Asante Gold (Ghana) files technical report for Chirano Gold Mine

By Published On: October 13th, 2022Categories: Corporate announcement

| FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to announce the filing of a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects(“NI 43-101”) in connection with the Company’s recently acquired Chirano Gold Mine (“Chirano” or the “Mine”), located immediately south of the Company’s Bibiani Gold Mine.

The technical report entitled “NI 43-101 Technical Report, Chirano Gold Mine, Ghana, West Africa” dated September 30, 2022 (with an effective date of December 31, 2021) has been prepared for Asante by dMb Management Services, BARA Consulting Pty Ltd, Snowden Optiro and GB Independent Consulting (Pty) Ltd. (the “Technical Report”). A copy of the Technical Report is available on SEDAR (www.sedar.com) under Asante’s issuer profile.

The Technical Report includes an updated Mineral Resource Estimate and a Mineral Reserve Estimate along with a detailed mining schedule and economic analysis relevant for continued open pit mining and underground operations.  The Technical Report presents a plan which supports the current mining practices and equipment to deliver a robust economic outcome while minimizing execution risk. Asante plans to continue open pit and underground operations at the Mine.

Key highlights of the Technical Report include:

  • Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t Au (1.13 Moz) and Inferred Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz)
  • Proven and Probable Mineral Reserves of 15.76Mt at 1.95 g/t Au (0.989 Moz)
  • Life of Mine of five years (Open Pit and Underground)
  • Post-Tax NPV (5%) of US$258 million at US$1,712/oz Au
  • AISC of US$1,122/oz Au
  • Gold recovery of 88.5% yielding 873Koz Au from run of mine grade of 1.9 g/t
  • Main driver of increase in Indicated Resources is a result of exploration drilling (additions from Suraw and Obra underground and Mamnao open pit mines)
  • Significant exploration upside along the developed 11 km of the Chirano Shear Zone and extensive growth potential
  • Strong community and traditional authority support

The current operating 3.4Mtpa process plant is forecast to treat approximately 16.1Mt of total mineralized material from 2022 to 2026, comprised of both fresh and oxide mineralized material from both open pit and underground sources.

Dave Anthony, President and CEO, stated, “We are pleased to submit this Technical Report on the Chirano Gold Mine which is based on Kinross data and planning in 2021. We believe there is significant economic upside to the Mine which has been in continuous production since 2005, and a strong opportunity to increase mineral inventory along the prolific Bibiani-Sefwi Gold Belt. We are also encouraged by the opportunity to add value through adjustments to operating facilities and practices. As we move forward with Chirano and consider and implement these value initiatives, the Company plans to publish an updated technical report in 2023 that will reflect Asante data and planning. Asante thanks the Chirano technical team and principal consultants dMb Management Services Pty Ltd, BARA Consulting Pty Ltd, Snowden Optiro and GB Independent Consulting (Pty) Ltd for delivering the Technical Report.”

MINERAL RESOURCES AND MINERAL RESERVES

Snowden Optiro has reviewed the Mineral Resources for the Chirano operations and did not identify any material issues with the Mineral Resource estimation and considers the standard procedures and internal controls in place at Chirano to be transparent and robust. Snowden Optiro’s validations of the Mineral Resources agree with those undertaken by Chirano; that the estimates are a reasonable representation of the grade distributions evident by the composite database informing the estimates.

Chirano consists of a multi-deposit complex with 11 mineralized deposits currently making up the updated Mineral Resources contained in the Technical Report. The Chirano gold deposits have been historically mined from both open pit and underground operations since 2005. The Mineral Resources for the Chirano Underground and Chirano Open Pits are constrained by resource optimized shapes and shells based on a US$1,600 gold price.

The contents of the post above were obtained from third parties, which We, AfricanFinancials, believe to be reliable. However, We do not guarantee their accuracy and the above information may be in condensed form. The reader is encouraged to refer to the original source of the information, which, in most cases, is in PDF format and on the originating company's letterhead. While We endeavour to replicate the original content accurately, We cannot guarantee the absence of errors in the above article and We disclaim any liability regarding reliance on information provided in this article.

Asante Gold Corporation (ASG.gh)

Share price: 8.89 Cedis (0.00 | 0.00% – 03/01/25)

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