Ashanti Gold Corp. is pleased to announce it has begun field mobilization on the Kossanto East project in Mali for its second season of exploration work.
The Project is a 66.41 km2 concession in the prolific Kenieba Inlier, the northwestern-most exposure of Birimian rocks in West Africa. Over the last twenty-five years more than 40M ounces of gold has been discovered in proximity to key structures resulting in the construction of multiple mines, including the Loulo, Sadiola, Yatela, Gounkoto, Segala and Tabakoto gold deposits.
Ashanti purchased 100% of Kossanto East, see press release August 8, 2017, (after including the Mali State carried interest of 10%, Ashanti ownership of the Project is 90%). Prior to Ashanti’s purchase of the Project 91 holes were drilled for a total of 10,119m of Diamond Drilling (DD) and Reverse Circulation drilling (RC) in 2013 – 2014. Ashanti completed 53 holes for a total of 6,073m of RC between June – July 2017. Ashanti’s drill program verified historic data and extended the data along strike at the Project’s two main zones of mineralization. For its second season at Kossanto East, the Company intends to drill approximately 60 holes for a total of 10,000m of both DD and RC. This drill campaign will increase drill data density, test for mineralization down to 200m below surface, and test new targets on the Project site. Additionally, the Company will collect mineralized material for metallurgical testing. The Company notes that the top 30 to 40 metres of the Project's mineralized zones is oxidized material. Additionally, no significant occurrence of sulphide material has been noted to date in the geology of the Project. After the second season, the Company anticipates it will publish a maiden NI 43-101 report on the Project.
Tim McCutcheon, Ashanti’s CEO, said: “The team at Ashanti is advancing our projects efficiently and the results speak for themselves. Our goal in the short to medium term is to provide metrics in a Project-report that allow the capital markets to benchmark Ashanti to other peer companies and guide our efforts for future exploration.”