It is looking for new gold deposits.
All of the significant gold values noted so far in the area are located within areas of anomalous high geophysical IP (induced polarization) results, the firm noted.
The work will see 800 metres of diamond drilling completed to follow up on the high-grade gold discovery from drill hole MEM17-001B, which hit 13.12 grams per tonne (g/t) gold over three metres at a depth of 120 metres below the historical MEM showing.
"The strong correlation of gold mineralization with high geophysical IP results in the MEM area gives us a powerful tool to explore for new gold deposits under the extensive alluvial mined areas which have not been explored to date," said Douglas R. MacQuarrie, president and chief executive of Asante.
"These areas stretch over two kilometres to the north and south of the MEM showing."
The Keyhole option covers a 6km long section of the Ankobra River and lies at the intersection of three major regional gold-mineralized trends.
Keyhole is under option from Sikasante Mining and adjoins Asante's Ashanti II gold project.
Asante can earn up to 100% of the project by completing $500,000 in work over four years, issuing 1.25 million shares and reserving for Sikasante a 2% net smelter return (NSR) royalty.