Kubi Gold's 20 year renewable mining lease was issued in 2008. Our goal is to develop Kubi as a 45Koz to 100Koz per year undergound and direct surface mining operation.
We aim to accomplish this objective by using either:
- Conventional decline access to underground mining at 650tpd and up to 45Koz per year that will demand an estimated 12 to 18 months timeline to complete exploration decline, resource to reserve drilling, underground development and stope planning, and or
- Green mining operations that use a direct mining approach from the surface with potential for low capital expenditure and much faster cash-flow by direct gravity gold recovery.
Given our current low market capitalization, Asante
is focused on finding non-dilutive financing, such as project debt or gold loan - gold forward type project funding. With current gold prices at +US$1850 per oz and expectations in the market for much higher prices over next few years, we are confident that production financing will soon become a reality.Current NI 43-101 Mineral Resource :
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, to an average of only 400 m 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 data also suggests that grade is increasing with depth.
Adjoining to the south of the famous 66 million-ounce (pre-mining resource) AngloGold Ashanti Obuasi mine, Kubi is benefiting from a prime location with excellent nearby mining infrastructure, including several nearby under-utilized mills.
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.