Ashanti Gold is set to acquire a stake of 51% in the Anumso gold project in Ghana from Goldplat by exercising a previously agreed earn-in option.
Currently, the AIM quoted gold producer Goldplat is carrying a review of Ashanti’s work on the Anumso gold project as a formal part of the earn-in agreement signed by the parties. Both the companies are working on a development plan to further advance the Ghanaian gold project.
Goldplat CEO Gerard Kisbey-Green said: “I am delighted that Ashanti have elected to exercise their option over Anumso, validating their confidence in the project.
“We have worked well with Ashanti to date and I believe that the partnership has, and will continue to add value to the asset, and more importantly, to our shareholders and to all other stakeholders including the local community.”
The Anumso Gold project is a 29km2 mining lease contained within two blocks that cover nearly 13km of strike length of the auriferous Tarkwaian Banket strata within the Ashanti Belt.
The results of a 2,000m drill program completed by Ashanti Gold in early 2017 turned out to be on par with historical drill results at the area and supported general understanding of the nature of gold mineralization on the Anumso Gold project.
Further, results from soil geochemical samples collected in 2017 and 2018 significantly expanded the target area for gold mineralization apart from revealing a new anomaly area of about 1500m by 500m.
Ashanti Gold revealed that the anomaly pattern at the Anumso Gold project indicate that stratigraphic and structural controls are both present and could mean a much larger mineralization zone along the entire Banket conglomerate horizon than what was previously estimated.
The Canadian gold exploration and development company is set to earn the initial 51% stake in the Ghanaian gold project by spending $1.5m. A further 24% stake can be earned by the company by making an additional investment of $1.5m within an agreed time period.
Ashanti Gold CEO Tim McCutcheon said: “We are excited to reach this milestone in Ashanti’s development and we believe Anumso has great potential. We look forward to working with Goldplat to further add value to this project.”