Asante Gold Corp. (CNSX:ASE)

Asante Gold Corp. (CNSX:ASE)

Share Price
$ 0.06
-0.01 (-15.38 %)
Market Cap
$3.14 m
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Asante Gold Corp.

Asante Gold Corporation (CSE:ASE/FRANKFURT:1A9) is a Vancouver, Canada based gold exploration company. Our current focus is Ghana, West Africa where we have announced the purchase of 100% of the Kubi Mining Lease, pending final closing and governmental approvals. Kubi adjoins to the south of AngloGold Ashanti’s 66 million ounce* Obuasi Gold Mine concessions, one of the World’s greatest...

Market: CSE:ASE
52-week High/Low: C$0.080 / C$0.025
Sector: General Mining - Gold
Market Cap: $3.14 m
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Big Picture – A Deep Dive Examination of Asante Gold Corp.

Asante Gold Corp. Snapshot

Asante Gold Corporation is a Ghana focused gold exploration and development company headquartered in Vancouver. Ghana is Africa’s number two gold producer and ninth in the World, and hosts numerous +10 million ounce gold deposits, including Obuasi, Tarkwa, and Ahafo. Some of the world’s leading gold producers are active here including Newmont, AngloGold Ashanti, Goldfields and Kinross. The new Asanko Gold Mine (former PMI Gold Obotan) is now in production at over 200,000 oz per year.

Our main focus is to put our high grade Kubi Gold mine back into production as an underground mine at circa 30koz to 40koz per year, via an exploration decline and toll milling. We are also exploring for the next big one - on our Keyhole concessions (optioned from Sikasante Mining Company Limited); Betenase concession (optioned from Perseus Ghana) and Fahiakoba concession; and, subject to final closing and additional third party and governmental transfers and approvals, an additional eight concessions - two adjoining Kubi and six along strike to the south west of the the Asanko gold Mine. These licenses have been explored in the past by many companies including BHP, Nevsun Resources and PMI Gold Corporation with many significant drill ‘discovery’ holes already outlined and requiring follow up detailed exploration. We plan to capitalize on this gold-rich and growing mining environment by continuing to build our assets through exploration, development and acquisitions.


Asante Gold has one development stage and four exploration stage projects in Ghana, West Africa:

Kubi Gold Mine - exploration and underground mine development project located and adjoining to the south of the 66 million ounce (pre-mining resource) AngloGold Ashanti Obuasi mine;

  • 100% owned by Asante (subject to final closing)
  • Brownfield near term development project: AngloGold Ashanti mined 58,696 oz Au @ 3.65g/t from surface oxide ore up to 2005 on lease from Nevsun Resources; backfilled pits to daylight
  • 20 year renewable Mining Lease issued in 2008
  • US$30 million in previous drilling, exploration and development by BHP, Nevsun Resources, PMI Gold
  • Current NI 43-101 Measured + Indicated resources of 233,000 oz Au @ 5.48 g/t; inferred 115,000 oz @ 5.31 g/t filed on Sedar
  • Limited deep drilling suggests grade increasing with depth; significant areas with +8.0 g/t Au grade indicated - to be tested in proposed resource to reserve upgrade underground drilling program from decline
  • Temporary Mine Operating Permit issued for underground exploration program
  • Former Mine Manger for AGA Obuasi Mine is Vice President Operations and Development for Asante
  • Prime location and infrastructure; based on succesful exploration and financing, plan to develop Kubi as a direct shipping and custom milling 500 - 650 tpd, 30koz to 45koz Au per year producer
  • Includes two 'pending' concessions, adjoining to the west (subject to further Governmental approvals and transfers from a third party, and final closing)

Keyhole Concessions - Option to earn up to 100% from Sikasante Mining Company Limited. Located 35km southwest of Asanko Gold Mine - along the Asankrangwa shear zone:

  • Covers 6km stretch alongside major alluvial gold workings in Ankobra River
  • Recent drilling at MEM showing gave discovery of 13.1g/t Au over 3.0 m at depth of 120 m
  • At the intersection of major auriferous linear structures NS, NE-SW, and ENE
  • Previous underground sampling results to 8m widths of 25 g/t Au reported( Junner, 1933,Gold Coast Geological Survey)
  • Surface grab samples of quartz reef dump material from artisinal shafts to 54 g/t Au
  • Additional ground geophysical IP surveys and trenching underway to outline additional drill targets

Betenase Concession - Option to earn up to 100% - exploration project adjoining to the east of Kubi and south of AngloGold Ashanti Obuasi mine property, under option from Perseus Ghana:

  • Initial 4 hole drill program discovered 3.14g/t Au over 4m in a 750m long gold in soil target
  • Gold associated with quartz stringers and sulfides in variously altered Tarkwaiian sandstones
  • On major NS structural lineaments associated with AGA Obuasi Mines and EW lineaments associated with Kubi and Perseus' Edikan Mine
  • Further ground geophysical IP surveys and drilling planned, subject to financing

Fahiakoba Concession - exploration project owned 100% by Asante:

  • Initial IPO project held by Asante
  • Completed 4,985 metres of drilling in 30 holes testing various ground geophysical targets under extensive alluvial cover - best hole intersected 289.5 g/t Au over 0.5m in a quartz stringer with coarse pyrite
  • On major structural trends between Perseus' Edikan Mine and AnglGold Ashanti's Obuasi Mine
  • Further ground geophysics IP and drilling planned, subject to financing

Ashanti II Project - six** pending exploration concessions on the Asankrangwa gold belt along strike and southeast of Asanko Gold Mine;

  • Cover dozens of known historical prospects and recent drill 'discovery holes' that have been defined by extensive ground and airborne surveys by Tri-Star Gold, Nevsun Resources, Switchback Mining, PMI Gold Corporation and others
  • On major NE-SW structural trends cut by marked EW and NS lineaments from aero magnetic and radar topo interpretations
  • Cut by major continental scale ENE lineament related to AngloGold Ashanti Obuasi Mine
  • Further ground geophysics IP and drilling planned on final closing
  • **these concessions are all subject to final closing, additional Governmental transfers and approvals, which may or may not be ultimately received. Until title is reserved in the name of Asante, no funds will be raised nor any shares issued or work completed


Ned Goodman - Chairman

MBA, BSc Geology

Ned Goodman has made transformative and enduring contributions to Canada’s minerals industry and capital markets as a company-builder, merchant banker and investment advisor during a dynamic career spanning almost half a century. He applied his geological training and business acumen to help build several successful mining companies — notably International Corona and Kinross Gold — and nurtured many other mineral producing companies through astute and timely investments.

Mr. Goodman is the Deputy Chairman of the Canadian Securities Exchange and the President & CEO of International Corona Capital Corp Corp.


Douglas R. MacQuarrie - President & CEO

P.Geo.BC, B.Sc. Combined Honours Geology & Geophysics

A resident of Vancouver, Mr. MacQuarrie has 40 years’ mineral exploration experience, including 24 years in West Africa. He has been responsible for the discovery, acquisition and development of many significant gold deposits both in Canada and in Ghana. As the former CEO of PMI Gold Corporation he oversaw the acquisition of all the PMI mineral titles including Obotan(now the Asanko Mine) and Kubi, and was responsible for raising over $45 million for exploration and development. Mr. MacQuarrie is a co-founder of Asante Gold, and the Managing Director of Goknet Mining Company Limited - a private Ghanaian exploration company he co-founded in the year 2000 with Ghanaian Nationals Godfried Kesse (former Director Ghana Geological Service), Thomas Ennison (LLB), and Eric Ewen (Canadian Prospector and discoverer of Keegan Esaase orebody).


Philip Gibbs - Chief Financial Officer

B.Compt., MBA, CMA

A resident of Toronto, Mr. Gibbs has extensive experience in the financial management of major international corporations and Canadian listed mining and mineral exploration companies. Mr. Gibbs is also Chief Financial Officer of KILO Goldmines Ltd., and Macusani Yellowcake Inc., operating in the Democratic Republic of Congo and Peru respectively.


Bashir Ahmed - Director & Vice President Production & Development

A resident of Obuasi, Ghana, Mr. Ahmed, a Ghanaian National, is a mining engineer with over 30 years of experience in mine operations, planning, production and management. This wealth of expertise gained him the position as Mine Manager at Obuasi, one of the World’s foremost underground gold mines, producing up to 1.8 million tonnes per year (~4,900 tpd). In this capacity Mr. Ahmed managed a workforce of over a 1000, with an annual budget of US$100 million.


Florian Riedl-Riedenstein - Independent Director

A resident of Vienna, Austria, Mr. Riedl-Riedenstein is a former investment banker working in both New York and Austria. He has over 30 years’ corporate experience as a Director and Officer of Canadian listed companies. His specialty is the successful introduction of Canadian resource companies to European investors. He is a co-founder of Asante Gold and active in Ghana gold exploration for more than 20 years.


Alex Heath - Independent Director

Mr. Heath is a graduate of the UBC/Sauder School of Business. Recent experience includes 8 years with Salman Partners Inc. in their Investment Banking Department as an analyst, Associate and VP. In that capacity, he provided equity financing and financial advisory services to corporate and individual clients including public and private equity offerings, valuations, fairness opinions, and in merger and acquisition advisory work. He was the Lead banker on numerous financings and complex M&A transactions.


Janet Horbulyk - Corporate Secretary

A resident of Vancouver, BC, Ms. Horbulyk has 30 years’ experience with securities and stock exchange regulatory matters including seven years with the listings department of the Vancouver Stock Exchange.


Share Structure

as of May 31, 2017
common shares are listed on CSE & Frankfurt Exchanges CSE : ASE
Issued and Outstanding Share Capital 47,595,477
Stock Options Outstanding 4,110,000
Warrants Outstanding 10,042,565
Fully Diluted Share Capital 61,748,042


Contact info:

Douglas MacQuarrie, President
Telephone: 1-604-558-1134
US Toll Free:
Mobile: 1-604-710-8442
Ghana Mobile: 233 (0) 246-327-934
Fax: 1-604-558-1136
Email: [email protected]
SKYPE: douglas.macquarrie

Shareholder Communications:

North America:
Doreen Kent 1-604-948-9450
US Toll Free:
  [email protected]
Florian Riedl-Riedenstein 43 (0) 2774 28814
  [email protected]

Business Development :

Rebecca Greco 1- 416-822-6483
  [email protected]


Douglas MacQuarrie 1-604-558-1134
  [email protected]


Corporate Directory

Head Office
Asante Gold Corporation
Suite 206 - 595 Howe Street
Vancouver, BC
Canada V6C 2T5 
Contact: Douglas MacQuarrie, President & CEO 
Tel: 1-604-558-1134 
Fax: 1-604-558-1136 
North America: 1-877-339-7525 
Mobile: 1-604-710-8442 
Ghana Mobile: 233 (0) 246-327-934 
Email: [email protected]

Legal Counsel
DuMoulin Black LLP
10th Floor, 595 Howe Street
Vancouver, BC
Canada V6Z 2C7 
Tel: 1-604-687-1224 
Fax: 1-604-687-8772

Transfer Agent
Computershare Investor Services Inc.
510 Burrard Street
Vancouver, BC
Canada V6C 3B9 
Tel: 1-604-661-9400 
Fax: 1-604-661-9480

MacKay LLP
1100 - 1177 West Hastings Street
Vancouver, BC
Canada V6E 4T5 
Tel: 1-604 -687-4511 
Fax: 1-604-687-5805 
Toll Free: 1-800-351-0426

Officers & Directors

Ned Goodman, Director, Chairman

Douglas MacQuarrie, Director, President & CEO

Bashir Ahmed, Director, Vice President Production & Development

Philip Gibbs, Chief Financial Officer

Florian Riedel-Riedenstein, Independent Director, Member Audit Committee

Alex Heath, Independent Director, Chair Audit Committee

Janet Horbulyk, Corporate Secretary


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