
On behalf of the Board,
"Douglas R. MacQuarrie"
President and CEO
Significant assays >=0.50g/t Au are noted in the table below:
Drill Hole From
(metres)
To
(metres)
Intercept
(metres)
Estimated
True Width
(metres)
Wt. Average
g/t Au, uncut
MEM17-001 42.00 43.00 1.00 NA 0.76
MEM17-001B 40.50 42.00 1.50 NA 0.79
137.00 138.00 1.00 NA 0.50
139.00 140.00 1.00 NA 0.62
140.00 141.00 1.00 NA 27.50
141.00 142.00 1.00 NA 11.25
MEM17-002 64.50 67.50 3.00 NA 3.43
75.00 76.50 1.50 NA 3.46
MEM17-006 43.50 43.95 0.45 NA 0.65
MEM17-010 58.00 58.50 0.50 NA 0.84
MEM17-010B 84.20 84.50 0.30 NA 1.99
84.50 85.50 1.00 NA 0.65
Table One: Significant Drill Hole Assay Results
Drill Hole WGS84E WGS84N Dip
(deg)
Azimuth
(deg)
Length
(m)
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MEM17-001 588272 672281 -45 315 45
MEM17-001B 588272 672278 -60 315 156
MEM17-002 588157 672298 -50 153 110
MEM17-003 588470 672380 -60 315 77
MEM17-004 587948 673135 -50 135 113
MEM17-005 588101 672994 -45 135 98
MEM17-006 587871 672938 -45 135 92
MEM17-007 587728 672924 -45 135 94
MEM17-008 587719 672657 -45 135 92
MEM17-009 588060 672622 -45 135 91
MEM17-010 588237 672387 -55 139 75
MEM17-010B 588239 672385 -60 139 108
Table Two: Drill Collar data
Scientific and technical information contained in this news release has been reviewed and
approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics , the President and
CEO of the Company, who is a "qualified person" under NI 43-101. Field work, core logging and
sampling was supervised by Donald G. Allen, MASc. P.Eng. (B.C.) who is a "qualified person"
under NI 43-101. HQ and NQ core was logged, sawn and sampled at our core logging facility in
Dunkwa, with half core samples sent to ALS Ghana Limited laboratory in Kumasi, and analyzed
for gold by fire assay-AA on a 50 gram sample charge. Laboratory QC consisted of inserting both
blanks and standards into the sample stream and multiple re-assays of selected anomalous samples.
Results from the QC program suggest that the reported results are accurate. Intercept lengths
reported are core lengths, as true widths cannot be accurately determined at this stage in the
exploration.
About Asante Gold Corporation
Asante and BXC Company Ghana Limited have agreed to form a 50:50 Joint Venture to develop the Kubi Mining
Lease in Ghana as a potential near term underground mine; and Asante is exploring the Keyhole, Fahiakoba a nd
Betenase concessions, 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]
Kirsti Mattson, Media Relations, tel: +1 778-434-2241; E-mail: [email protected]
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Rebecca Greco, Business Development, tel: +1 416-822-6483; 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
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, requisite shareholder approvals and timing for closing of the options. FLI involves 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 res ults and other
exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity
of mineralization; the possibility 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 toll 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, truck ing 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.
Neither IIROC nor any stock exchange or other securities regulatory au thority accepts responsibility for the
adequacy or accuracy of this release.