VANCOUVER, British Columbia, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Asante Gold Corporation (CSE:ASE) (FRANKFURT:1A9) (OTC:ASGOF) (“Asante Gold” or the “Company”) is pleased to announce final assay results from the 6 hole 790m second phase diamond drilling program on our Keyhole Option in Ghana.
Further to our Phase 1 drill results announced on April 27th 2017, the MEM shear zone has now been traced for a distance of 825m and to depths of 150m and is open along strike and to depth. Visible gold was noted in multiple intersections in the sulfide and quartz mineralized shear zone, with grades to 15.9g/t Au. Mineralized intersections in the central 400m long section of the MEM shear averaged 9.6g/t Au over estimated average true widths of 1.2m.
Given the locally high grades encountered, and the significant strike and depth potential of this shear as well as the prospect of finding numerous other mineralized shears in the MEM area and several kilometres to the north and south, management is highly encouraged to aggressively continue exploring the option.
On conclusion of additional land acquisition, which is well advanced, further ground geophysical surveys will be conducted to locate other shear zone/dilational breaks, and further drilling to test down dip of the high grade section of the MEM shear is planned subject to available funding. The target is an orogenic, shear zone related, gold deposit. This type of target has the potential for increased widths and extensive strike length and vertical plunges as at AngloGold Ashanti’s world class Obuasi mine.
A map showing the drill collars, significant gold assays and ground IP results, is available at: Click Here, and a drill section at: Click Here.
The Company also announces that it intends to raise additional working capital via a private placement of units in the capital stock of the Company, and to complete a shares for debt financing with interested creditors, at our 90 day VWAP of $0.10 per share. Further details will be announced when available.
Significant assays >=1.00g/t Au are noted in the table below:
| Drill Hole | From (metres) | To (metres) | Intercept (metres) | Wt. Average g/t Au, uncut |
| MEM17-011A | 97.00 | 98.00 | 1.0 | 7.05 |
| MEM17-011C | 153.85 | 154.85 | 1.0 | 4.13 |
| MEM17-011C | 156.00 | 157.00 | 1.0 | 2.02 |
| MEM17-011C | 157.00 | 158.00 | 1.0 | 1.52 |
| MEM17-012 | 126.14 | 127.02 | 0.88 | 15.90 |
| MEM17-014 | 93.00 | 94.00 | 1.0 | 4.36 |
| MEM17-014 | 94.00 | 95.00 | 1.0 | 1.73 |
| MEM17-014 | 96.50 | 98.00 | 1.5 | 2.84 |
| MEM17-014 | 102.50 | 103.50 | 1.0 | 1.55 |
| MEM17-015 | 96.00 | 97.00 | 1.0 | 1.90 |
Table One: Phase 2 - Significant Drill Hole Assay Results
| Drill Hole | WGS84E | WGS84N | Dip (deg) | Azimuth (deg) | Length (m) |
| MEM17-011A | 588189 | 672370 | -45 | 135 | 113 |
| MEM17-011C | 588189 | 672370 | -70 | 135 | 195 |
| MEM17-012 | 588438 | 672611 | -50 | 137 | 137 |
| MEM17-013 | 587990 | 672152 | -45 | 135 | 113 |
| MEM17-014 | 588578 | 672709 | -50 | 137 | 110 |
| MEM17-015 | 588077 | 672239 | -60 | 135 | 122 |
Table Two: Phase 2 - Drill Collar data
Scientific and technical information contained in this news release has been reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a "qualified person" under NI 43-101. Field work, core logging and sampling was supervised by Donald G. Allen, MASc. P.Eng. (B.C.) who is a "qualified person" under NI 43-101. HQ and NQ core was logged, sawn and sampled at our secure core logging facility in Dunkwa, Ghana, with half core samples sent to ALS Ghana Limited laboratory in Kumasi, and analyzed for gold by fire assay AA on a 50 gram sample charge. Selected rejects from ALS, where visible gold was noted or suspected in the core logging, were sent for total gold screened metallic assay to SGS Laboratory Services GH Ltd., Tarkwa, Ghana. Laboratory QC consisted of inserting both blanks and standards into the sample stream and multiple re-assays of selected anomalous samples. Results from the QC program suggest that the reported results are accurate. Intercept lengths reported are core lengths, true widths are estimated at 70 to 85 percent of intercept lengths.
About Asante Gold Corporation
Asante is continuing to source equity/debt or joint venture funding to develop the Kubi Mining Lease in Ghana as a potential near term underground mine; and exploring the Keyhole, Fahiakoba and Betenase concessions/options, all adjoining or along strike of major gold mines near the centre of Ghana’s Golden Triangle.
