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Ashanti Gold Corp.

Ashanti Gold posts more encouraging drill assays from Mali gold project

Gourbassi West is the second of two main areas being investigated by the company at Kossanto East.

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The results continue to build upon the overall strike line of Gourbassi West, the company said

Ashanti Gold Corp (CVE:AGZ) posted more encouraging drill results from the Gourbassi West area of the Kossanto East project in Mali, which show the potential to expand a resource.

Gourbassi West is the second of two main areas being investigated by the company at Kossanto East.

The target consists of gold mineralization associated with silicified, brecciated felsic volcanic rocks along a northwest trending structural zone for over 1,200m of strike length.

Today' assays come form the recently completed 105 hole Reverse Circulation (RC) and Diamond Drill (DD) work program.

"These results continue to build upon the overall strike line of Gourbassi West," said Tim McCutcheon, chief executive at Ashanti.

"We are getting closer to completing our resource calculations, and it is exciting to see how the cross sections fall into place with our geological modelling and understanding of the property."

Highlight assays included 10m (meters) at 1.03 g/t (grams per ton) gold, 31m at 0.81 g/t of the yellow metal in another hole, and one meter at 5.31 g/t  gold in another.

Ashanto said the results supported and expanded previously interpreted mineralized zones dipping moderately to the west, and that if mineralized zones to the north continue, there was potential for an additional 100m (meters) of mineralized width.

Shares shed 6.25% in Toronto to C$0.075.

Quick facts: Ashanti Gold Corp.

Price: $0.05

Market: TSX-V
Market Cap: $3.69 m
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