Asante Gold Corporation
Developing Gold Resources in Ghana
“Money is gold, and nothing else.” – JP Morgan
Asante Gold Corporation (CSE:ASE Frankfurt:1A9) is focused on developing its Kubi Gold Mining Project to production and aggressively exploring its other high potential concessions, all located near the centre of Ghana’s golden triangle. Previous exploration at Kubi has identified a NI43-101 compliant resource estimate of ~350,000oz of gold @ ~5.5 g/t in the upper 400m of the mineralized structure with major exploration upside to depth.
Ghana is Africa’s second largest gold producer and the ninth largest in the world. The politically stable country has mining-friendly regulations, two mining colleges and a large workforce trained in geology, exploration methods and mining engineering. Ghana’s largest underground mine, AngloGold Ashanti’s Obuasi mine, has been in near continuous production for more than a century and has recorded production exceeding 32 million ounces of gold. Other major mining companies operating in Ghana include Kinross Gold (Chirano Mine), Gold Fields (Tarkwa and Abosso Mines), Perseus Mining (Edikan Gold Mine) and Newmont Mining (Ahafo and Akyem) and Ghana’s newest mine the Asanko Gold Asanko (Obotan) mine. This resource-rich region still remains under explored leaving excellent potential for discovering other large deposits.
Asante Gold has a current Option and Sale agreement in place with Perseus Mining (Ghana) Ltd. for the acquisition of up to 100-percent interest in their Dunkwa/Betenase Permit in Ghana, which adjoins to the east of the Kubi Mining lease and where recent drilling of a large gold in soil anomaly has noted a significant gold discovery in heavily altered sulfidic and qtz veined sediments. The target is a +1Moz open pit gold deposit.
The company has also acquired, subject to final closing and assignment, eight prospecting licenses, two adjacent to Kubi and six along the SW extensions of the Asanko Gold Mine trend in Ghana. In addition, the company also acquired the strategically located Keyhole Gold project located at the intersection of major continental and local gold rich shear structures located 35km to the southwest of the Asanko Mine. Initial drilling at Keyhole has intersected high gold grades to 20 g/t over narrow widths proving the structure and its area are highly prospective for a major high grade shear hosted gold deposit of the Obuasi type.
The company is led by a proven management team passionately and financially committed to bringing Kubi into production. Asante Gold’s founder, President and CEO, and largest shareholder, Douglas R. MacQuarrie was formerly CEO of PMI Gold Corporation, which developed the Obotan Gold project (now the 200,000 oz/year Asanko Gold Mine). Bashir Ahmed, the company’s Vice-President of Production & Development, is a resident Ghanaian mining engineer with decades of experience including most recently as the Mine Manager at the world-class Obuasi Mine.
- Current NI 43-101 Measured + Indicated resources of 233,000 ounces gold @ 5.48 g/t; Inferred 115,000 ounces @ 5.31 g/t.– open to expansion at depth.
- Excellent mining infrastructure, experienced labor available, near the center of major Obuasi mining camp.
- 20-year renewable mining lease issued in 2008.
- Big exploration discovery potential on Keyhole and Betenase concessions, further drilling planned.
- Track record of gold discovery with large exploration upside on land package.
- Low market capitalization at $4 million with 57 million shares issued, 48 percent management and major shareholder owned.
- Independent mining research firm, Fundamental Research, in their December 2017 update report on Asante Gold estimated a fair value of $0.63 per share suggesting the market is undervaluing the assets.