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Asante Gold unveils "positive" early results from at Fahiakoba concession, Ghana

Published: 12:40 25 Jun 2012 EDT

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Asante Gold (CVE:ASE) Monday unveiled "positive" early drill results from the first phase of its maiden drill program at the company’s Fahiakoba concession in Ghana.

The company said that drilling has confirmed the discovery of narrow zones of gold mineralization in three of the 14 initial widely spaced drill holes targeting just 1.5 kilometres of the over 20.0 kilometres of "favourable shear zones" that have been outlined on the concession.

Asante noted that these discoveries are generally along strike of mineralization noted at Perseus Mining's Edikan mine, which is adjacent and to the southwest of the concession.

Significant results from the remaining assays of the 14 diamond drill holes totaling 2,437 metres, include hole FAH12-004 from 24 metres to 24.65 metres intercepting 0.65 metres of 11.1 grams per tonne (g/t) average uncut gold.

Additionally, from 37.90 metres to 38.45 metres, intercepting 0.55 metres, hole FAH12-004 yielded 3.24 g/t average, uncut gold.

"The initial drill results have confirmed that the Akropong and Edikan shear zones locally contain anomalous to highly anomalous gold mineralization where they cross our Fahiakoba concession,” said Asante Gold president Douglas MacQuarrie.

"The positive early results from the drilling, auger soil sampling and ground geophysical programs suggest that numerous high priority drill targets will be outlined. These targets will be drill tested once the ground programs are completed.

"Additionally, in order to expand the company's footprint in Ghana, Asante is also evaluating other concessions for possible acquisition."

Asante noted that results have also been received from 399 auger soil holes, part of a planned 1,200 auger drill hole program to outline additional drill targets for the balance of the company’s 5,000 metre diamond drill program announced in March.

The auger samples are testing saprolite for gold mineralization at depths to seven metres under widespread river gravel and alluvium cover.

The company said that values to 650 parts per billion (ppb) gold have been noted, with 19 anomalous samples forming two 500 to 650 metre-long new target areas.

Asante said the auger program is ongoing in conjunction with 60 line kilometres of ground geophysics. Drilling will resume as soon as further targets are defined.

Asante Gold is a Vancouver-based gold exploration company, exploring the Fahiakoba concession, a 22.07 square kilometre prospecting license located on strike with and between Perseus Mining's (CVE:PRU) 4.32 million ounce Edikan Mine and AngloGold Ashanti's (NYSE:AU) 60 million ounce Obuasi mine.

Asante said the latter mine is the longest producing, highest grade and largest gold resource in West Africa.

In May, the company said that airborne geophysical surveys outlined some 20 kilometres of northeast-trending shear and fold zones, some of which have associated VTEM conductors. Asante noted targets were on strike with mineralization seen at Perseus Mining's Edikan mine, which is adjacent and southwest of the Fahiakoba concession.

Partial results were received from four of the 14 diamond drill holes completed since March of this year.

Asante said reported drill holes FAH12-001, 2, 3 and 5 were drilled in the area of a small-scale alluvial pit, where a
previous grab sample gave 2.05 grams per tonne (g/t) gold.

Drilling under the pit gave long intersections of quartz stockwork in "a quartz-rich greywacke", Asante added.

In hole FAH12-005, 0.50 metres at 289.50 g/t gold was returned. Visible gold was noted in a 1.5 centimetre quartz vein, at a down hole depth of 201.8 metres, associated with strong pyrite mineralization, the company said.
 
Asante also noted that the gold found in hole FAH12-005 is "coarse...and appears related to late stage foliation as noted at many West African gold deposits."

Drill hole FAH12-005 was drilled 200 metres to the east of the other drill holes to test the southwest end of a previously outlined airborne conductor.

A graphitic shear zone was intersected at 175.0 metres, the company said, which "correlates with the extension of the VTEM anomaly to the southwest."

Other notable intercepts in May were 1 metre of 7.34 g/t gold at a depth of 41.5 metres in hole FAH12-003.

Anomalous gold was noted in eight other intervals in the first three holes, at depths from 34.0 to 175.0 metres - with values ranging from 0.28 to 0.85 g/t gold.

Asante Gold holds a 100 percent interest in the Fahiakoba gold concession through an option agreement with Goknet Mining Company Limited of Accra, which holds the prospecting license. The deal is subject to a five percent government and a three percent underlying net smelter royalty interest.

The Fahiakoba property covers a part of the former Dunkwa Continental Mining Lease, where large-scale gold dredging activities were active from 1930 for nearly 70 years on the Ofin River and its tributaries.

Asante’s shares dipped 2.44 percent in early morning trading, to 20 cents.

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