Ashanti Gold Corp.: New Gold Zone Discovered at Gourbassi East, 8m of 1.83 G/t Gold (including 4m of 3.22 G/t Gold) and 10m of 1.93 G/t Gold (including 5m of 3.37 G/t Gold)

Source Press Release
Company Ashanti Gold Corp. 
Tags Strategy - Corporate
Date July 13, 2018

Ashanti Gold Corp. (“Ashanti” or the “Company”) - (TSXV:AGZ) announces the discovery of a new gold-mineralized zone, the Kadi Zone, approximately 1 km northeast of the Main Zone.  Three holes have intersected gold mineralization up to 20m wide within a moderately dipping shear zone.  Ashanti also announces further results from the Main Zone.  At the Main Zone two new holes along section 1483750 again confirm gold mineralization within an east-dipping gold zone up to 80m wide.  

Tim McCutcheon, CEO, said, “The discovery of the Kadi Zone is important as it potentially adds more mineralized material to what Ashanti has already identified at Gourbassi East and West. Along with collecting data to complete a resource report, this most recent drill campaign was designed to show upside potential of the Kossanto East project, and Kadi clearly does this. More results are due to come and I look forward to sharing them with you.”

Kadi Zone
Three drill holes spaced approximately 75m apart have intersected gold mineralization within a northwest-trending, moderately west-dipping shear zone up to 20m wide.  This shear zone is the contact between granitic rocks in the footwall and felsic tuff in the hanging wall.  To the southeast, silica breccia rock lies along the strike extent of the shear zone.  The Company plans to further drill test this zone along strike and down dip.  The Kadi Shear Zone has been traced at the surface for another 400m to the southeast of GERC230 and 100m to the northwest from drill hole GERC228 (see Figures 2 and 3).

  Hole  From
(m) 
To
(m) 
Interval*
(m) 
Grade (g/t Au) 
   GERC228  33  43  10  0.82 
    45  47  0.68 
   GERC229  19  27  0.20 
    45  52  0.52 
   GERC230  24  32  1.83 
  incl.   26  30  3.22 
    37  41  0.35 

 *Intervals indicated are not true widths as there is insufficient geologic information to calculate true widths. However, drill holes have been drilled to cross interpreted mineralized zones as close to perpendicular as possible.

Main Zone - Gourbassi East 
Results presented here and previously (see June 28 and July 3 Press Releases) demonstrate strong positive results from drill holes in the Main Zone including affirmation of east-dipping mineralized zones and continuity of mineralization along strike.  These holes below form part of cross section 1483750 (Figure 2 and 4), which is 100m to the north of cross section 1483650, announced on July 11, 2018.

  Hole  From
(m) 
To
(m) 
Interval*
(m) 
Grade (g/t Au) 
   GERC209  13  13  0.55 
    16  23  0.20 
    31  34  1.76 
   GERC245  86  95  2.33 
  incl.   87  92  3.28 
    112  120  5.48 
    173  183  10  1.93 
  incl.   173  175  3.37 

 *Intervals indicated are not true widths as there is insufficient geologic information to calculate true widths. However, drill holes have been drilled to cross interpreted mineralized zones as close to perpendicular as possible.

Photos accompanying this announcement are available at

Ashanti’s recent 2018 drilling, 2017 drilling, and historic drilling define a 600m x >50m zone of gold mineralization at Gourbassi East Main Zone.  Additional mineralization along a separate zone to the southwest, included in previous descriptions of Gourbassi East has been subdivided into its own zone (Sana Zone) and adds another 300m x 50m of mineralization.  In addition, Ashanti soil and historic soil sampling has defined extensive anomaly areas to the northeast and southwest of Gourbassi East (Figure 1).  The 2018 program partially drill-tested these new areas of interest. 

Mineralization at Gourbassi East occurs along interpreted, northwest trending structures that crosscut and bound rhyolite and intermediate to mafic volcanic rocks (Figure 2).  Silicification, quartz-sericite-pyrite (QSP), carbonate and possible albite alteration occur along with multi-stage veinlets and disseminated gold mineralization. 

These holes, and others with results to follow (including holes from Gourbassi East and Gourbassi West), will contribute to a resource estimate later this year.  Importantly, mineralized intervals reported here lie along multiple mineralized zones of mineralization interpreted and predicted from previous drilling and presumably will support favorably geologic and resource modeling.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd