Asante Gold Corp ( CVE:ASE, CNSX:ASE,) has unveiled encouraging results from first drilling at the Keyhole option property in the Asankrangwa gold belt in Ghana, which have prompted an expanded exploration program.
The results hail from the historical MEM shaft/showing area, where alluvial mining has been going on over the last 30 years.
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The work consisted of diamond drilling in 12 holes, surface sampling and ground geophysics and confirmed that the MEM showing is part of a northeast trending gold mineralized shear that is in excess of 250m in length, 120m in depth, and, significantly, open in all directions.
The Keyhole option covers a 6km long section of the Ankobra river and lies at the intersection of three major regional gold mineralized trends.
One highlight was a hole that tested under the old MEM shaft area and hit 13.12g/t (grams per ton) gold over 3 metres at a depth of 139m.
The intersection was vertically around 120m below the showing in a graphitic shear zone hosted in meta-greywacke/argillite, with quartz, sulfide mineralization and with minor visible gold noted.
Five holes were sited in the MEM area where recent grab samples of dump material from artisanal shafts averaged 15.5g/t gold, and historical underground sampling results to 8m widths grading 25g/t gold.
Another hole was sunk 85 metres to the southwest of the MEM showing, and intersected two shear zones grading 3.43g/t over 3m and 3.46g/t over 1.5m at down hole depths of 64.5 and 75m respectively.
Asante added that 25 surface grab/channel samples over 1m widths were taken in recently exposed saprolite in an area around 120m to the northeast of the MEM showing, with the best section grading 1.89g/t (grams per ton) over 3m.
Asante chief executive Douglas MacQuarrie said: "These drill results are highly encouraging and reinforce our confidence in the potential for finding further gold mineralization at Keyhole.
"An expanded program will look at extending the mineralized zones as well as test further areas within the property with gold potential."
Shares rose in Toronto over 10% to stand at $0.16.
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