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MarketScreener Homepage  >  Equities  >  Tokyo Stock Exchange  >  Asante Incorporated    6073   JP3117350003

ASANTE INCORPORATED

(6073)
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End-of-day quote. End-of-day quote Tokyo Stock Exchange - 01/22
1613 JPY   -0.06%
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Asante Gold : Corporation - Kubi 3D Model Extends Gold Mineralizing System

07/03/2020 | 09:44am EST

Vancouver - Asante Gold Corporation (CSE: ASE/ FRANKFURT: 1A9/U.S.OTC: ASGOF) ('Asante' or the 'Company') has received the results of 3D magnetic modeling completed over our Kubi mining lease, Ashanti Gold Belt, Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with, and interfingers, the western sheared contact of a magnetic high feature that plunges to more than 2km in depth. Link to 3D model video:http://www.asantegold.com/assets/Video/KubiMag3DSEMS.mp4

In Ghana, Africa's largest gold producer, many big mines are located along north east trending regional shear systems that exceed 250km in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold belt deposits was 'gigantic and extended to a least 10km to 15km in depth' (Schmidt Mumm et al 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66 Moz Obuasi mine. This major shear zone cuts Kubi 15km south west of Obuasi. At Obuasi a typical ore shoot contains 3Moz at head grades of 10 to 15g/t gold and plunges to more than 2km in depth. Fine refractory gold occurs in arsenopyrite disseminated with pyrrhotite and pyrite, with free milling coarse gold in late quartz veins.

At Kubi the gold is free milling and occurs within a 1km long by 1m to 15m thick shear bounded 'garnet' zone. Gold is associated with up to 30% garnet and 15% sulfide mineralization including pyrite, pyrrhotite and arsenopyrite, and also occurs as coarse gold in late quartz veins. In the 66,312 metres of diamond core drilling from 226 drill holes used for the Kubi Main Zone mineral resource estimate1, there were 83 drill core assays greater than 10.0 g/t and ranging to 98.1 g/t, highlighting the high-grade potential of the mineralizing fluids.

Douglas MacQuarrie, CEO states 'For the first time in 30 years of exploration at Kubi by BHP, Ashanti Goldfields, Nevsun Resources and PMI Gold (now Galiano Gold), magnetic modeling has shown that the structure that hosts the Kubi deposit extends more than 2km below the Kubi pit and could represent a feeder zone to the mineralization. This interpretation suggests that Kubi may be much larger than previously thought, with an exploration potential of 2Moz to a depth of 2km. Further 3D modeling to incorporate additional geophysical and geological information is underway to refine the interpretation.'

About Asante Gold Corporation

Asante is continuing to source funding to expand and develop its Kubi Gold project to production, and is exploring the Keyhole, Fahiakoba and Betenase concessions/options for new discoveries, all adjoining or along strike of major gold mines near the centre of Ghana'sGolden Triangle.

This news release contains statements of forward-looking information (or 'FLI') including those in respect of future exploration, joint venture, development, permitting and mining at Kubi and the other properties in which the Company has an interest, financings and timing for closing of the various previously disclosed option and purchase agreements. FLI involves risks and uncertainties which could cause actual results to vary from the FLI. The risk factors that could cause actual results to differ materially include: the risk of failure to obtain sufficient financing; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineralization; the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; accidents, equipment breakdowns, labour disputes, pandemics or other unanticipated difficulties with or interruptions in production and operations; the availability and costs of suitable toll milling facilities; fluctuating prices of metals and other commodities; currency fluctuations; the possibility of project cost overruns or unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; regulatory restrictions, including environmental regulatory restrictions and liability and the lack of any assurance that the Company will receive all of the necessary governmental title and approvals to proceed with the transfers and development of its projects. The material factors and assumptions on which the FLI is based include the extensive Kubi drilling database and current mineral resource estimate, the previously successful permitting, mining, trucking and milling operations at Kubi, the local availability of skilled labour, plant and machinery, and the positive results from previous metallurgical tests on the Kubi Main Zone mineralization. The Company undertakes no obligation to update FLI except as required by applicable law. Such information represents management's best judgment based on information currently available. Readers are advised not to place undue reliance on FLI.

Contact:

Douglas MacQuarrie

Tel: +1 604-558-1134

Email: douglas@asantegold.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ASANTE GOLD CORPORATION 0.00% 0.11 Delayed Quote.0.00%
ASANTE INCORPORATED -0.06% 1613 End-of-day quote.7.97%
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Financials
Sales 2020 14 432 M 139 M 139 M
Net income 2020 1 580 M 15,2 M 15,2 M
Net cash 2020 8 351 M 80,5 M 80,5 M
P/E ratio 2020 11,9x
Yield 2020 -
Capitalization 17 788 M 171 M 171 M
EV / Sales 2019 1,33x
EV / Sales 2020 0,72x
Nbr of Employees 962
Free-Float 77,7%
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Managers and Directors
NameTitle
Sei Miyauchi President, Representative Director & GM-Sales
Masami Iishiba Managing Director & GM-Administration
Atsushi Nishiyama Director & General Manager-Compliance
Katsumi Uchida Independent Outside Director
Shigeharu Dogakinai Independent Outside Director
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