Ghana’s Asante Gold announces pouring first gold from 3rd satellite pit pit

Asante Gold Corporation has announced a successful pouring of first gol from a third satellite pit at its Bibiani Gold Mines.

In a release, the exploration and development company said the feat followed the receipt of all necessary permits from Ghanaian authorities for the operation of the Russel Starter Pit located 3.8 kilometres from the Bibiani process plant.

According to the statement, the Russel deposit contains 119,000 ounces of measured and indicated gold resources (open pit) at a grade of 1.80 grams per tonne*, with mineralogy similar to the Bibiani Main Pit.

“This is the third satellite pit explored, defined and optimized by Asante since acquiring the Bibiani properties, and the start of production at Russel represents another successful milestone on our journey to grow Asante’s production to more than 500,000 ounces by 2028,” stated Dave Anthony, President and CEO.

Anthony added, “Approval for mining at Russel follows other major catalysts, including the re-routing of the Bibiani-Goaso highway, which will allow us to access additional oxide mineralized material, and further progress on the construction of the Bibiani sulphide treatment plant.

Once fully ramped-up, Bibiani-Chirano will be the seventh largest gold producing district in Africa and the only Tier One Gold District in Africa held outside of a major gold producer, according to teh release.

The Russel Starter Pit is exoected to operate for the first 15 months to be immediately followed by Russel cut 2.  It is projected to deliver a total of 1.9Mt at 1.62g/t over a period of 30 months to the Bibiani process plant.  This material will supplement production from the Main Pit oxides, which have been unlocked after the recent diversion of the Bibiani-Goaso highway (see press release dated June 13, 2024).

The Russel Starter Pit is just over 390 metres in strike and will reach a depth of 168 metres from surface.  Pit slope design parameters are consistent with those determined by the international consulting group SRK.  Oxidation reaches a depth of 60 metres, transitioning to sulphide mineralization from 80 metres.  It is anticipated that the pit can be excavated without the use of explosives to a depth of 50 metres.

The mining contractor will provide all mining services including waste removal and transportation of mineralized material to the ROM pad.

Asante is in the process of extending the known Russel resource down plunge and along strike to the south. Current drilling is anticipated to not only convert inferred mineralization but to confirm the suitability of the resource for underground mining methods. A preliminary study into the potential transition to underground mining at Russel will be undertaken in line with Asante’s strategy.

Asante is a gold exploration, development and operating company with a high-quality portfolio of projects and mines in Ghana. Asante is currently operating the Bibiani and Chirano Gold Mines and continues with detailed technical studies at its Kubi Gold Project. All mines and exploration projects are located on the prolific Bibiani and Ashanti Gold Belts.