Merry Christmas and Happy New Year to you and your families!
May the true spirit of Christmas shine in your hearts! 2020 has been a tough year for everyone, and our thoughts go out to all who have been seriously affected. Thankfully vaccines are now being rolled out, and 2021 appears much brighter!
Building for the future we were happy to add three new members to the Board. In July we welcomed Carsten Korch, a resident of Lima, Peru, and in August Dr. Roger Norwich, a resident of Guernsey in the UK, and in November Nadia Abdul Aziz, a resident of Accra, Ghana. Each of these new Directors are seriously invested with their cash in the future of the Company as significant shareholders. Each brings distinct and valuable talents to the Board. We welcome them! Our long time Ghanaian director and friend Dr. Abdel-Majeed Haroun retired from the Board in late October, but will continue to act as a consultant and advisor. The Board controls ~42% of the shares (fully diluted), and is therefore aligned with shareholder interest.
Our shares are up almost 500% from the low of $0.02 in late March 2020, and with the renewed interest we were able to raise nearly $2 million in private placement funding. Outstanding warrants priced at an average of $0.16 will bring in an additional $4.5 million, if and when exercised. Money is the life-blood of exploration, and explore we will in 2021!
We are nearing the completion of our previously announced program of trenching/auger drilling of the Kubi 513 zone, with laboratory results expected in Q1 2021. In addition, a program of induced polarization (IP) geophysics has been completed on our Fahiakoba concession with significant anomalies being recorded, such that plans are now being drawn up for a follow up drill program in Q1 2021, as well as the delineation of new drill targets at Kubi.
A major Canadian geophysical contractor is being mobilized to commence proprietary 3D-IP, drone Mag/ EM on our Betenase and Keyhole projects. These unexplored areas are on major regional auriferous structures covered by extensive alluvial gold workings and present a major opportunity for the Company.
Given the dynamics of our recently strengthened Board of Directors and the potential to source new funding in Ghana, the Company will no longer pursue a Joint Venture for Kubi and plans to maintain a full interest in the project. Management believes that the recent 3D magnetic susceptibility inversion results showing the Kubi mineralizing structure now extending to depths of +3 kms are potentially transformative for Kubi and Asante: https://youtu.be/wenBCMKAI0A .
We are also exploring with a major European manufacturer/contractor the application of a narrow mining process, already industry proven, from surface to ~150 metre depths at Kubi. This process appears to have significant advantages over conventional underground mining, particularly with respect to earlier production and lower capital costs. Further information will be released as the discussions progress.
On behalf of the Board, Advisors, Staff, Field Workers and Contractors, we wish you a healthy and profitable 2021!
Douglas R. MacQuarrie,
President and CEO