Asante Gold Corporation is pleased to announce the extension of the Grasshopper Pit mineral resource estimate (“MRE”). The Grasshopper Pit is within the Bibiani Mining Lease and located less than 2km north of the Bibiani processing plant. Asante commenced mining at the Grasshopper Pit Q2 2023.
- Resource definition drilling results confirm consistency of low-grade high tonnage mineralization mainly within the oxide transition material representing immediately accessible mineralized material with high recovery rates.
- Constrained Indicated Resources of 1.88Mt @ 1.04 g/t for 56.5koz of contained gold within an optimal pit shell of US$1,850/oz gold price.
- The MRE for Grasshopper is supported by approximately 10,000m of historical drilling and 8,800m of recent drilling.
- Multiple shoots of mineralization are open along strike and down plunge beyond the US$1,850 pit shell.
- Further drilling is planned to potentially grow the mineral resource beyond the current pit shell.
- Majority of mineralized material from the Grasshopper Pit is within the oxide transition zone and expected to yield gold recovery above 90%.
- Starter pit development and mining commenced in Q2 2023.
- Gold mineralization is associated with the sheared metasedimentary sequence bounded by well-defined footwall and hanging structures.
Dave Anthony, President and CEO of Asante, stated,
“I am pleased to announce this resource extension and development of the Grasshopper Starter Pit. This reflects our commitment to maximizing the full potential of our land position and mining operations. The results from our accelerated resource definition drilling are highly encouraging and underscore the
remarkable consistency of the high tonnage mineralization within the oxide transition material. With a Constrained Indicated Resource of 56.5Koz of gold at 1.04g/t within an optimized pit shell, we are poised to unlock substantial value from the Grasshopper pit.
Notably, the majority of the mineralized material in the Grasshopper Pit lies within the oxide transition zone with anticipated gold recovery exceeding 90% and haulage distance of less than 2km to the process plant. Moreover, the presence of multiple shoots of mineralization along strike and down plunge beyond the existing pit shell highlights the promising opportunities for sustained expansion and underscores our
long-term commitment to maximizing the value of this asset.
With successful commencement of the starter pit and mining activities in Q2 2023, we look forward to further strengthening our position in the market and delivering exceptional value for our shareholders and stakeholders. Our ongoing commitment to responsible and sustainable mining practices remains unwavering as we continue to drive growth and create lasting value for all stakeholders.”
The effective date of the MRE for Grasshopper is November 25, 2022. The model was undertaken by the technical team of Mensin Gold Bibiani Limited and was reviewed by Kwamina Ackun-Wood, the former Exploration Manager and Qualified Person as defined by NI 43-101.
Asante employs a QA/QC program consistent with NI 43-101 and industry best practices. Surface drilling was conducted by GTS Drilling Services and Toomahit Drill Limited and was 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 either ALS-Kumasi, SGS or the Intertek laboratory in Tarkwa, Ghana. Gold was analyzed by 50-gram fire assay with Atomic Absorption 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 was reviewed and approved by Kwamina Ackun-Wood, a member of the Australasian Institute of Mining and Metallurgy, and the former Exploration Manager for Mensin Gold Bibiani Limited, a wholly owned subsidiary of Asante, a “qualified person” under NI 43-101.