As quoted in the report, FRC’s highlights for Asante Gold include:
- A Phase I drill program on the Keyhole project resulted in a discovery earlier this year. The discovery hole, MEM17-001B, intersected 13.12 gpt gold over 3.0 m at a depth of 120 m. The property was never drilled prior to this program.
- In October 2017, the company announced results from a Phase II, 6-hole / 790 m drill program. This program resulted in extending the strike from 650 m to 825 m.
- The company continues to seek financing (US$20 million) to fund Kubi’s development. Subject to financing, management estimates a timeline of 12 to 18 months to advance the project to production. The company is also evaluating various toll milling facilities in the region.
- Initial drilling on Asante’s Betenase project, optioned from Perseus Mining (Ghana) also yielded encouraging results in strongly altered, pyritic and quartz veined sediments. Follow up drilling is planned.
- Future development is highly dependent on the company’s ability to arrange financing. The company is currently being financed through shareholder loans.
- Asante’s Enterprise Value (“EV”) to resource ratio is $20 per oz versus the comparables average of $34 per oz.