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Ashanti Gold Corp. (TSXV: AGZ) is pleased to announce it has begun mobilization to drill on the Kossanto East project in Mali (the “Project”).
The Project is a 66.41 km2 concession in the prolific Kenieba Inlier, the northwestern-most exposure of Birimian rocks in West Africa. The Project has six known pods of mineralization. Two have been partially explored by past operator, Alecto Minerals PLC. Ashanti’s plan is to extend out and add data points to the existing geological model and to drill untested mineralization pods. The Kenieba Inlier is a major geological province for gold mineralization. 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 world class Loulo, , Sadiola, Yatela, Gounkoto, Segala and Tabakoto (see Figure 1).
Currently, the Company is in the process of building a camp on site for its crew (see Pictures 1 – 3), and the anticipated work will include both diamond and reverse circulation drilling for end-May going into June.
Picture 1.
Picture 2.
Picture 3.
Picture 4: Geologic map of the Kenieba Inlier, the most northwest extent of Birimian rocks in West Africa. The Kossanto East Project is situated at the convergence of the Main Transcurrent Shear Zone and the Senegal-Mali Shear zone offering a rich structural environment for the formation of gold deposits. (map adapted from Lawrence, et al., 2013; Economic Geology v.108,pp. 199-227. Gold ounces from Annual Reports and various on-line sources.)
Ashanti has the right to earn 65% of Alecto’s interest (after including the Mali State carried interest of 10%, Ashanti ownership of the property upon completion of the earn-in agreement will be 58.5%) in the Project by completing a Preliminary Feasibility Study (“PFS”) within 36 months with the right to extend the Option Period to complete PFS by an additional 12 months for a cash payment of US$280,000
ABOUT ASHANTI GOLD
Ashanti is a gold-focused, exploration and development company with projects in the northern Ashanti Belt of Ghana and the Kenieba Belt of Mali. The Company targets premier projects where it has a competitive advantage due to past work experience of the team and specific project know-how.
On Behalf of the Board of Directors: Tim McCutcheon, CEO.
