Asante Gold Snapshot
Asante Gold Corporation (TSX.V: ASE) (FRANKFURT: A1JUY6) is a new gold exploration and development company headquartered in Vancouver, Canada. Our initial focus is in Ghana – Africa’s number two gold producer -- where we are currently exploring the Fahiakoba concession which adjoins to the north of Perseus Mining’s new 250,000 oz per year Edikan Mine.
Fahiakoba is a 22.07 sq km prospecting license located on strike with and between Perseus Mining’s' 6.6 million ounce Edikan Mine and AngloGold Ashanti’s' 60 million ounce Obuasi mine. The latter is the longest producing, highest grade and largest gold resource in West Africa.
Asante Gold holds a 100% interest in the Fahiakoba gold concession through an option agreement with Goknet Mining Company Limited of Accra and is subject to a 5% Government and 3% underlying NSR interests.
Phase 1 Exploration Program Completed at Fahiakoba
Our flagship property in Ghana is the Fahiakoba, a 22.07 sq km prospecting license located on strike with and between Perseus Mining's 4.32 million ounce (gold reserves & resources) Edikan Mine and AngloGold Ashanti's 60 million ounce (reserves & resources of 9.52 and 35.41 million ozs, and historical production of ~31 million ozs) Obuasi mine. The latter is the longest producing, highest grade and largest gold resource in West Africa.
Asante Gold holds a 100% interest in the Fahiakoba gold concession thru an option agreement with Goknet Mining Company Limited of Accra which holds the prospecting license, and is subject to 5% Government and 3% underlying NSR interest.
The nearest Perseus gold deposit is some 3km along strike to the southwest. The property covers a part of the former Dunkwa Continental Mining Lease where large scale gold dredging activities were active from 1930 for nearly 70 years on the Ofin River and its tributaries. The dredging operation was based in Dunkwa, and during this period some 1.45 million ounces of gold were recovered, with dredge production peaking in the early 1960's at 69,000 ounces per year (Minerals Commission, 2002). The original source of the gold in the Fahiakoba alluvial/placer deposits has not been determined, however Asante is of the opinion that the source of gold in these type of systems is generally located nearby. Numerous licensed small scale alluvial operations are currently ongoing. At Fahiakoba, the small scale title extends only to the base of the alluvial deposits with all deep large scale rights reserved for Asante.
The property is underlain by favourable Birimian meta-sediments, with more than 70% of the Fahiakoba concession covered by transported alluvial material. No modern exploration or drilling has taken place to date. Recent airborne geophysical surveys have outlined some 20 km of strong NE trending shear and fold zones, some of which have associated VTEM conductors. These type of structural targets at Perseus and elsewhere in Ghana host significant gold deposits and will be the target of our ongoing exploration efforts. Anomalous gold values have been noted in a pit with quartz stockwork in granite that is associated with one of the airborne geophysical targets. Phase 1 auger drilling to test below the alluvial cover has been completed with anomalous gold trends identified.
Phase One Auger drilling consisted of 531 holes totalling 2,304 metres. Over 1000 samples were taken with results to 560 ppb Au.
Diamond Drilling Commenced
In early March 2012, a 5,000 metre diamond drilling program to test the previously outlined structures commenced and results will be reported as they are received.
Douglas R. MacQuarrie - President
P.Geo.BC, B.Sc. Combined Honours Geology & Geophysics
A resident of Vancouver, Mr. MacQuarrie has 36 years' mineral exploration experience, the last 18 years in West Africa. He has been responsible for the discovery, acquisition and development of many significant gold deposits both in Canada and in Ghana, West Africa. As the former CEO of PMI Gold Corporation he was responsible for raising over $45 million for Ghana gold exploration and development. Mr. MacQuarrie is a co-founder of Asante Gold.
Philip Gibbs - Chief Financial Officer
B.Compt., MBA, CMA
A resident of Toronto, Mr. Gibbs has extensive experience in the financial management of major international corporations and Canadian listed mining and mineral exploration companies. Mr. Gibbs is also Chief Financial Officer of KILO Goldmines Ltd., and Macusani Yellowcake Inc., operating in the Democratic Republic of Congo and Peru respectively.
Jag Sandhu - Director, Corporate Development
A resident of Vancouver, BC, Mr. Sandhu is a specialist in corporate finance and development services and has 15 years' experience assisting companies in raising capital for Canadian listed resource exploration and development companies. Mr. Sandhu has held various senior level executive positions in a number of listed companies and is a co-founder of Asante Gold..
A resident of Vienna, Austria, Mr. Riedl-Riedenstein is a former investment banker working in both New York and Austria. He has over 30 years' corporate experience as a Director and Officer of Canadian listed companies. His specialty is the successful introduction of Canadian resource companies to European investors. He is also a co-founder of Asante Gold.
Mark Holcombe - Independent Director
A resident of the Bahamas, Mr. Holcombe is a Managing Director of Madison Williams Holdings, LLC in New York as well as the Managing Partner of Stirling Partners (Bahamas). Additionally, he was the former Managing Director for Global Hunter Securities Inc. and has also worked as an investment banker at DLJ, NatWest Markets and ING Capital.
Janet Horbulyk - Corporate Secretary
Janet Horbulyk has 30 years' experience with securities and stock exchange regulatory matters including seven years with the listings department of the Vancouver Stock Exchange.
Douglas MacQuarrie, President
Canada/ US Toll Free: 1-877-339-7525
Ghana Mobile: 233 (0) 246-327-934