Asante Announces South Russel Maiden Resource And Starter Pit Development At Bibiani Gold Mine

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Asante Gold Corporation is pleased to announce a Maiden Mineral Resource Estimate (“MRE”) for the recently discovered South Russel prospect (“South Russel”).  Asante plans to develop a starter pit at South Russel which is within the mine lease of Bibiani Gold Mine.  South Russel is located on the Bibiani Shear Zone, 5.0 km north of the Aboduabo prospect and 3.8 km south of the Bibiani process plant.

Highlights

  • Latest mineral resource definition drilling results confirm consistency of mineralization in the footwall shear
    • Constrained Indicated Mineral Resources of 2.5Mt @ 1.79g/t for 157koz of contained gold within an optimal pit shell of US$1,850/oz gold price
    • MRE for South Russel is supported by approximately 20,000m of drilling
    • Multiple mineralized material shoots with mineralization open along strike and down plunge
    • MRE confirms a clear high-grade shoot intersected in the footwall domain with an average grade of 8.26g/t over an interval of 15m
    • Additional planned drilling has commenced, to include infill of the inferred mineral resource areas within the constrained shell and also to grow the mineral resources to the south
  •  Metallurgical studies completed at South Russel have yielded positive results, consistent with those experienced at the Bibiani Gold Mine
  • Accelerated Starter Pit Development
    • Starter pit designs and layout completed in September 2023
    • Permitting and community engagement initiated with completion anticipated in October 2023
    • Compensation and mining contract engagement scheduled for November 2023
    • Infrastructure construction and mining scheduled to commence in December 2023

Dave Anthony, President and CEO of Asante, stated,

“We are excited about the South Russel development and its potential for further expansion, which supports our efforts to extend the Bibiani open pit life of mine (“LOM”) from 8.3 years to over 10 years.  In just 18 months our exploration team has made remarkable progress with this deposit, transitioning from an initial discovery to establishing a maiden resource.  These results affirm our belief in the high prospectivity of the 53 km long Bibiani-Chirano gold corridor for new discoveries and the organic growth of our mines.

Based upon the strength of the MRE, we are planning to develop a starter pit at South Russel that has the potential to deliver mineralized material by January 2024.  I extend my gratitude to the entire exploration team responsible for the South Russel discovery, as well as our technical services team for their dedication in developing the mine and infrastructure plan.”

Details of Drill Results

Table 1: Summary table of the MRE for South Russel Prospect within a constrained optimal pit shell

Indicated Mineral Resource Inferred Mineral Resource
Cut-off Au
(g/t)
Tonnage (Mt) Au Average Grade (g/t) Au
(koz)
Cut-off Au
(g/t)
Tonnage (Mt) Au Average Grade (g/t) Au
(koz)
0.1 3.3 1.41 166 0.1 0.3 1.30 12
0.2 3.2 1.47 165 0.2 0.3 1.33 12
0.3 3.0 1.56 164 0.3 0.2 1.38 12
0.4 2.7 1.68 160 0.4 0.2 1.48 12
0.5 2.5 1.79 157 0.5 0.2 1.56 12
0.6 2.3 1.89 153 0.6 0.2 1.66 11

Notes:

  1. Tonnes and ounces have been rounded and this may have resulted in minor discrepancies.
  2. Mineral Resources are not Mineral Reserves.
  3. 1 troy ounce = 31.1034768g.
  4. A 0.5g/t gold cut-off has been applied and constrained by a US$1,850 (metal price) Resource pit shell.
  5. A density of 2.75t/m³, 2.50t/m³ and 2.00t/m³ on fresh, transition and oxidised sediments have been applied respectively.
  6. Inferred Mineral Resources have a great amount of uncertainty as to their existence and as to whether they can be mined economically.  It cannot be assumed that all or part of the Inferred Mineral Resource will ever be upgraded to a higher category.

Figure 1: Aeromagnetic map of the Bibiani – Chirano Gold Corridor, principal Asante gold deposits and the location of South Russel starter pit and selected recent drill intercepts.

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