Asante Gold Corporation (CSE:ASE/ FRANKFURT:1A9) entered into an Option and Sale Agreement with Perseus Mining (Ghana) Limited ("Perseus") to acquire up to a 100% interest in the Betenase Permit in Ghana. The permit area is currently being carved out of a larger prospecting license owned by Perseus. Betenase adjoins to the east of the company's Kubi Gold Mine project.
Betenase covers an area of 12.0 sq km on the extension to the northeast of the Kubi Main deposit gold trend (NI 43-101 resource estimate by SEMS Exploration Services Ltd. of Accra, Ghana: Measured Resources 0.66 million tonnes @ 5.30g/t for 112,000 ounces; Indicated Resources 0.66 million tonnes @ 5.65g/t for 121,000 ounces; and Inferred Resources 0.67 million tonnes @ 5.31g/t for 115,000 ounces – please refer to the full report filed on Sedar); and also covers a strong gold in soil anomaly located 5 km to the east of the Kubi Main deposit.
Previous work conducted over the Betenase permit area by Perseus consisted of 1,569 soil samples and 26 reverse circulation drill holes totaling 2,346m in the Lagos galamsey pit area on the Kubi Main trend.Best result was 16m from 52.0 to 68.0m grading 1.455 g/t Au in drill hole LRC045. Three other holes intersected 4m lengths grading 1.05 to 1.75 g/t Au.
The Company may exercise the option to earn a 100% interest in Betenase (subject to 10% reserved for the Government of Ghana, and 1% underlying NSR royalties) by completing US$1million in exploration within four years of the earlier of December 31st, 2019 or the issuance of the permit, and by paying US$1million to Perseus. Completion is subject to the receipt of all necessary governmental consents and approvals.
In December 2015 the Company announced that a significant gold mineralized system had been discovered at Betenase.
Assay results were received for 256 samples taken from the Phase 1 - 562 metre drill program. Four diamond drill holes were completed on three sections each separated by ~250 metres and drilled to test a 750 metre long NNE-trending gold in soil geochemical target.
Six intervals gave anomalous gold values greater than 1.0 g/t Au, with the best intersection in hole BET15-003 which assayed 3.14 g/t gold over 4.0m.The mineralization is associated with cross cutting pyritic quartz stringers, and disseminated and local bedded and stringer pyrite, in hematite altered Tarkwaian quartzites.
These initial results are considered encouraging given that significant grades and widths of gold mineralization, associated with widespread alteration, have been intersected in what may be a large mineralized system – the extensive alluvial workings located just to the west of the drilled area extend upstream an additional 2 km to the north.
The best gold intersections are spatially related to high Induced Polarization (IP) chargeability anomalies. Subject to financing, a follow up Phase 2 drill program will target extensive high IP areas along strike to the northeast and southwest.
Altered and quartz veined Tarkwaiian sediments