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Tuesday, 21 August 2012
Asante Gold to start second phase of initial diamond drill program at Fahiakoba
Asante Gold (CVE:ASE) will start the second phase of its initial 5,000 metre diamond drill program at its Fahiakoba concession in Ghana at the end of the month, the miner said Monday.
A total of 2,500 metres in 12 holes is expected to be completed during the phase.
Drilling will target strike extensions to the recently announced gold discoveries and new targets generated from the completion of 1,200 auger soil geochemical sample holes and coincident ground geophysical surveys, Asante said.
The field data is currently being compiled and final drill targets are being selected.
The company also said that an IP/resistivity survey has started to cover the "strong VTEM conductor" seen in the southeastern boundary area of the concession.
These types of surveys were previously successful in the region for outlining "discrete granitic bodies", the company said, that are transected by regional shear zones and can contain significant gold mineralization.
Asante noted an example of the nearby Edikan gold mine owned by Perseus Mining, which holds total measured and indicated resources of 5.6 million ounces of gold in six deposits.
The junior gold explorer launched its 5,000 metre maiden diamond drill program at the property in March after its IPO in February.
First pass results from the drilling included intersections of 0.50 metres at 289.50 grams per tonne (g/t) gold, 0.65 metres of 11.1 g/t gold and 1 metre of 7.34 g/t gold, all within a few hundred metres of surface.
The 1,200 hole auger drilling program, with samples located 25 metres apart, was designed to better define regional geophysical targets so that the company can drill step outs on the “successful holes”, and target new areas.
The Fahiakoba concession, a 22.07 square kilometre prospecting license, is located on strike with and between Perseus Mining's 4.32 million ounce Edikan Mine and AngloGold Ashanti's (NYSE:AU) 60 million ounce Obuasi mine.
The northeast corner of the property rests just 14 kilometres from the AngloGold Obuasi mine, the longest producing, highest grade and largest gold resource in West Africa.