VANCOUVER, B.C., Jan. 18, 2018 (GLOBE NEWSWIRE) — Ashanti Gold Corp. (“Ashanti” or the “Company”) – (TSXV:AGZ) is pleased to announce very encouraging results from its recent soil sampling program on the Anumso project, (the “Project”) Ghana.
Results from 1,797 soil geochemical samples designed to test for gold mineralization along gold-bearing Banket conglomerate stratigraphy have identified two zones, each in excess of 1 km strike length and up to 240m wide, of significant gold anomalism. These zones are completely untested by drilling. In addition, both the East and West Banket reefs display multiple lines of mineralization rather than a single line of conglomerate as previously understood. “This is a very exciting result for Ashanti as it reveals extensive new lines of mineralization to test,” stated Paul Klipfel Ph.D., the company’s COO and Chief Geologist.
Figures accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a28a84da-b78f-4dea-987c-0631c3123a4f
http://www.globenewswire.com/NewsRoom/AttachmentNg/1b16adf4-5ee2-4f62-a5f2-ff5f1b69cc24
These results show significant anomalism in zones that are untested by existing drill holes (Table 1). Ashanti staff are currently examining these areas to determine geologic controls on mineralization. A trenching program will commence in February.
| Table 1 |
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| Statistics on 1,797 Soil Samples |
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| Range g/t Au |
Number of Samples |
% of total samples |
Comments |
| > 0.2 | 42 | 2.3 | Highly anomalous |
| 0.10 – 0.20 | 58 | 3.2 | |
| 0.075 – 0.10 | 38 | 2.1 | Moderately anomalous |
| 0.05 – 0.075 | 112 | 6.2 | |
| 0.03 – 0.05 | 180 | 10.0 | |
| 0.02 – 0.03 | 243 | 13.5 | Mildly anomalous |
| 0.01 – 0.02 | 725 | 40.3 | |
| < 0.01 | 399 | 22.2 | |
A NI 43-101 report on Anumso is available on SEDAR and on Ashanti’s website. The Anumso Gold Project is a 29.63 km2 Mining Lease within two blocks that cover well-known auriferous Tarkwaian Banket strata within the highly productive Ashanti Belt of Ghana. The colonial Ntronang Mine, 7 km to the east of Anumso, lies along laterally continuous strata and is the only location outside of the famous Tarkwaian gold deposits in the southern Ashanti Belt where gold has been produced. In addition, since colonial times, artisanal miners have been engaged in producing gold from within the Anumso Mining Lease. These host rocks are known in the southern Ashanti Belt for gold produced from the Iduapriem and Teberebie mines of AngloGold Ashanti and the Tarkwa and Demang mines currently in production by Gold Fields Ltd. Gold in these rocks is considered genetically similar to that in the conglomerate-hosted gold deposits of the ~2,800 million-year-old Witwatersrand deposits of South Africa, except these rocks are younger, being approximately 2,115 million years old.
ABOUT ASHANTI GOLD
Ashanti is a gold-focused, exploration and development company that targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how. The Company is driving forward its 100%-owned Kossanto East project in Mali on the prolific Kenieba Belt of Mali, which hosts such deposits as Loulo, Fekola and Sadiola. Ashanti is also working to advance, together with its earn-in partners, the Anumso project and the Ashanti Belt project in Ghana, which are near-adjacent to the Akyem deposit.
On Behalf of the Board of Directors of
ASHANTI GOLD CORP.
“Tim McCutcheon”
Tim McCutcheon
CEO
For further information, please contact:
Ashanti Gold Corp.
2300 – 1177 West Hastings Street
Vancouver BC, V6E 2K3
Phone: 604-638-3847
Qualified Person and Historical Data
Dr. Paul Klipfel, CPG (AIPG certification #10821), Ashanti’s COO and Chief Geologist is a Qualified Person as defined by Canadian NI 43-101 and has supervised the preparation of the scientific and technical information that forms the basis for this news release. Dr. Klipfel is responsible for all aspects of the work including the Quality Control/Quality Assurance programs. Dr. Klipfel is not an Independent Person, as he is a shareholder of Ashanti. Historic data presented has been generated by historic explorers. The company has endeavored to check this data through resurvey of collars and check samples, but has not completed thorough, independent verification of historic data, and readers are cautioned not to place undue reliance thereon.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented in this news release and the information incorporated by reference herein, constitutes “forward looking information” within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of Ashanti Gold Corp. (the “Company”). All statements, except for statements of historical fact, that address activities, events or developments that management of the Company expects or anticipates will or may occur in the future including such things as future exploration plans concerning the Company’s mineral properties, acquisitions, capital expenditures (including the amount and nature thereof), business strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of the business and operations, plans and references to the future success of the Company, and such other matters, are forward looking statements. Often, but not always, forward looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project, including the geological mapping, prospecting and sampling program being proposed for the Project (the “Program”), actual results of exploration activities, including the Program, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading “Risk Factors” in the Company’s Management Information Circular (December 2016) and as discussed in the annual management’s discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update any of the forward looking information in this news release or incorporated by reference herein, except as otherwise required by law.