Gold miner, Asante Gold has announced the filing of a technical report in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101) in connection with the company’s recently acquired Chirano Gold Mine, located immediately south of the company’s Bibiani Gold Mine.
The Technical Report includes an updated Mineral Resource Estimate and a Mineral Reserve Estimate along with a detailed mining schedule and economic analysis relevant for continued open pit mining and underground operations. The Technical Report presents a plan which supports the current mining practices and equipment to deliver a robust economic outcome while minimizing execution risk. Asante plans to continue open pit and underground operations at the Mine.
Key highlights of the Technical Report include:
· Measured and Indicated Mineral Resources of 28.1Mt at 1.26 g/t Au (1.13 Moz) and Inferred Mineral Resources of 6.05Mt at 1.91 g/t (0.37 Moz)
· Proven and Probable Mineral Reserves of 15.76Mt at 1.95 g/t Au (0.989 Moz)
· Life of Mine of five years (Open Pit and Underground)
· Post-Tax NPV (5%) of US$258 million at US$1,712/oz Au
· AISC of US$1,122/oz Au
· Gold recovery of 88.5% yielding 873Koz Au from run of mine grade of 1.9 g/t
· Main driver of increase in Indicated Resources is a result of exploration drilling (additions from Suraw and Obra underground and Mamnao open pit mines)
· Significant exploration upside along the developed 11 km of the Chirano Shear Zone and extensive growth potential
· Strong community and traditional authority support
The current operating 3.4Mtpa process plant is forecast to treat approximately 16.1Mt of total mineralized material from 2022 to 2026, comprised of both fresh and oxide mineralized material from both open pit and underground sources.
Dave Anthony, CEO, stated, “We are pleased to submit this Technical Report on the Chirano Gold Mine which is based on Kinross data and planning in 2021. We believe there is significant economic upside to the Mine which has been in continuous production since 2005, and a strong opportunity to increase mineral inventory along the prolific Bibiani-Sefwi Gold Belt. We are also encouraged by the opportunity to add value through adjustments to operating facilities and practices. As we move forward with Chirano and consider and implement these value initiatives, the Company plans to publish an updated technical report in 2023 that will reflect Asante data and planning.”