Asante GOLD Reports Higher Mineral Resources IN Amended Chirano GOLD MINE Technical Report
By
ASANTE GOLD REPORTS HIGHER MINERAL RESOURCES
IN AMENDED CHIRANO GOLD MINE TECHNICAL REPORT
Vancouver, British Columbia – May 15, 2023 – Asante Gold Corporation ( CSE:ASE | GSE:ASG |
FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce the filing
of a n amended technical report entitled " Amended NI 43- 101 Technical Report, Chirano Gold Mine,
Ghana, West Africa" (the "Amended Technical Report") in accordance with National Instrument 43-101 –
Standards of Disclosure for Mineral Projects (“NI 43-101”) in connection with the Company’s Chirano
Gold Project (“ Chirano”, the “Project”, or the “Mine”), located immediately south of the Company’s
Bibiani Gold Mine.
The original version of the Technical Report, dated September 30, 2022 (the "Original Technical Report")
and prepared by dMb Management Services, BARA Consulting Pty Ltd, Snowden Optiro and GB
Independent Consulting (Pty) Ltd., reported Mineral Resources as being “inclusive” of Mineral Reserves.
The correction requires that Mineral Reserves were in fact “exclusive” and therefore all Measured and
Indicated Resources and Mineral Reserve totals may be added to determine the total Chirano Mineral
Resources. There are no changes to any material conclusions or recommendations outlined in the Original
Technical Report. A copy of the Amende d Technical Report is available on SEDAR ( www.sedar.com)
under Asante’s issuer profile.
The Amended Technical Report therefore results in an increase in total Measured and Indicated Mineral
Resources from 1.13 Moz to 2.12 Moz broken down as follows:
• Underground Measured and Indicated Mineral Resources of 11.05Mt at 1.88 g/t Au ( 0.669 Moz)
exclusive of any Mineral Reserves (Table 1.2)
• Open pit Measured and Indicated Mineral Resources of 17.05Mt at 0.85 g/t Au (0.465 Moz) exclusive
of any Mineral Reserves (Table 1.3)
• Mine Mineral Reserves of 15.760 Mt at 1.95g/t Au (0.990 Moz) (Table 1.4)
Chirano consists of a multi-deposit complex with 11 mineralized deposits currently making up the Mineral
Resources contained in the Technical Report. The Chirano gold deposits have been historically mined from
both open pit and underground operations since 2005. The Mineral Resources for the Chirano Underground
and Chirano Open Pits are constrained by resource optimized shapes and shells based on a US$1,600 gold
price.
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Table 1-1: Total Exclusive Chirano Underground Mineral Resource as at 31 December 2021
Underground
Operation Classification Mt Au Grade
(g/t) Moz
Obra
Measured 0.118 1.82 0.007
Indicated 3.357 1.65 0.179
Measured and Indicated 3.476 1.66 0.186
Inferred 1.788 1.87 0.108
Akwaaba
Measured 1.478 2.06 0.098
Indicated 0.818 1.86 0.049
Measured and Indicated 2.296 1.99 0.147
Inferred 0.223 2.48 0.018
Tano
Measured 1.016 1.83 0.060
Indicated 1.056 1.71 0.058
Measured and Indicated 2.072 1.77 0.118
Inferred 0.646 2.24 0.047
Paboase
Measured 0.086 2.06 0.006
Indicated 0.078 2.19 0.006
Measured and Indicated 0.164 2.13 0.011
Inferred 0.063 1.89 0.004
Akoti
Measured 1.827 2.05 0.120
Indicated 0.294 2.01 0.019
Measured and Indicated 2.121 2.04 0.139
Inferred 0.514 1.89 0.031
Suraw
Measured 0.226 2.36 0.017
Indicated 0.695 2.30 0.052
Measured and Indicated 0.922 2.32 0.069
Inferred 1.558 2.71 0.136
Total Measured Resources
Total Indicated resources
4.751 2.01 0.308
6.299 1.79 0.362
Total Measured and Indicated Resources 11.050 1.88 0.669
Total Inferred Resources 4.791 2.22 0.343
Notes:
1. Tonnes and ounces have been rounded and this may have resulted in minor discrepancies.
2. Mineral Resources are not Mineral Reserves.
3. The Mineral Resources are reported exclusive of any Mineral Reserves that may be derived from them.
4. 1 troy ounce = 31.1034768g.
5. Akwaaba, Tano, Obra and Suraw were evaluated at resource cut-off grade of 1.14 g/t and Akoti and Paboase undergrounds
were evaluated at 1.21 g/t and 1.34 g/t cut-off respectively.
6. A density of 2.75 t/m³, 2.30 t/m³ and 1.56 t/m³ on fresh, transition and oxidised sediments have been applied respectively.
7. Geological losses and depletions have been applied.
8. Inferred Mineral Resources have a lower level of confidence than that applying to Indicated Mineral Resources and have
not been converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
9. Akwaaba, Tano, Obra and Suraw were evaluated at resource cut-off grade of 1.14g/t.
10. Akoti and Paboase undergrounds were evaluated at 1.21g/t and 1.34g/t cut-off.
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Table 1-2: Total Exclusive Chirano Open Pit Mineral Resource as at 31 December 2021
Open Pit
Operation Classification Mt Au Grade
(g/t) Moz
Akoti South
Measured 0.16 0.75 0.004
Indicated 3.02 0.89 0.087
Measured and Indicated 3.17 0.88 0.090
Inferred 0.01 1.32 0.000
Obra
Measured 3.46 0.81 0.090
Indicated 3.24 0.77 0.080
Measured and Indicated 6.70 0.79 0.170
Inferred 0.90 0.67 0.019
Mamnao
Measured 0.42 0.97 0.013
Indicated 4.41 0.90 0.127
Measured and Indicated 4.83 0.90 0.140
Inferred 0.32 0.86 0.009
Kolua
Measured 0.00 0.00 0.000
Indicated 0.16 1.60 0.008
Measured and Indicated 0.16 1.60 0.008
Inferred 0.00 1.26 0.000
Sariehu
Measured 0.42 0.59 0.008
Indicated 1.77 0.85 0.048
Measured and Indicated 2.18 0.80 0.056
Inferred 0.03 0.89 0.001
Total Measured Resources
Total Indicated Resources
4.45 0.80 0.115
12.60 0.86 0.350
Total Measured and Indicated Resources 17.05 0.85 0.465
Total Inferred Resources 1.26 0.73 0.029
Notes:
1. Tonnes and ounces have been rounded and this may have resulted in minor discrepancies.
2. Mineral Resources are not Mineral Reserves.
3. The Mineral Resources are reported exclusive of any Mineral Reserves that may be derived from them.
4. 1 troy ounce = 31.1034768g.
5. Akoti South, Obra, Mamnao, Kolua, Sariehu open pits were evaluated at cut-off 0.24, 0.20, 0.31, 0.45 and 0.22 cut-offs
respectively.
6. A density of 2.75 t/m³, 2.30 t/m³ and 1.56 t/m³ on fresh, transition and oxidised sediments have been applied respectively.
7. Geological losses and depletions have been applied.
8. Inferred Mineral Resources have a lower level of confidence than that applying to Indicated Mineral Resources and have not
been converted to Mineral Reserves. It is reasonably expected that the majority of Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued exploration.
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Table 1-3: Chirano Gold Mine Mineral Reserves
Reserve Classification Tonnes
(000’s)
Au Grade
(g/t)
Au Ounces
(000’s)
Proven 4,777.20 1.63 250.5
Stockpile(s) 822.7 0.79 20.9
Subtotal 5,600.00 1.51 271.4
Probable 10,159.90 2.2 718.3
Total 15,759.80 1.95 989.7
All technical information contained in this news release in respect of Chirano is qualified in its entirety by
the complete text of the Amended Technical Report, including all qualifications, assumptions, exclusions
and risks provided therein. The Amended Technical Report is intended to be read as a whole and sections
should not be read or relied upon out of context.
Qualified Person Statement
The scientific and technical information contained in this news release in respect of Chirano has been
reviewed and approved by the Qualified Persons (as defined under NI 43-101) and authors of the Amended
Technical Report, David Michael Begg of dMb Management Services Pty L td (South Africa), Dominic
Claridge of BARA Consulting (UK), Glen Bezuidenhout of GB Independent Consulting (Pty) Ltd (South
Africa) and Senzeni Mandava of Snowden Optiro (South Africa). None of the Qualified Persons hold any
interest in Asante, its assoc iated parties, or in any of the mineral properties which are the subject of this
news release.
Other scientific and technical information contained in this news release has been reviewed and approved
by David Anthony, P.Eng. (Alberta and Ontario) Mining and Metallurgy, President and CEO of Asante,
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
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 early production. All mines and exploration projects
are 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. The Company is listed on the
Canadian Securities Exchange, the Ghana Stock Exchange and the Frankfurt Stock Exchange. Asante is
also exploring its Keyhole, Fahiakoba and Betenas e 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 Chirano Gold Mine
Chirano is an operating open- pit and underground mine located in the Western Region of 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
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and Paboase underground mines. Gold Equivalent Production i n 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) or
Frederick Attakumah, Executive Vice President, [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, and development programs. 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 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.