Ashanti Gold Corp (CVE:AGZ) shares added over 5% in Toronto as it released latest assays from the Kossanto East project in Mali, which expand areas of mineralisation.
The holes in question were sunk to test the Gourbassi East Main zone mineralization down dip, along strike and along section fences to provide sufficient data for a resource estimate later this year.
Highlights included 48 metres (m) at 1.34 g/t (grams per ton) gold, including 3m at 3.57 g/t of the yellow metal, and 34m of 1.80 g/t gold, including 4m at 8.48 g/t gold. These assays broaden the width and increase the down-dip extent of known gold mineralisation of the less-than-or-equal-to-75-metre-wide Main zone at Gourbassi East, Ashanti said.
"We are very pleased with these results as they support and expand known mineralisation with key areas of higher grade material," said Tim McCutcheon, Ashanti's chief executive.
"We are looking forward to the contribution this mineralisation will make to the planned resource estimate to be undertaken once we receive all assay results."
Kossanto East is a66.41 sq km concession in the prolific Kedougou - Kenieba Inlier, the northwestern-most exposure of Birimian rocks in West Africa and host to the Loulo and Sadiola group of world-class gold deposits.
It hosts two main historically drill-tested targets - Gourbassi East and Gourbassi West and several surface anomalies identified in historic surface samples and Rotary Airblast (RAB) drill holes.
Shares in Toronto added 5.26% to C$0.10.