Option to earn up to 100% (Ghana Government 10% equity);
Asante Gold entered into an Option and Sale Agreement with Perseus Mining (Ghana) Limited (“Perseus”) to acquire up to a 100% interest in the Betenase Permit in Ghana. The permit area is currently being carved out of a larger prospecting license owned by Perseus.
Asante Gold may exercise the option to earn a 100% interest in Betenase (subject to 10% reserved for the Government of Ghana, and 1% underlying NSR royalties) by completing US$1million in exploration by December 31st, 2023, and by paying US$1million to Perseus. Completion is subject to the receipt of all necessary governmental consents and approvals.
Prime location: Betenase, an exploration project, adjoins to the east of Kubi and south of 66 million ounce (pre-mining resource) AngloGold Ashanti Obuasi mine property;
Betenase adjoins to the east of Asante Gold’s Kubi Gold Mine project. It covers an area of 12.0 sq km on the extension to the northeast of the Kubi Main deposit gold trend (NI 43-101 resource estimate by SEMS Exploration Services Ltd. of Accra, Ghana: Measured Resources 0.66 million tonnes @ 5.30g/t for 112,000 ounces; Indicated Resources 0.66 million tonnes @ 5.65g/t for 121,000 ounces; and Inferred Resources 0.67 million tonnes @ 5.31g/t for 115,000 ounces – please refer to the full report filed on Sedar); and also covers a strong gold in soil anomaly located 5 km to the east of the Kubi Main deposit.
Previous work conducted over the Betenase permit area by Perseus consisted of 1,569 soil samples and 26 reverse circulation drill holes totaling 2,346m in the Lagos galamsey pit area on the Kubi Main trend. Best result was 16m from 52.0 to 68.0m grading 1.455 g/t Au in drill hole LRC045. Three other holes intersected 4m lengths grading 1.05 to 1.75 g/t Au. Perseus did not test the soil anomaly on Betenase located 5 km to the east of Kubi.
Asante’s initial 4 hole drill program on the untested Perseus soil anomaly, discovered 3.14g/t Au over 4m in a 750m long gold in soil target; gold associated with quartz stringers and sulfides in variously hematite altered Tarkwaiian sandstones; on major NS structural lineaments spatially associated with AngloGold Ashanti Obuasi Mines and EW lineaments associated with Kubi and Perseus’ Edikan Mine;
In December 2015, Asante Gold announced that a significant gold mineralized system had been discovered at Betenase: assay results were received for 256 samples taken from the Phase 1 – 562 metre drill program. Four diamond drill holes were completed on three sections each separated by ~250 metres and drilled to test a 750 metre long NNE-trending gold in soil geochemical target. Six intervals gave anomalous gold values greater than 1.0 g/t Au, with the best intersection in hole BET15-003 which assayed 3.14 g/t gold over 4.0m.
The mineralization is associated with cross cutting pyritic quartz stringers, and disseminated and local bedded and stringer pyrite, in hematite altered Tarkwaian quartzites. These initial results are considered very encouraging given that significant grades and widths of gold mineralization, associated with widespread alteration and quartz-sulfide stringers, have been intersected in what may be a large mineralized system. The extensive alluvial workings located just to the west of the drilled area extend upstream an additional 2 km to the north.
The best gold intersections are spatially related to high Induced Polarization (IP) chargeability anomalies. A ground 3D IP program and detail drone magnetometer surveys are currently being planned for second quarter 2021, to be followed by further drill testing of outlined anomalies.
Further ground geophysical IP surveys and drilling planned, subject to financing.