strives to build relationships based on mutual respect within the local communities. Where possible, we plan to use new green mining technology to minimize environmental impact at the same time as improving worker safety and bottom-line returns.Bibiani Gold Mine:o OverviewAsante Gold
has entered into an agreement with Resolute Mining Limited (Resolute) to purchase 100% of their Bibiani Gold Mine in Ghana. Asante has agreed to buy all of Resolutes interest in Bibiani, through the purchase of 100% of the shares in Mensin Bibiani Pty Ltd., by paying Resolute total cash consideration of US$90 million.
Bibiani is a historically significant Ghanaian gold mine situated in the western region of the country. The majority of the large gold deposits in Ghana are located in or adjacent to the Ashanti Belt and the Bibiani-Sefwi Belt.
The Bibiani deposits are 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 20Moz(Newmont) and Chirano 5Moz(Kinross).
has past production of 4Moz, is fully permitted with available mining and processing infrastructure on site consisting of a 3 million tonne per annum mill and processing plant, and existing underground mining infrastructure.
Current JORC compliant Mineral Resources are 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold (see Resolute ASX Announcement dated 13 July 2018). Asante Gold has recognized additional exploration upside opportunities, both from near-surface and underground targets.
Our current objective is to bring the Bibiani Mine back to production within the next year. Further discussions are underway to fully fund the acquisition and its development using non-dilutive financing.Kubi Gold Mine:o OverviewKubi Gold's
20-year renewable mining lease was issued in 2008. Our goal is to develop Kubi as a 45Koz to 100Koz per year producer.
We aim to accomplish this objective by using either:
Current NI 43-101 Mineral Resource :
- Conventional decline access for underground mining at 650tpd and up to 45Koz per year with an estimated timeline of 12 to 18 months to complete exploration decline, resource to reserve drilling, underground development and stope planning; and or
- Green mining techniques that use a direct mining approach from the surface with potential for lower capital and faster cash-flow utilizing in line gravity gold recovery.
Measured 0.66 million tonnes @ 5.30 g/t Au for 112,000 oz ;
Indicated 0.66 million tonnes @ 5.65 g/t Au for 121,000 oz ; and
Inferred 0.67 million tonnes @ 5.31 g/t Au for 115,000 oz (filed on SEDAR)
These results, from primarily just 400m below the pit, suggest that with deeper exploration that Kubi has the potential for a long mine life - typical of other deep seated mines in Ghana. Scatter plots of drill assay data suggests that the grade is increasing with depth.
Adjoining to the south of the famous 66 million-ounce (pre-mining resource) AngloGold Ashanti Obuasi mine, Kubi is in a prime location with excellent nearby mining infrastructure. Our Bibiani Plant is located just 100km away by tarred highway.
Ghana's big +10Moz mines have deep roots on major geological structures. To get a clearer picture of Kubi's deep potential, we completed 3D magnetic susceptibilty inversion modelling. The results strongly suggest that the structures that host the Kubi gold mineralization extend to +3.5 km in depth - a potential 2 million ounce gold exploration target.Other Asante Gold Projects in Ghanao Overview
Asante is actively exploring four other targets: all with significant gold discoveries in initial drilling and with multi-million-ounce exploration upside. These are
Betenase, Keyhole, Fahiakoba, and the Ashanti II Project concessions:
Betenase adjoins to the east Kubi at the intersection of a major north trend and regional shear contact.
is at the intersection of three major regional gold mineralized trends, which are:
- north east trending Asankrangwa Gold Belt and its 11 Million Oz
- east north east trending major continental-scale basement structure related to 66 Million Oz`s at Obuasi and the 7.6 Moz Akyem Mine
- And the north-trending Ankobra River lineament which connects the Ahafo Mine in the north with the +60 million ounces total resource gold mines in the southern Ashanti Belt
Ashanti II Project - six pending exploration concessions, on the Asankrangwa gold belt along strike and southeast of Galiano/Goldfields Obotan and Esaase mines; and two adjoining Kubi
Fahiakoba at the intersection of the Perseus Edikan Mine Akropong-Obuasi shear and major east west Offin River trends.