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Bibiani Gold Mine
Mineral Resource – Growth
Bibiani Main Pit & Satellite Pits
Local Geology & Mineralization
Project History
Maps & Photos
Ghana – Major Gold Deposits

• Ghana has the largest gold endowment in West Africa, with over 130Moz in minable reserves. The majority of gold deposits in Ghana are located in or adjacent to the Ashanti Belt and the Bibiani-Sefwi Belt
• The Bibiani deposit is hosted within meta-sediments of the Kumasi-Afema basin, on the eastern margin of the Bibiani-Sefwi Belt
• Other world-class deposits within the Belt include:
Ahafo – 20 Moz(Newmont)
Chirano – 5 Moz (Kinross)
•Paleoproterozoic Birimian Series hosts all the significant gold deposits in West Africa.

Exploration Overview:

•Drilling activities have been focused on the Bibiani Main Pit deposit from surface and underground positions
•Resolute was successful in expanding the resource base with improved confidence

Drilling Campaigns Under Resolute Ownership

•Phase 1 drilling programme (26,100m DD) during 2015 (2015 Resource below)
•Phase 2 drilling programme (23,400m DD) during 2016-2017 culminating in updated resource model (2017 Resource below)
•Also: Diamond drilling program at Strauss-Walsh (1,000m DD) during 2017

Exploration Overview – Feasibility Drilling Program

•Over 50,000 metres of diamond drilling were completed in two Phases (2015 - 2017); from underground and surface collars
Immediate Objective:
•Collation and validation of previous drilling data
•Relogging of historical core and review of previous mining records to create a 3D geological model
•Create a detailed 3D model of the underground workings

Exploration Overview – Current Resource Block Model
Exploration Overview - Current Resource Block Model
Exploration Overview – Cross-Sections from Current Resource Block Model
Exploration Potential:

The Company anticipates an exploration target of up to 4Moz.

•A substantial gold deposit:
Production to date of >4Moz
2.5 Moz Total Current Resource
•Inferred Resource of 8.4 Mt @ 3.7g/t (1Moz)
Potential to convert to Indicated with further drilling
•Current 2.5 Moz Resource lies between the pit base at 150m below surface, and the limit of drilling at 550m below surface
•Original underground mine workings at Bibiani extend to 750m depth
Mineralisation is continuous to 800m below surface which is at least 250m below the current resource model. As well, potential exists for mineralization to continue to considerable depths below the old Underground workings
•Open along strike to North and South

Very little regional exploration has been conducted in the area since the 1990’s
A review of previous exploration has been conducted with drill targets identified:
a. Strike extensions of the main zone towards Little Mug
b. Asempaneye
c. Pamunu
d. Walsh - high grade shoots previously intercepted below pit
e. Area between Main pit and Walsh pit; no previous drilling as area used historically for tailings storage
f. Plan to Model Big Mag, Ahiman and Grasshopper and determine resources beneath the current pits; additional deep drilling is planned

Exploration Potential – Regional Prospectivity & Land Holding
Project Objectives:

•Rehabilitate Process Plant
•Initiate exploration drilling of Satellite Pits
•Complete open pit mine design
•Initiate Open Pit Mining to deliver 2.4 Mt/y ore
•Rehabilitate Satellite Pits & deliver ore to ROM Pad stockpile Q2 2022
•Rehabilitate Main Pit & deliver ore to ROM Pad Q4 2022
•Cut back Main Pit to support mining to +/- 350m depth and 6 years operation. This will access approximately 1.6M oz of the 2.5M oz reported by Resolute

•Conduct lift of Tailings Dam to provide additional 4 years storage capacity
•Prepare NI-43-101 Technical Report when all discipline studies are completed
•Produce gold dore, Q3 2022

 Mineral Resource – Growth

Bibiani Main Pit & Satellite Pits

Mining design & development completed to 2004 at +/- $300/oz
Bibiani Main Deposit: US$1,500 In-pit Mineral Resource
Optimization Summary - Main Pit Undiscounted Cash Flow
Optimize Pit 28 demonstrates lower strip and schedule at 2.4 mt/year:
Satellite Pits

Several satellite pits were developed by Anglo Gold with a view toward gold priced at approximately $300/oz. These appear to be on strike and could present significant opportunity with gold priced at +$1500/oz.

•Walsh Pit
•Strauss Pit
•Strauss South
•Ahimed Pit
•Grasshopper Pit
•Big Mag Pit

Mineral Resource Walsh & Strauss Pits

•Located immediately northeast of the Bibiani Main Pit
•Resolute drilled 6 diamond holes in 2017 to confirm mineralisation
•Resource estimate completed by Resolute in 2018 and a shallow resource amenable to open pit mining outlined
•Asante Gold has retained Minecon to Optimize the in-pit resources

Bibiani Satellite Deposit: US$1,500 In-Pit Mineral Resource

Walsh & Strauss Pits

Local Geology

•Hosted in Kumasi-Afema Basin sediments (2150-2100Ma)
•Adjacent to Sefwi Belt meta volcanic and volcanoclastic rocks (2250-2170Ma)
•Mineralisation hosted within isoclinally folded and sheared meta-sediments, (sandstone to shale) with minor felsic dykes
•Over 2km long mineralised trend; Mined historically down to approximately 800m below surface


•Majority of Au mineralization within veins and in disseminated sulphides within Kumasi Basin sediments, balance hosted in tonalite / dacite dykes
•Wide, massive to laminated, stockwork style quartz-ankerite (Fe-dolomite) veins with pyrite +/- arsenopyrite:
•Locally controlled by steep W-NW dipping shear zones associated with pre-mineralisation folds and/or felsic dykes
•Little to no carbonate
•Locally very high grade to > 100 g/t with < 1mm specks of visible Au
•Au grades between 2-20 g/t Au
•Primary source of historically mined ore

History of the Project 1900s -1967

Gold initially discovered around 1900
✓Approx. 200 Koz produced from shallow surface and underground mining until 1915

Acquired by “Bibiani (1927) Ltd” in 1927
✓Expanded artisanal, underground mining
✓Production peaked around 70-80 Koz per year in 1940’s- 1950’s
✓Workings to approx. 800m depth, 2km strike

Mine nationalised in 1957
✓Production declined, closed in 1967

2.2Moz produced up to 1957

Bibiani History 1980 – 2005

GLAMCO acquired project in 1980s
✓ Initial tailings re-treatment
✓ JV with International Gold Resource (IGR) in 1992 – commenced drilling around old workings

Ashanti Goldfields acquisition in mid 1990’s
✓ Open pit reserve of 17Mt @ 2.7g/t for 1.5Moz
✓ Constructed 2.7Mtpa CIL plant and commenced mining in 1997
✓ Geotechnical issues in late 2003 – commenced underground development to 9 Level and mining low grade satellite deposits (Strauss, Walsh, etc.)
✓ Total of 1.8Moz Au produced (until 2005) for cumulative historical production >4Moz

Bibiani History 2006 – 2009

Sold to Central African Gold (CAG) in 2006
✓ Re-commenced underground operations - mining via long-hole open stoping
✓ Commenced development of second decline (Greg Hunter) from satellite Strauss pit
✓ Produced approx. 35koz Au and completed 727m of GH decline before operations ceased in 2008
✓ CAG assets handed over to major lender (Investec)

Noble Mineral Resources acquired Bibiani in late 2009
✓ Commenced studies for cut-back on Main Pit
✓ Initiated Process plant upgrades (to 3 Mtpa)

Bibiani History - Production Statistics