VANCOUVER, British Columbia, March 01, 2017 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE) (FRANKFURT:1A9) (OTC:ASGOF) (“Asante” or the “Company") announces that it has commenced a 1,000 metre drilling program at the MEM showing area on our Keyhole Option, Diaso area, Asankrangwa gold belt, Ghana. The program will test six high priority geophysical IP and resistivity targets recently outlined by our survey team.
The first hole, MEM-17-001, was collared to test the moderate IP responses under the old MEM showing and shafts. The hole was abandoned at 43.5m in a very broken and brecciated shear vein, after passing through an old underground working. The hole was re-collared as MEM-17-001B, steepened to avoid the old workings and is drilling ahead to intersect any down dip extensions of the old MEM workings. Please see recent pictures from the drilling on our web site, Keyhole project page at http://www.asantegold.com/projects/keyhole-option.
In addition, the Company and BXC Company Ghana Limited are continuing to work towards closing the previously announced 50:50 joint venture with the Company to develop the Kubi Mining Leases in Ghana towards production. Closing is now expected to take place in stages over the next 30 days: completion of purchase of 30% equity interest in the Company; Ministerial consent to Joint Venture; and funding of Joint Venture.
