Asanko Gold Inc. (“Asanko” or the “Company”) (TSX, NYSE
American: AKG) is pleased to announce initial drill
results from the Tontokrom exploration target, part of the Asanko
Gold Mine (“AGM”) concession area in Ghana, West Africa. The AGM is
a 50:50 joint venture (“JV”) with Gold Fields Ltd (JSE, NYSE: GFI)
which is managed and operated by Asanko.
Drilling Highlights - Tontokrom
Target
- Hole TTPC19-001 intersected 13.0m at 2.62 grams per tonne gold
from 128m
- Hole TTPC19-002 intersected 22.0m at 1.24 grams per tonne gold
from 156m
- Hole TTPC19-002 intersected 39.0m at 1.82 grams per tonne gold
from 189m
- Hole TTPC19-004 intersected 12.0m at 1.45 grams per tonne gold
from 199m
- Hole TTPC19-006A intersected 11.8m at 1.69 grams per tonne gold
from 182m
- Hole TTPC19-006A intersected 22.9m at 1.48 grams per tonne gold
from 242m
- Hole TTPC19-006A intersected 16.4m at 2.38 grams per tonne gold
from 280.6m
Commenting on the drilling program, Greg McCunn,
Chief Executive Officer, said: “The results from the Phase 1
drilling program at Tontokrom are very encouraging, with results
from six of the nine holes drilled confirming the consistency of
mineralization along the shear corridor. We believe there is
a strong potential for a major discovery at the South Camp and I’m
pleased to see the commitment to exploration by our joint
venture. We will shortly commence initial drilling on our
second target, Fromenda, where historical drilling by a previous
owner shows significant promise. The planned 5,000 meter program is
designed to both confirm and expand upon previous drilling.”
Exploration StrategyThe AGM JV
holds a major land package of 21,300 hectares on the Asankagrawa
Gold Belt. In 2017, the Company undertook a prospectivity
analysis assessing the potential of identified exploration targets
based on structural architecture, geochemistry, geological mapping
and topography. An exploration strategy was developed, in
collaboration with our JV partner, to test high priority targets in
order to replace mining depletion with resources near existing
mining operations and infrastructure as well as test potential new
discoveries. In 2019, the JV plans to spend US$8 million on
exploration including approximately 10,000 metres of drilling as
well as additional geochemistry, ground geophysics, field mapping
and trenching work.
Tontokrom TargetThe Tontokrom
target is located on the Miradani Mining Lease, which covers an
area of 14.3km2 and is approximately 10km south of the AGM
processing plant, along the northeast southwest Asankrangwa
structural corridor, which hosts all nine of the AGM’s gold
deposits (Figure 1).
The area is highly prospective and the site of
major historic small scale and alluvial mining operations. Multiple
historical geochemical anomalies are coincident with the target,
and primary and secondary structures known to control
mineralization in the belt have been interpreted from the airborne
VTEM and magnetic surveys and extensively mapped on the ground.
Five historic trenches with encouraging results were excavated in
the Tontokrom area by Ashanti Goldfields in the 1990’s. Despite
this, the Tontokrom target has not been previously drill tested.
The area has been subjected to small scale mining activities for
over 25 years, which have excavated a small pit over a portion of
the target measuring 320m long by 150m wide and is estimated to be
approximately 30m deep from the current land surface (Figure
2).
Phase 1 Drill Program – Tontokrom
TargetA Phase 1 drill program was designed to test the
approximately 320m strike length of the existing pit. The 3,139m
program consisted of 12 holes pre-collared to various depths with
reverse circulation (“RC”) drills and completed with HQ diamond
drilling (Figure 2). Due to poor ground conditions surrounding the
existing pit, drill holes were set back from the pit edge resulting
in deeper holes than would normally be drilled in a Phase 1
drilling program. Despite this, of the 12 holes completed in the
program, nine were drilled to their intended depth and three were
abandoned due to poor ground conditions before reaching their
intended targets. Phase 1 drilling has now been completed with
results received for six of the nine drill holes (Table 1).
Drilling results are encouraging, with economic
intercepts being encountered in five of the six completed drill
holes. TTPC19-003 was drilled NE of the existing pit and did not
intercept economic mineralization. Significant intercepts
encountered in TTPC19-006A, drilled furthest to the southwest,
indicate that mineralization is open along strike and will be
tested in a Phase 2 drilling program at a later date.
Photos accompanying this announcement are available
at: http://www.globenewswire.com/NewsRoom/AttachmentNg/94090ba1-d958-418b-835c-c2de433a5fb4
http://www.globenewswire.com/NewsRoom/AttachmentNg/8ab88bcc-e0ae-47ec-98fa-6dcb53ac4603
Table 1: Significant intercepts from the
first six holes of the Phase 1 drill program*
Hole ID |
From |
To |
Interval |
Grade |
|
Intercept |
|
(m) |
(m) |
(m) |
(g/t) |
|
|
|
TTPC19-001 |
128 |
141 |
13 |
2.62 |
|
13m @
2.62 g/t |
|
TTPC19-001 |
162 |
172 |
10 |
1.07 |
|
10m @
1.07 g/t |
|
TTPC19-002 |
68 |
85 |
17 |
1.1 |
|
17m @
1.10 g/t |
|
TTPC19-002 |
91 |
107 |
16 |
1.73 |
|
16m @
1.73 g/t |
|
TTPC19-002 |
149 |
152 |
3 |
25.53 |
|
3m @
25.53 g/t |
|
TTPC19-002 |
156 |
178 |
22 |
1.24 |
|
22m @
1.24 g/t |
|
TTPC19-002 |
189 |
228 |
39 |
1.82 |
|
39m @
1.82 g/t |
|
TTPC19-004 |
199 |
211 |
12 |
1.45 |
|
12m @
1.45 g/t |
|
TTPC19-006A |
182 |
194 |
12 |
1.69 |
|
12m @
1.69 g/t |
|
TTPC19-006A |
242 |
265 |
23 |
1.48 |
|
23m @
1.48 g/t |
|
TTPC19-006A |
281 |
297 |
16 |
2.38 |
|
16m @
2.38 g/t |
|
*Note: For full drill intercepts and relevant sections,
please see Appendix 1 of this news release.
Fromenda TargetA second drill
program has been designed to drill test the Fromenda Target, which
is located approximately 10kms further southwest of the Tontokrom
Target along the same highly prospective Fromenda Shear
Corridor.
The target was historically drill tested by PMI
Ventures Ltd. (PMI Gold Corporation Pty Ltd.) in 2003 and 2004
producing significant exploration results (refer to Table 2) that
warrant a new round of drilling. The program is expected to drill
approximately 5,000m of RC and DD focusing on confirming historic
mineralization and stepping out along strike and to depth, and will
commence in Q2 2019.
Table 2: Historic key drill intercepts
on the Fromenda Target*
Hole ID |
From |
To |
Interval |
Grade |
|
Intercept |
|
(m) |
(m) |
(m) |
(g/t) |
|
|
|
FNBRC007 |
14 |
23 |
9 |
13.83 |
|
9m @
13.83 g/t |
|
03FBRC036 |
0 |
4 |
4 |
25.30 |
|
4m @
25.30 g/t |
|
03FBDDH001 |
44 |
74 |
30 |
2.63 |
|
30m @
2.63 g/t |
|
03FBDDH007 |
48 |
62 |
14 |
5.58 |
|
14m @
5.58 g/t |
|
03FBDDH007 |
68 |
72 |
4 |
10.89 |
|
4m @
10.89 g/t |
|
03FBDDH012 |
6 |
12 |
6 |
2.29 |
|
6m @ 2.29
g/t |
|
04FBDDH005 |
5 |
12 |
7 |
9.71 |
|
7m @ 9.71
g/t |
|
04FBDDH007 |
14 |
23 |
9 |
8.76 |
|
9m @ 8.76
g/t |
|
04FBDDH007 |
59 |
86 |
27 |
4.89 |
|
27m @
4.89 g/t |
|
FNBRC009 |
23 |
70 |
47 |
1.13 |
|
47m @
1.13 g/t |
|
FNBRC010 |
2 |
7 |
5 |
6.99 |
|
5m @ 6.99
g/t |
|
03FBRC036 |
36 |
41 |
5 |
6.13 |
|
5m @ 6.13
g/t |
|
*Note: Historical drill resulst can be
found in news releases issued by PMI Gold Corp at various times in
2003 and 2004, these releases are available at www.sedar.com
QA/QCDrill samples are being
analyzed at the Intertek Laboratory in Tarkwa, Ghana by 50g fire
assay. Initial observations indicate some coarse gold component and
follow up screen fire assay analysis is being considered. Intervals
are calculated using a 0.5 g/t cut-off and three metres maximum
internal dilution. Reposted widths are drilled intervals and true
widths vary depending on drill orientation and are not fully
understood at this time. Assay values are uncut.
Qualified Person
StatementsBenjamin Gelber (P.Geo), Group Geology Manager,
is the Asanko Qualified Person, as defined by Canadian National
Instrument 43-101 (Standards of Mineral Disclosure), who has
approved the preparation of the technical contents of this news
release.
About Asanko Gold Inc.
Asanko’s flagship project, located in Ghana,
West Africa, is the jointly owned Asanko Gold Mine with Gold Fields
Ltd, which Asanko manages and operates. The Company is strongly
committed to the highest standards for environmental management,
social responsibility, and health and safety for its employees and
neighbouring communities. For more information, please visit
www.asanko.com.
Forward-Looking and other Cautionary
Information
This release includes certain statements that
may be deemed "forward-looking statements". All statements in this
release, other than statements of historical facts, that address
estimated resource quantities, grades and contained metals,
possible future mining, exploration and development activities, are
forward-looking statements. Although the Company believes the
forward-looking statements are based on reasonable assumptions,
such statements should not be in any way construed as guarantees of
future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors
that could cause actual results to differ materially from those in
forward-looking statements include market prices for metals, the
conclusions of detailed feasibility and technical analyses, the
timely renewal of key permits, lower than expected grades and
quantities of resources, mining rates and recovery rates and the
lack of availability of necessary capital, which may not be
available to the Company on terms acceptable to it or at all. The
Company is subject to the specific risks inherent in the mining
business as well as general economic and business conditions. For
more information on the Company, investors should review the
Company's Annual Form 40-F filing with the United States Securities
Commission and its home jurisdiction filings that are available at
www.sedar.com.
Neither Toronto Stock Exchange nor the
Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
Cautionary Note to US Investors
Regarding Mineral Reporting Standards:Asanko has prepared
its disclosure in accordance with the requirements of securities
laws in effect in Canada, which differ from the requirements of US
securities laws. Terms relating to mineral resources in this press
release are defined in accordance with National Instrument 43-101 -
Standards of Disclosure for Mineral Projects under the guidelines
set out in the Canadian Institute of Mining, Metallurgy, and
Petroleum (the “CIM Council”) Standards on Mineral Resources and
Mineral Reserves (the “CIM Definition Standards”). The
Securities and Exchange Commission (the “SEC”) has adopted
amendments to its disclosure rules to modernize the mineral
property disclosure requirements for issuers whose securities are
registered with the SEC. As a result of the adoption of the SEC
Modernization Rules, SEC will now recognize estimates of “measured
mineral resources”, “indicated mineral resources” and “inferred
mineral resources” that are “substantially similar” to the
corresponding terms under the CIM Definition Standards. In
addition, the SEC has amended its definitions of “proven mineral
reserves” and “probably mineral reserves” to be “substantially
similar” to the corresponding CIM Definitions. United States
investors are cautioned that while the above terms are
“substantially similar” to CIM Definitions, there is no assurance
any mineral reserves or mineral resources that the Company may
report as ”proven reserves”, “probable reserves”, “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources” under NI 43-101 would be the same had the Company
prepared the reserve or resource estimates under the standards
adopted under the SEC Modernization Rules.
Appendix 1
Table 3: Collar location table for
Tontokrom Phase 1 exploration drilling program
Hole
ID |
Easting |
|
Northing |
|
RL |
|
Azimuth |
Dip |
Depth RC
Pre-collar (m) |
Total
Depth (m) |
TTPC19-001 |
611065.81 |
|
691976.53 |
|
145.04 |
|
130 |
-45 |
111 |
248.7 |
TTPC19-002 |
610979.25 |
|
691931.85 |
|
144.49 |
|
130 |
-45 |
111 |
255 |
TTPC19-003 |
611137.33 |
|
692015.77 |
|
145.27 |
|
130 |
-45 |
66 |
249 |
TTPC19-004 |
610918.42 |
|
691900.85 |
|
147.29 |
|
130 |
-45 |
102 |
300 |
TTPC19-005 |
611210.78 |
|
691736.45 |
|
163.23 |
|
310 |
-45 |
114 |
360 |
TTPC19-005A |
611212.42 |
|
691734.05 |
|
163.35 |
|
311 |
-45 |
114 |
422.5 |
TTPC19-006 |
611125.58 |
|
691690.12 |
|
165.93 |
|
310 |
-45 |
61 |
61 |
TTPC19-006A |
611126.64 |
|
691691.45 |
|
165.85 |
|
310 |
-45 |
102 |
350 |
TTPC19-007 |
610930.97 |
|
691916.97 |
|
153 |
|
130 |
-58 |
102 |
101.5 |
TTPC19-008 |
610931.32 |
|
691919.15 |
|
146.27 |
|
130 |
-58 |
72 |
453.2 |
TTPC19-009 |
610976.27 |
|
691930.68 |
|
144.82 |
|
130 |
-61 |
60 |
366.2 |
TTPC19-010 |
611047.36 |
|
691998.69 |
|
145.35 |
|
130 |
-56 |
65.5 |
350 |
Table 4: Initial drill results from the
Tontokrom Phase 1 exploration program
Hole
ID |
Easting |
|
Northing |
|
Elevation |
|
Azimuth |
|
Dip |
|
Depth
(m) |
|
From
(m) |
To
(m) |
Length
(m) |
Grade
(g/t) |
Grade
Thickness (m) |
|
TTPC19-001 |
611066 |
|
691977 |
|
145.04 |
|
130 |
|
-45 |
|
248.7 |
|
87 |
89 |
2 |
3.22 |
6.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
128 |
141 |
13 |
2.62 |
34.06 |
|
|
|
|
|
|
|
|
|
|
|
|
Including |
|
132 |
139 |
7 |
4.08 |
28.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
152 |
154 |
2 |
0.97 |
1.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162 |
172 |
10 |
1.07 |
10.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
197 |
206 |
9 |
0.69 |
6.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTPC19-002 |
610979 |
|
691932 |
|
144.49 |
|
130 |
|
-45 |
|
255 |
|
68 |
85 |
17 |
1.1 |
18.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91 |
107 |
16 |
1.73 |
27.68 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
114 |
116 |
2 |
1.76 |
3.52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
120 |
122 |
2 |
1.2 |
2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
149 |
152 |
3 |
25.53 |
76.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156 |
178 |
22 |
1.24 |
27.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
189 |
228 |
39 |
1.82 |
70.98 |
|
|
|
|
|
|
|
|
|
|
|
|
Including |
|
211 |
218 |
7 |
3.40 |
23.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Hole
ID |
Easting |
|
Northing |
|
Elevation |
|
Azimuth |
|
Dip |
|
Depth
(m) |
|
From
(m) |
To
(m) |
Length
(m) |
Grade
(g/t) |
Grade
Thickness (m) |
|
TTPC19-004 |
610918 |
|
691901 |
|
147.29 |
|
130 |
|
-45 |
|
300 |
|
32 |
38 |
6 |
0.61 |
3.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
84 |
88 |
4 |
0.95 |
3.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105 |
107 |
2 |
1.92 |
3.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
150 |
152 |
2 |
1.08 |
2.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
160 |
174 |
14 |
0.82 |
11.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182 |
189 |
7 |
1.52 |
10.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
199 |
211 |
12 |
1.45 |
17.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTPC19-005 |
611211 |
|
691736 |
|
163.23 |
|
310 |
|
-45 |
|
360 |
|
229 |
231 |
2 |
1.04 |
2.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTPC19-005A |
611212 |
|
691734 |
|
163.35 |
|
311 |
|
-45 |
|
422.5 |
|
294 |
296.5 |
2.5 |
0.99 |
2.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
307 |
309.3 |
2.3 |
0.81 |
1.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
312.73 |
321 |
8.27 |
1.12 |
9.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
342 |
345 |
3 |
1.27 |
3.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTPC19-006A |
611127 |
|
691691 |
|
165.85 |
|
310 |
|
-45 |
|
350 |
|
17 |
19 |
2 |
0.56 |
1.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36 |
39 |
3 |
1.67 |
5.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
182 |
193.8 |
11.8 |
1.69 |
19.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
201 |
203 |
2 |
0.82 |
1.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
242 |
264.9 |
22.9 |
1.48 |
33.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
270.6 |
275 |
4.4 |
9.24 |
40.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
280.6 |
297 |
16.4 |
2.38 |
39.03 |
|
|
|
|
|
|
|
|
|
|
|
|
Including |
|
293.5 |
294.5 |
1 |
19.09 |
19.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
305.1 |
309.3 |
4.2 |
1.7 |
7.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
315 |
319.1 |
4.1 |
2.19 |
8.98 |
|
Notes:Intervals calculated with a 0,5 g/t cut-off and three
metres maximum internal dilutionTrue widths vary depending on drill
orientationUTMs are WGS84 - Zone 30NAll grades are uncut
Photos accompanying this announcement are available
at:http://www.globenewswire.com/NewsRoom/AttachmentNg/dcb46fc9-1581-499e-8ad9-63b86246691d
http://www.globenewswire.com/NewsRoom/AttachmentNg/d38e4b2c-3cbd-4cec-a255-4d4e27a16ffc
http://www.globenewswire.com/NewsRoom/AttachmentNg/e5935d23-afcb-4dd1-8bd7-20d2daf75d3e
Enquiries:
Alex Buck – Manager, Investor & Media Relations
Toll-Free (N.America): 1-855-246-7341
Telephone: +44 7932 740 452
Email: alex.buck@asanko.com
Andrew J. Ramcharan – SVP, Corporate Development & IR
Toll-Free (N.America): 1-855-246-7341
Telephone: +1 647 309 5130
Email: andrew.ramcharan@asanko.com
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