Ashanti Announces New Results for Gourbassi West, Kossanto East Project, Mali

Source Press Release
Company Ashanti Gold Corp. 
Tags Strategy - Corporate
Date August 14, 2018

Ashanti Gold Corp. ("Ashanti" or the "Company") (TSXV:AGZ) announces first results for Gourbassi West from the recently completed 105 hole Reverse Circulation ("RC") and Diamond Drill ("DD"), 12,283 metre drill program that tested mineralization on the Kossanto East Project (the "Property") in western Mali (Figure 1).  Results presented here fill-in gaps in previous drilling and test new step-out areas at Gourbassi West.  The results support and expand on previously interpreted mineralized zones dipping moderately to the west.  In addition, drilling has revealed that the silicified breccia host rock is part of a "damage zone" associated with a thrust fault system.

Tim McCutcheon, CEO, said "These results come after much thought and analysis concerning the nature of mineralization at Gourbassi West. Paul Klipfel, our COO, planned important step out holes on width at Gourbassi West. Drill hole GWRC305 shows the significance of this decision. These results add important widths to the mineralized zone and support the contention that there are multiple zones of mineralization along stacked thrust faults at Gourbassi West."

Gourbassi West

Gourbassi West is the second of two principal areas of mineralization being investigated by the company at Kossanto East.  The target consists of gold mineralization associated with silicified, brecciated felsic volcanic rocks along a northwest trending structural zone for over 1200m of strike length.  2018 diamond drilling revealed that the silicified brecciated volcanic rocks that host most of the gold mineralization are associated with shallow to moderately west dipping thrust faults.  Sedimentary rocks that are younger than the host volcanic rocks and occur to the east of mineralization (Figure 2) are in fault contact with, and are overlain by older volcanic rocks.  This is a classic ‘older over younger' thrust fault structural relation.  Repetition of this pattern reveals that mineralization is associated with cross-cutting and stacked thrust surfaces. Drill result highlights are tabulated below:

 
Section  Hole  From (m)  To (m)  Interval (m)*  Grade (g/t) 
1486100  GWRC293  147  149  0.42 
           
  GWRC294  69  70  0.69 
    82  97  15  0.50 
  incl.  94  97  1.76 
           
  GWRC296  20  45  25  0.52 
  incl.  39  42  1.87 
           
  GWRC303  19  13  0.43 
    42  59  17  0.52 
           
  GWRC304  0.33 
    19  24  0.26 
    53  58  0.94 
    61  72  11  1.29 
           
  GWRC305  43  43  2.86 
  incl.  26  23  4.79 
    48  50  0.61 
           

*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.

Figure 1 is available at 

Figure 2 is available at 

Figure 3 is available at 

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