Asante Gold extends Grasshopper Pit Mineral Resource estimate unlocking significant value potential
Asante Gold Corporation has announced a significant extension of the mineral resource estimate for the Grasshopper Pit, located within the Bibiani Mining Lease and in close proximity to the Bibiani processing plant.
The company initiated mining operations at the Grasshopper Pit in the second quarter of 2023.
The resource definition drilling results have confirmed the presence of low-grade, high-tonnage mineralization primarily within the oxide transition material, emphasizing its immediate accessibility and high recovery rates. Notably, the constrained indicated resources for the Grasshopper Pit are estimated at 1.88 million tonnes with a grade of 1.04 grams per tonne, containing 56.5 thousand ounces of gold. This estimate is based on an optimal pit shell considering a gold price of US$1,850 per ounce.
The mineral resource estimate for the Grasshopper Pit is underpinned by a combination of historical drilling data covering approximately 10,000 meters and recent drilling of 8,800 meters. Furthermore, the presence of multiple mineralization shoots that extend beyond the current pit shell, both along the strike and down plunge, hints at significant potential for expansion. Subsequent drilling activities are planned to explore this potential further.
The majority of the mineralized material in the Grasshopper Pit is situated within the oxide transition zone, where it is expected to yield a gold recovery rate exceeding 90%. The initiation of starter pit development and mining activities in the second quarter of 2023 marks a critical milestone in the project.
The gold mineralization in the Grasshopper Pit is closely associated with a sheared metasedimentary sequence, flanked by well-defined footwall and hanging wall structures.
Dave Anthony, the President and CEO of Asante Gold, expressed his satisfaction with the resource extension and the development of the Grasshopper Starter Pit. He emphasized the company’s commitment to realizing the full potential of their land position and mining operations.
The results from the resource definition drilling, particularly the constrained indicated resource, are expected to unlock substantial value from the Grasshopper Pit. The majority of mineralized material’s presence within the oxide transition zone, high anticipated gold recovery rates, and the potential for expansion further underscore the long-term commitment to maximize this asset’s value.
I am pleased to announce this resource extension and development of the Grasshopper Starter Pit. This reflects our commitment to maximizing the full potential of our land position and mining operations. The results from our accelerated resource definition drilling are highly encouraging and underscore the remarkable consistency of the high tonnage mineralization within the oxide transition material. With a Constrained Indicated Resource of 56.5Koz of gold at 1.04g/t within an optimized pit shell, we are poised to unlock substantial value from the Grasshopper pit,” he noted.
With the starter pit and mining activities successfully initiated in the second quarter of 2023, Asante Gold Corporation is poised to reinforce its market position and deliver exceptional value to its shareholders and stakeholders. The company remains dedicated to responsible and sustainable mining practices while pursuing growth and creating lasting value for all stakeholders.
