Our flagship property in Ghana is the Fahiakoba, a 22.07 sq km prospecting license located on strike with and between Perseus Mining's 4.32 million ounce (gold reserves & resources) Edikan Mine and AngloGold Ashanti's 60 million ounce (reserves & resources of 9.52 and 35.41 million ozs, and historical production of ~31 million ozs) Obuasi mine. The latter is the longest producing, highest grade and largest gold resource in West Africa.
Asante Gold holds a 100% interest in the Fahiakoba gold concession thru an option agreement with Goknet Mining Company Limited of Accra which holds the prospecting license, and is subject to 5% Government and 3% underlying NSR interest.
The nearest Perseus gold deposit is some 3km along strike to the southwest. The property covers a part of the former Dunkwa Continental Mining Lease where large scale gold dredging activities were active from 1930 for nearly 70 years on the Ofin River and its tributaries. The dredging operation was based in Dunkwa, and during this period some 1.45 million ounces of gold were recovered, with dredge production peaking in the early 1960's at 69,000 ounces per year (Minerals Commission, 2002). The original source of the gold in the Fahiakoba alluvial/placer deposits has not been determined, however Asante is of the opinion that the source of gold in these type of systems is generally located nearby. Numerous licensed small scale alluvial operations are currently ongoing. At Fahiakoba, the small scale title extends only to the base of the alluvial deposits with all deep large scale rights reserved for Asante.
The property is underlain by favourable Birimian meta-sediments, with more than 70% of the Fahiakoba concession covered by transported alluvial material. No modern exploration or drilling has taken place to date. Recent airborne geophysical surveys have outlined some 20 km of strong NE trending shear and fold zones, some of which have associated VTEM conductors. These type of structural targets at Perseus and elsewhere in Ghana host significant gold deposits and will be the target of our ongoing exploration efforts. Anomalous gold values have been noted in a pit with quartz stockwork in granite that is associated with one of the airborne geophysical targets. Phase 1 auger drilling to test below the alluvial cover has been completed with anomalous gold trends identified.
Phase One Auger drilling consisted of 531 holes totalling 2,304 metres. Over 1000 samples were taken with results to 560 ppb Au.
|Drill Hole||From (metres)||To (metres)||Intercept (metres)||Estimated True
g/t Au, uncut