Ashanti Gold Inc (CVE:AGZ) reported promising drill results today at its Kossanto East project in western Mali.
Mineralization results at three drill holes in the Gourbassi East main zone showed multi-metre, multi-gram intercepts with local high grade zones.
Highlight assays included 9 metres (m) at 2.33 g/t (grams per ton) gold and 8m at 5.48 g/t gold — both from one hole. Other results included 8m at 3.34 g/t gold and 48m at 1.34 g/t gold.
“These results confirm our interpretation of Gourbassi East’s geology and we are looking forward to receiving and releasing further results from our drill program. Results from other holes will provide further information at Gourbassi East, the strike and dip extent, as well as mineralization to the southwest of the main zone along with other targets," said chief executive officer Tim McCutcheon. "We will soon release diagrams and cross sections incorporating past and current data."
"The Kossanto East Project continues to excite the Ashanti team and stakeholders and has not gone unnoticed by other miners in the region.”
The company said the three holes tested mineralization down dip, along strike and along section fences will provide sufficient data for a resource estimate later this year.
Additionally, and important to note, the reported intervals lie along zones of mineralization that has been previously drilled, which will help support geologic and resource modeling.
Kossanto East Project
The Kossanto East Project, located in the Kedougou - Kenieba rock grouping, is host to the Loulo and Sadiola group of world-class gold deposits.
There are two drill-tested targets at the project: Gourbassi East and Gourbassi West. Previous explorers have identified anomalies, which were drilled and showed gold mineralization.
Further results from Gourbassi East and Gourbassi West are anticipated in the coming weeks.
Shares of Ashanti Gold were down 7.41% at C$0.13 on Thursday.