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Asante Announces Additional Significant Drill Results at Aboduabo Prospect, Chirano Gold Mine, Ghana

25.09.2023  |  GlobeNewswire

VANCOUVER, Sept. 25, 2023 - Asante Gold Corp. (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) ("Asante" or the "Company") is pleased to announce results from its ongoing exploration drilling program at the Aboduabo prospect located on our Bibiani - Chirano mines corridor, Sefwi Greenstone Belt, Ghana.

Latest drill results have intersected high grade shoot extensions in multiple zones down-plunge of the defined +1km strike length of Aboduabo mineralization. Previous announcements by the Company (see press releases of January 17, 2023, February 8, 2023 and April 6, 2023) have highlighted the significant intercepts and potential of this deposit, located along the Bibiani Shear Zone. To date, 88 holes totaling 21,000m have been completed testing lateral extensions and upgrading geologic confidence in previously tested zones. Field mapping has been initiated along the trend to identify new targets for future growth.

Highlights

  • CHRC3406 intersected a high gold grade shoot extension of significant interest, grading 8.73 g/t over 20.5m.
  • Step-out drilling has intersected consistently wide, significant gold mineralization within metasedimentary shear zones.
  • Selected intercepts include:
    • CHRC3406D - 20.5m @ 8.73 g/t Au from 222 to 242.5m
    • CHRC3420D - 10.1m @ 5.83 g/t Au from 214.7 to 224.8m
    • CHRC3405D - 17.15m @ 4.27 g/t Au from 274.5 to 291.65m
      • Includes 7.7m @ 8.94 g/t Au from 274.5m to 282.2m
    • CHRC3386D - 30m @ 2.81 g/t Au from 120m to 150m
      • Includes 24m @ 3.16 g/t Au from 126m to 150.0m
    • CHRC3400D - 26.6m @ 2.27 g/t Au from 166.35m to 192.95m
      • Includes 8.3m @ 4.2 g/t Au from 169.7m to 178.0m
    • CHRC3411D - 65.0m @ 1.41 g/t Au from 46.0m to 111.0m
      • Includes 24.20m @ 2.47 g/t Au from 46.0m to 70.2m
    • CHRC3441D- 46.70m @ 1.90 g/t Au from 380.3.0m to 427.0m
      • Includes 10.0m @ 4.37 g/t Au from 402.1m to 413.0m

Dave Anthony, President and CEO stated, "Results from the exploration drill program at Aboduabo continue to support our assessment that the deposit remains open and has potential to develop into long life open pit mine and future underground mine. We look forward to expanding the Aboduabo footprint with our field mapping program."

Aboduabo Prospect

The Aboduabo prospect is located approximately 5km north of the Chirano Process Plant and 10km south of the Bibiani Process Plant. Aboduabo is 7 km south of our Russel South deposit. It lies within the Bibiani mineralized trend and is hosted in Birimian sedimentary rock sequences. The Chirano gold deposits are primarily hosted in Birimian volcanic and granitoid sequences along the sub parallel Chirano trend.

Drill Results

Table 1: Summary drill results from the Aboduabo Prospect

Hole ID From To Interval Au Elevation Intercept
(m) (m) (m) (g/t) m RL
CHRC3405D 274.5 291.65 17.15 4.27 84 17.15m@4.27g/t Au
CHRC3405D Including 274.5 282.2 7.7 8.94 87 7.7m@8.94g/t Au
CHRC3406D 222 242.5 20.5 8.73 131 20.5m@8.73g/t Au
CHRC3390D 195.9 206 10.1 6.48 159 10.1m@6.48g/t Au
CHRC3400D 166.35 192.95 26.6 2.27 171 26.0m@2.27g/t Au
CHRC3400D Including 169.7 178 8.3 4.20 175 8.3m@4.20g/t Au
CHRC3441D 380.3 427 46.7 1.90 -50 46.7m@1.90g/t Au
CHRC3441D Including 380.3 413.75 33.45 2.42 -46 33.45m@2.42g/t Au
CHRC3441D Including 402.1 413 10.9 4.37 -53 10.9m@4.37g/t Au
CHRC3404 29 56 27 1.29 304 27.0m@1.29g/t Au
CHRC3404 Including 29 36 7 3.17 312 7.0m@3.17g/t Au
CHRC3420D 209.55 233.3 23.75 3.18 130 23.0m@3.18g/t Au
CHRC3420D Including 214.7 224.8 10.1 5.83 131 10.0m@5.83g/t Au
CHRC3443 44 53 9 3.47 249 9.0m@3.47g/t Au
CHRC3411D Including 46 70.2 24.2 2.47 345 24.0m@2.47g/t Au
CHRC3410 99 125 26 1.97 255 26.0m@1.97g/t Au
CHRC3410 Including 118 125 7 4.76 248 7.0m@4.76g/t Au
CHRC3414 166 183 17 3.18 195 17.0m@3.18g/t Au
CHRC3385D 234 238 4 2.15 147 4.0m@2.15g/t Au
CHRC3386 120 150 30 2.81 211 30.0m@2.81g/t Au
CHRC3425 133 157 24 1.70 157 24.0m@1.70g/t Au
CHRC3389D 126.85 133.75 6.9 1.42 177 6.9m@1.42g/t Au
CHRC3392D 195 208 13 1.02 127 13.0m@1.02g/t Au
CHRC3394 44 53 9 3.04 326 9.0m@3.04g/t Au
CHRC3395 0 39 39 0.61 362 39.0m@0.61g/t Au
CHRC3398D 125.67 137.5 11.83 1.19 245 11.0m@1.19g/t Au
CHRC3399 101 114 13 1.77 262 13.0m@1.77g/t Au
CHRC3399 Including 106 112 6 2.94 261 6.0m@2.94g/t Au
CHRC3403D 51 57 6 3.54 265 6.0m@3.54g/t Au
CHRC3412 20 30 10 2.22 373 10.0m@2.22g/t Au
CHRC3414 166 183 17 3.18 195 17.0m@3.18g/t Au
CHRC3414 Including 171 176 5 7.31 195 5.0m@7.31g/t Au
CHRC3418 150 159 9 1.82 190 9.0m@1.82g/t Au
CHRC3419 178 181 3 5.35 164 3.0m@5.35g/t Au
CHRC3422D 218.2 224.6 6.4 3.82 102 6.4m@3.82g/t Au
CHRC3434 111 125 14 1.78 175 14.0m@1.78g/t Au
CHRC3434 Including 111 117 6 2.37 178 6.0m@2.37g/t Au
CHRC3436 148 157 9 2.71 191 9.0m@2.71g/t Au
*CHRC3384D 280.75 317.55 36.8 2.56 -1 36.8m@2.56g/t Au
*CHRC3384D Including 280.75 302.3 21.55 3.13 5 21.55m@3.13g/t Au
*CHRC3358D 187 216.75 29.75 2.04 117 29.75m@2.04g/t Au
*CHRC3358D Including 196.65 204.5 7.85 5.47 117 7.85m@5.47g/t Au
*CHRC3375D 287.2 335 47.8 1.76 -18 47.8m@1.76g/t Au
*CHRC3375D Including 287.2 313.9 26.7 2.06 -9 26.7m@2.06g/t Au
*CHRC3375D 360 364.8 4.8 4.14 -60 4.8m@4.14g/t Au
*CHRC3377 0 15 15 1.24 321 15.0m@1.24g/t Au
*CHRC3377 51 74 23 2.31 271 23.0m@2.31g/t Au
*CHRC3377 Including 52.0 63 11 2.84 276 11.0m@2.84g/t Au
*CHRC3374 168 196 28 1.81 121 28.0m@1.81g/t Au
*CHRC3374 Including 168 177 9 4.10 129 9.0m@4.10g/t Au
*CHRC3366 157 183 26 1.32 160 26.0m@1.32g/t Au
*CHRC3366 Including 172 183 11 2.43 154 11.0m@2.43g/t Au
*CHRC3367 163 199 36 1.22 134 36.0m@1.22/t Au
*CHRC3376 45 57 12 1.46 291 12.0m@1.46g/t Au
*CHRC3387 104 131 27 1.48 194 27.0m@1.48g/t Au
*CHRC3368D 301 315.75 14.75 1.18 13 14.75m@1.18g/t Au
*CHRC3368D Including 303.25 307.15 3.9 2.25 15 3.9m@2.25g/t Au
*CHRC3372D 232.3 244.6 12.3 0.92 77 12.3m@0.92g/t Au
*CHRC3372D 256.5 265.9 9.4 1.20 62 9.4m@1.20g/t Au
*CHRC3388 153 167 14 0.98 165 14.0m@0.98g/t Au
*CHDD3347 169.5 212.6 43.1 3.10 126 43.1m@3.07g/t Au
*CHDD3347 Including 196 205.95 9.95 6.85 119 9.95m@6.85g/t Au
*CHRC3359 121 147 26 3.12 209 26.0m@3.11g/t Au
*CHRC3359 Including 123 141 18 4.19 211 18.0m@4.19g/t Au
*CHRC3350 85 100 15 2.64 226 15.0m@2.64g/t Au
*CHRC3350 Including 85 92 7 4.44 229 7.0m@4.44g/t Au
*CHDD3339 96.5 117.95 21.45 2.99 238 21.45m@2.99g/t Au
*CHDD3339 Including 106.6 117.95 11.35 4.73 234 11.35m@4.73g/t Au
*CHRC3357 44 61 17 1.74 294 17.0m@1.74g/t Au
*CHDD3341 188 210 22.0 1.31 117 22.0m@1.31g/t Au
*CHDD3341 Including 198 210 12.0 1.72 114 12.0m@1.72g/t Au
*CHRC3348D 199.3 212.5 13.2 1.59 94 13.2m@1.59g/t Au
*CHDD3344 58 75.6 17.6 1.20 268 17.6m@1.20g/t Au

Notes:

  1. Intervals reported are down hole lengths. True width estimated @ 80%.
  2. Length-weighted averages from uncapped assays with assumptions of 0.5g/t cut off and <3m internal waste.
  3. * Previously reported.

Figure 1: Aeromagnetic map of the Bibiani - Chirano Gold Corridor, principal Asante gold deposits and recent selected significant intercepts at the Aboduabo prospects.


Figure 2: Plan view map of Aboduabo showing collar locations and recent drill results.


(* Previously reported results.)

Figure 3: Long Section view map of Aboduabo Gram Metre plot and selected drill results showing upside potential at depth.


(* Previously reported result.)

Figure 4: Drill Core photo of high-grade gold in vein hosted metasedimentary unit.


QA/QC

Asante employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by GTS Drilling Services supervised by the Asante exploration teams. Selected drill core intervals were sawn in half with a diamond blade saw. Half of the sampled core was left in the core box and the remaining half was bagged and sealed. Asante utilizes accredited laboratories, and the samples were transported to ALS-Kumasi, Ghana. Gold was analyzed by 50-gram fire assay with AA-finish. Certified reference material (CRM) standards and coarse blank material are inserted every 20 samples. Drill intercepts cited do not necessarily represent true widths, unless otherwise noted.

Qualified Person Statement

Scientific and technical information contained in this news release has been reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy, and the Exploration Manager for Mensin Gold Bibiani Ltd. and by Daniel Apau, a member of the Australasian Institute of Geoscientists, and the Exploration Manager for Chirano Gold Mines Limited, and by Dave Anthony, P.Eng., Mining and Mineral Processing, President and CEO of Asante, all of whom are "qualified persons" 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 and continues with detailed technical studies at its Kubi Gold Project. 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 Betenase 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 Bibiani Gold Mine

Bibiani is an operating open pit gold mine situated in the Western North Region of Ghana, with previous gold production of more than 4.5 million ounces. It is fully permitted with available mining and processing infrastructure on-site consisting of a newly refurbished 3 million tonne per annum process plant and existing mining infrastructure. Asante commenced mining in late February 2022 with the first gold pour announced on July 7, 2022. Commercial production was announced November 10, 2022.

For additional information relating to the mineral resource and mineral reserve estimates for the Bibiani Gold Mine, please refer to Asante's press releases dated July 18, 2022 and September 1, 2022 and the technical report filed on its SEDAR profile (www.sedarplus.ca) on September 1, 2022.

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 and Paboase underground mines.

For additional information relating to the mineral resource and mineral reserve estimates for the Chirano Gold Mine, please refer to Asante's press releases dated October 15, 2022 and May 15, 2023 and the technical report filed on its SEDAR profile (www.sedarplus.ca).

For further information please contact:

Dave Anthony, President & CEO
Frederick Attakumah, Executive Vice President and Country Director

info@asantegold.com
+1 604 661 9400 or +233 303 972 147

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 mineral resources, mineral reserves, exploration results, development programs and increases in mine-life and potential synergies between Chirano and Bibiani. 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.

LEI Number: 529900F9PV1G9S5YD446. Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/b5d71825-e70c-443a-96b0-9031999e0ab9

https://www.globenewswire.com/NewsRoom/AttachmentNg/3c31b9a0-df2d-4075-bdb5-1a33861724b9

https://www.globenewswire.com/NewsRoom/AttachmentNg/64517eb2-71ea-4bf4-b129-e795ed0d8cc9

https://www.globenewswire.com/NewsRoom/AttachmentNg/61e50062-324c-4e86-bc89-befb7674e32a



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