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Asanko Gold Reports Highly Encouraging Drilling Results from Akwasiso Target

Asanko Gold Inc. is pleased to announce highly encouraging results from the new exploration target Akwasiso, which is located approximately 4 kilometers from the processing facility at the Asanko Gold Mine in Ghana, West Africa.

The drilling program at Akwasiso forms part of the Company’s near-mine exploration strategy to source additional ore resources that will utilize the excess capacity in the processing plant during 2017 and 2018 until Phase 2A is built and commissioned.

Akwasiso lies on the Nkran shear corridor which hosts the AGM’s main pit, Nkran, as well as the Nkran Extension and Dynamite Hill satellite deposits (see map in Appendix 1). A 10,000m drilling program has been undertaken to validate the geology and grade continuity of at surface mineralized oxide zones defined by a previous operator. In addition to confirming this historical work, significant mineralization has now been discovered below and on the western flank of the previous drilling.

Peter Breese, President and CEO, commented “We are very excited about the potential of Akwasiso, which is displaying similar geological features and mineralization to the Nkran deposit, our main resource. The first set of results show the potential to be even more significant than previous near-mine discoveries at the Adubiaso and Nkran Extensions. With the mineralization still open at depth and along strike, we will plan to initiate a further drilling campaign and prepare a maiden Mineral Resource Estimate.”

The Akwasiso target is situated immediately north-east of the Nkran Extension deposit and the Tailings Storage Facility. The target sits on the Company’s existing Abriem mining lease, but until recently had been designated as “small mining concessions” and owned by small scale alluvial miners. The Company acquired the concessions earlier this year which had been previously explored by a prior operator.

During 1997 - 2000, 183 diamond and reverse circulation holes were drilled on the Akwasiso target, although no compliant Mineral Resources were estimated. According to drilling logs and reports, the total amount of known historic drilling was approximately 11,600m with numerous mineralized high-grade intercepts. The drilling was limited to a depth of approximately 100m.

In May 2016, the Company began a drilling program on the target with the objective of confirming and validating the previous drilling, as well as exploring the potential of the target below the previous shallow drilling. The program consisted of 10,000m of reverse circulation and diamond drilling with assay results mostly still pending. Visual inspection and logging of the current program’s core shows similarities of the mineralization style to Nkran and other satellite deposits, with intrusive granite in a mixed sedimentary package, with altered and mineralized sandstone units containing silicification, sulphides and quartz veining. Visual gold was observed in several intercepts.

Mineralization occurs in three zones identified to date (see graphics in Appendix 2): the Western shear zone, a Central sandstone and granite contact zone, and an Eastern granite contact zone. Further drilling is planned which will test all three zones and mineralization is still open at depth and along strike. An initial Mineral Resource estimate is expected to be published in Q4 2016.

Complete drill results will be announced as they become available. Initial assay results received to-date are as follows:

Hole ID From
Intersection (m) Gold
AKDD16-002 258.00 272.00 14.00 1.71
AKPC16-002 27.00 29.00 2.00 6.54
AKPC16-002 71.00 73.00 2.00 5.12
AKPC16-002 82.00 85.00 3.00 1.01
AKPC16-002 95.00 104.00 9.00 1.04
AKPC16-002 109.00 112.00 3.00 0.57
AKPC16-002 130.00 135.00 5.00 0.72
AKPC16-002 133.00 135.00 2.00 1.17
AKPC16-002 148.00 150.00 2.00 1.12
AKPC16-002 154.00 160.00 6.00 1.12
AKPC16-002 194.00 198.00 4.00 4.95
AKPC16-004 17.00 31.00 14.00 1.93
AKPC16-004 21.00 31.00 10.00 2.11
AKPC16-004 149.00 203.00 54.00 3.85
AKDD16-005 65.00 68.00 3.00 6.92
AKDD16-005 161.00 178.00 17.00 4.16
AKDD16-007 8.80 46.00 37.00 1.17
AKDD16-007 60.00 84.00 24.00 1.23
AKDD16-011 54.00 59.00 5.00 0.65
AKDD16-011 85.00 101.00 16.00 0.80
AKDD16-011 105.00 118.00 13.00 2.44
AKDD16-011 169.00 185.00 16.00 3.65
AKDD16-012 108.00 115.00 7.00 0.63
AKDD16-012 119.00 123.00 4.00 14.68
AKDD16-012 144.00 149.00 5.00 1.23
AKDD16-012 169.00 200.00 31.00 0.98
incl 169.00 175.00 6.00 2.99
AKDD16-013 5.80 13.30 7.50 5.67
AKDD16-013 56.00 59.00 3.00 21.93
AKDD16-013 69.00 81.00 12.00 4.66

Qualified Person Statements

Philip N Bentley, PR.Sci.Nat., FGSSA, MSc, MSc (Minex), Executive Geology and Resources for Asanko is a qualified person with respect to NI 43-101 and has supervised the scientific or technical information for this press release.


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