Asante Provides Operations and Corporate Update

VANCOUVER, British Columbia, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE | GSE:ASG | FRANKFURT:1A9 | U.S.OTC:ASGOF) (“Asante” or the “Company”) is pleased to provide an update on its operations and corporate activities.

Operations Update – Bibiani Mine

The Company is pleased to announce a key milestone has been reached, with development of the detour road. We can now report that it is on track for completion February 20, 2024.

• An MOU has been signed with the community to support cutting the National Highway when the detour road is complete;
• There will be a period of redirection of traffic on to the detour road and confirmation that traffic control systems are working as expected;
• Follow-up consultation with the communities involved will proceed to ensure all expectations have been met which will allow for the National highway to be cut;
• When the National highway is cut, the Bibiani mine will have access to higher grade, oxide mineralized material located close to surface resulting in a significant increase in gold recovery and production. This is estimated as a 100,000 oz increase in gold production for this fiscal year ending January 31, 2025.
  

Mining operations have continued at the Main Pit, Grasshopper and Walsh pits into 2024 as planned. The process plant continues to operate with 86 to 90% availability.

All long lead equipment for the Sulphide treatment Plant has been manufactured and the civil works are 60% complete. The detailed design and project execution plan are complete. Project execution for the Sulphide Treatment Plant is six months from project kick-off. This is expected to provide 92% gold recovery for the Life of Mine (“LOM”), when treating sulphide ore.

The Company will extend the Bibiani open pit LOM as a result of successful exploration and development at South Russel (see news releases dated March 29, 2022, August 17, 2022, January 17, 2023 and September 14, 2023). The Starter Pit development has been initiated.

• Latest mineral resource definition drilling results at South Russell confirm consistency of high-grade vein in the footwall shear including:
  
  • Constrained Indicated Mineral Resources of 2.5Mt @ 1.79g/t for 157k oz of contained gold within an optimal pit shell of $1,850/oz gold price (see press release of September 14, 2023);
    
  • The Mineral Resource Estimate (“MRE”) for South Russel is supported by approximately 20,000m of drilling;
  • Multiple mineralized material shoots with mineralization open along strike and down plunge;