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Asante Gold acquires key exploration land in Ghana

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Global Mining Review,

Asante Gold Corp. has received notice from the Minerals Commission of Ghana that eight highly prospective concessions covering approximately 314 km2 have been recommended for transfer to its control.

These licenses are comprised of the Diaso (104.1 km2), Juabo (59.2 km2), Manhia (18.69 km2), Dunkwa Gyimigya (32.72 km2), Gyimigya (5.52 km2), Agyaka Manso (40.0 km2), Amuabaka (28.86 km2), and Nkronua-Atifi (24.97 km2) prospecting licenses (PLs). All licenses are being acquired, on an as issued by the Minerals Commission basis, from Goknet Mining Co Ltd pursuant to the terms of agreement with Goknet (dated 28 December 2016).

The concessions were variously explored by Canadian exploration juniors Nevsun Resources, Tri-Star Gold, and Golden Rule Resources in the late 1990’s, and most recently by PMI Gold Corp. (now Galiano Gold) from 2002 through August 2014. The rights to the land were then acquired by Goknet.

Extensive work programs consisting of airborne magnetic, electromagnetic and radiometric surveys, ground geophysics, regional silt and detail soil sampling, auger, aircore, reverse circulation and diamond drilling, and advanced exploration/structural interpretations have been completed. Multiple areas with initial discovery drill holes have been outlined for further follow-up by Asante.

The Juabo, Diaso, and Manhia concessions are contiguous/on strike with our Keyhole Gold project, an area which has been the subject of extensive alluvial mining over a 7 km stretch for the past 40 years. Their acquisition will finally allow the company to commence an aggressive exploration program to locate the bedrock source of the gold mineralisation under the Ankobra River – a strong northerly trending structure which stretches 200 km from the goldfields at Tarkwa/Prestea to Newmont’s Ahafo gold mine.

The company will issue 375 000 fully paid common shares of the company for each of the PL’s transferred, up to a maximum of 3 000 000 shares, and reserve for the vendor a royalty equal to 2.0% of the Net Smelter Returns on each of the concessions transferred. Shares issued will be subject to a hold period expiring 4 months and 1 day from the date of issuance. In addition, 80% of the shares issued will be held in escrow and released as to 10% every 3 calendar months after the date which is 4 months and 1 day after the date of their issue.

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