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

ASANTE INCORPORATED

(6073)
  Report
End-of-day quote. End-of-day quote Tokyo Stock Exchange - 01/25
1602 JPY   -0.68%
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Asante Gold : Exploration Update, Stock Option Issued

04/07/2020 | 07:49am EST

Vancouver - Asante Gold Corporation (CSE: ASE/ FRANKFURT: 1A9/U.S.OTC: ASGOF) ('Asante' or the 'Company') announces that it has granted 200,000 incentive stock options to a consultant at a price of $0.10 per share, for a term of two years.

EXPLORATION UPDATE

Kubi East Trenching Program: During the months of January thru March a program to test previously located Induced Polarization (IP) anomalies, consisting of six excavator trenches and hand dug extensions, totaling 216m in length and to depths of 6m, were completed, with 53 channel samples analysed. Only background gold levels were noted. All trenches have now been backfilled using local village labour and returned to agricultural use.

TR-01 and TR-02 covering the highest priority IP targets outlined to date on the east side of the Kubi Gold Mine pit did not reach bedrock given the thick waste dump material encountered. Values to 3m at 4.5g/t gold in a garnet and sulfide rich zone were noted in a previous drill hole at a depth of 360m vertically below TR-01. TR-02 uncovered pit waste material which contained up to 5% finely disseminated sulfides, and may explain the underlying IP anomaly. These two targets remain to be tested in a future drill program.

TR-03 to TR-06 were cut in saprolite, primarily mauve to mottled beige Tarkwaiian boulder meta conglomerates and mottled beige to white Tarkwaiian meta sandstones. No sulfides, pervasive silicification or graphitic shear zones were noted. In TR-03 a 5m wide, distinct buff to white meta sandstone containing up to 5% coarse disseminated magnetite was noted. This unit is conformable with the regional foliation at Az 021 degrees, was confirmed by the recent ground magnetometer survey, and is offset circa 12m to the east of the targeted IP anomaly axis. The lack of shearing may indicate that the source of these IP and magnetic anomalies is primary sulfides and magnetite in distinct stratigraphic units.

This paleo sedimentary environment can also concentrate gold. Further IP, magnetic and auger soil sampling is planned to the East, North and South of the current program.

Kubi 513 Zone Magnetometer Survey: A total of 1,100m of ground magnetic profiling was completed over the 513 Zone which is located 1.2km to the south west of the Kubi Main gold resource. This target is on the eastern margin of the main Ashanti shear zone - a major gold mineralizing structure in Ghana that hosts numerous large mines including the 66Moz AngloGold Ashanti Obuasi mine.

The 513 zone was first discovered in 2009 and 3,077m drilled to date in 25 shallow holes over a strike length of 540m. The zone is hosted in a vertical to moderately east dipping garnetized metagabbro similar to the garnet zone at Kubi Main. Best previous drill results are 4.8m at 3.76g/t from 85m depth, 8m at 3.68g/t from 64m, and 1m at 15.3 g/t from 66m. Mineralization consists of visible gold, minor pyrrhotite and arsenopyrite. Gold mineralization appears related to local magnetic highs and suggests a potential strike extension of at least another 150m to the north. Further magnetic surveys are planned to fully define the strike extensions prior to additional drilling.

On behalf of the Board, we would like to take this opportunity to extend our sincere wishes that all our shareholders, employees and their families remain healthy and safe in these difficult times.

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.

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 -0.68% 1602 End-of-day quote.7.23%
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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 80,6 M 80,6 M
P/E ratio 2020 11,9x
Yield 2020 -
Capitalization 17 622 M 170 M 170 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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