Asante Gold Snapshot
Asante Gold Corporation is a gold exploration and development company headquartered in Vancouver, Canada - currently developing gold projects in Ghana, West Africa. We have announced an agreement to develop the Kubi Gold Mine to production, subject to final closing and financing, and are exploring the Fahiakoba concession, adjoining to the north of Perseus Mining’s Edikan (Ayanfuri) Mine.
Ghana - Africa’s number two gold producer - hosts numerous +10 million ounce deposits, including Obuasi, Tarkwa, and Ahafo. Some of the world’s leading gold producers are active here including Newmont, AngloGold Ashanti and Goldfields.
Over two million ounces of gold are expected to be produced in Ghana this year, with the new Asanko Gold Mine (former PMI Gold Obotan) expected to commence production at +200,000 oz per year. According to the International Monetary Fund, Sub Saharan Africa economic growth is expected to outpace Asian growth in the next few years.
Phase 1 Exploration Program Completed at Fahiakoba
Our initial 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 66 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 are the target of our ongoing exploration efforts.
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 - Initial Results Reported May 2012
In early March 2012, a 5,000 metre diamond drilling program was initiated to test the previously outlined structures. Partial results from 4 of the 14 diamond drill holes (2,437 m) completed to date were received in May, with an additional 280 sample results pending.
Results for drill holes FAH12-001, 2, 3 and 5 were drilled in the area of a small scale alluvial pit where a previous grab sample in saprolite gave 2.05 g/t Au. Drilling under the pit gave long intersections of quartz stockwork in a quartz-rich greywacke.
Visible gold was noted in a 1.5 cm quartz vein at a down hole depth of 201.8 m, associated with strong pyrite mineralization in siltstone/greywacke. The 0.5 metre sample containing this vein averaged 289.50 g/t Au. The gold is coarse, occurs as both free gold in the quartz and interstitial in the pyrite, and appears related to late stage (D4?) foliation as noted at many West African gold deposits.
Drill hole FAH12-005 was drilled 200 metres to the east of the other noted drill holes to test the southwest end of a previously outlined airborne VTEM conductor. The hole collared in greywacke and from 47.0 to circa 200.0 metres down hole intersected poorly mineralized, but strongly foliated meta slate/phyllite with minor quartz veining. A graphitic shear zone was intersected at 175.0 metres which correlates with the extension of the VTEM anomaly to the southwest.
Best intersection in the remainder of the reported holes was 1 metre of 7.34 g/t Au at a depth of 41.5 metres in FAH12-003. Anomalous gold was noted in 8 other intervals in the first three holes at depths from 34.0 to 175.0 metres - with values ranging from 0.28 to 0.85 g/t Au.
Table One: Significant Drill Hole Assay Results ('NSA' - no significant assays)
Drill holes were spotted to test sections of airborne geophysical (MAG/VTEM) and ground auger soil geochemical anomalies. Initial drill holes were spaced from 400m to over 1km apart and later tightened to 100m step outs where gold mineralization was noted. A total of 30 drill holes were completed in two phases, for 4985 m.
With the exception of four significant gold intersections (to 0.50 m @ 295 g/t Au), initial sampling results were low. VTEM conductors correspond with favourable graphitic shear zones in meta-greywacke or regional scale graphitic meta-phyllite/argillite units. Weak gold anomalies in core from saprolite have generally accounted for the anomalous auger soil geochemical targets tested in the program.
Wide zones of moderate to strongly quartz veined meta-greywacke, and carbonate alteration were noted in the program. These zones correspond with elevated to locally significant gold values, and are considered high priority targets for additional drilling.
Further drilling is also required along the trend to the NE of Perseus Mining Ltd's discovery hole NSRC010 located ~1 km south of the Asante Fahiakoba concession boundary and which yielded 30m at 2.2 g/t Au, including 4m at 9.0 g/t Au (Perseus Quarterly Report, December 30, 2012 - true width unspecified).
Douglas R. MacQuarrie
President & CEO
P.Geo.BC, B.Sc. Combined Honours Geology & Geophysics
A resident of Vancouver, Mr. MacQuarrie has 40 years’ mineral exploration experience, including 22 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. As the former CEO of PMI Gold Corporation he oversaw the acquisition of all the PMI mineral titles including Obotan and Kubi, and was responsible for raising over $45 million for exploration and development. Mr. MacQuarrie is a co-founder of Asante Gold; and the Managing Director of Goknet Mining Company Limited - a private Ghanaian exploration company he co-founded in the year 2000 with Ghanaian Nationals Godfried Kesse (former Director Ghana Geological Service) and Thomas Ennison (LLB), and Eric Ewen (Canadian Prospector and discoverer of Keegan Esaase orebody).
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.
Director & Vice President Production & Development
A resident of Obuasi, Ghana, Mr. Ahmed, a Ghanaian National, is a mining engineer with over 30 years of experience in mine operations, planning, production and management. This wealth of expertise gained him the position as Mine Manager at Obuasi, one of the World’s foremost underground gold mines, producing up to 1.8 million tonnes per year (~4,900 tpd). In this capacity Mr. Ahmed managed a workforce of over a 1000, with an annual budget of US$100 million.
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..
Mr. Heath is a graduate of the UBC/Sauder School of Business. Recent experience includes 8 years with Salman Partners Inc. in their Investment Banking Department as an analyst, Associate and VP. In that capacity, he provided equity financing and financial advisory services to corporate and individual clients including public and private equity offerings, valuations, fairness opinions, and in merger and acquisition advisory work. He was the Lead banker on numerous financings and complex M&A transactions.
A resident of Vancouver, BC, Ms. 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|
US Toll Free:
|Ghana Mobile:||233 (0) 246-327-934|
US Toll Free:
|Florian Riedl-Riedenstein||43 (0) 2774 28814|