Viking Ashanti (ASX: VKA) non-executive chairman John Gardner has taken his on-market share purchases to almost A$100,000 during May with a final buy up for the month of 60,000 shares.
Gardner acquired the additional shares for a consideration of 6,960, or $0.116 per share.
He has acquired around 760,000 shares during May, taking his total shareholding to 5.3 million shares and 1.5 million options exercisable at $0.345 on or before 31 December 2012.
Gardner's investment is a vote of confidence in a company that has strong prospects to build a resource base of 1-1.5 million ounces of gold.
Viking Ashanti has developed an updated resource model at its Akoase East Project in Ghana that has outlined multiple sub-parallel zones of mineralisation over a strike length of 3 kilometres, with gold values distributed from surface and to an average depth of 120 metres.
This has resulted in an updated Inferred JORC Resource of 18 million tonnes at 1.2 grams per tonne (g/t) for 704,000 ounces of gold.
The resource remains open at depth and extends along strike to the northeast where the thickest and highest grade intercepts of the entire drilling program are being reported at Alimac.
This includes a highlight intersection from one diamond drill hole of 31 metres at 7.84g/t gold, and included 16 metres at 10.82g/t gold.
The total strike line at Akoase East covers 12 kilometres, and includes 9 kilometres that have only been partially explored.
The potential remains very high for gold resources to exceed 1 million ounces in the near future.
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