Betanase option modified

Asante Gold and Perseus Mining (Ghana) have modified the Betanase option and sale agreement.

The Betanase permit is currently in the process of being carved out of a larger prospecting license owned by Perseus and adjoins to the east of the Kubi Gold exploration / development project and is to the south of AngloGold Ashanti’s Obuasi mine concessions.

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Image credit: Pixabay

Asante can exercise the option to earn a 100% interest in Betenase (subject to 10% reserved for the Government of Ghana and 1% underlying NSR royalties) by completing USD1-million in exploration within four years of the earlier of either the issuance of the new Betenase prospecting license, or 31 December 2019, and by paying USD1-million to Perseus.

On 7 December 2015 Asante announced that a significant gold mineralised system had been discovered at Betenase. The initial four-hole drill test of a 750m long gold in soil geochemical target yielded six intervals with gold values greater than 1.0g/t Au, with the best intersection of 3.14g/t gold over 4m.

The gold mineralisation is associated with cross cutting pyritic quartz stringers and disseminated, and or locally bedded, pyrite in altered Tarkwaian quartzites. The best gold results are spatially related to high induced polarisation (IP) chargeability anomalies. Additional IP surveying and drilling are planned to cover extensive alluvial workings located just to the west and up to 2km to the north of the drilled area.


 

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