IRW-Press: 2% Net Smelter Royalty Interest Acquired, Seneca Volcanogenic Massive Sulfide Project, British Columbia



Published on 10 June 2014


by Press Office

(IRW-PRESS and WireNews+Co)

Vienna, Austria


Asante Gold Corporation (TSX.V:ASE/FRANKFURT:1A9) (the 'Company') announces that it has acquired a 2% net smelter returns royalty ('NSR') interest in the SENECA 1 to 8 claims, Harrison Lake area, British Columbia, CANADA (the 'NSS Property').

The NSS Property consists of 201 units covering an area of 4,231 hectares. It surrounds four claims that cover the historical Seneca Deposit and two claims that cover the Vent Zone (these six third party claims total 150 hectares and are referred to as the 'Adjacent Property'). Neither the Seneca Deposit nor the Vent Zone are a part of the NSS Property or the NSR royalty.

The Seneca Deposit and the general area have been the subject of considerable mineral exploration since the 1920's when Kuroko style massive sulfide Au, Ag, Cu, Pb and Zn mineralization was first discovered. Since then, major mining companies including Noranda, Cominco, Chevron, BP Selco, and Minnova and several junior explorers have at various times held options and explored the claims area.  Published historical non NI43-101 compliant resources for the Adjacent Property on which the Seneca Deposit is located are 1.506 million tonnes at 0.82 g/t Au, 41.13 g/t Ag, 0.63% Cu, 0.15% Pb, and 3.57% Zn.

Based on assessment reports filed with the BC Ministry of Energy and Mines, numerous drill holes, geochemical, ground and airborne geophysical surveys have been completed. Drilling at the 'Fleetwood zone' (which is on 100% owned NSS Property located 3.0 km northwest of the Seneca Deposit) reported 31.2 metres of stockwork type mineralization at a depth of 153 metres grading 2.1 % Zn, 0.3% Cu, 0.1% Pb, 8.1 g/t Ag and 0.1 g/t Au; and at the 33 Zone located 350 metres to the southwest, a 2 metre drill intersection of massive Zn and Cu sulfides was noted.  Technical information contained in this news release has been reviewed and approved by Douglas R. MacQuarrie, P.Geo. (B.C.) Geology & Geophysics, the President and CEO of the Company, who is a 'qualified person' under NI 43-101.

The royalty was acquired from NSS Resources Inc., a private British Columbia company, pursuant to a finder's fee agreement. NSS Resources Inc. and the Company have two common directors.

On behalf of the Board,

'Douglas R. MacQuarrie'

President and CEO

About Asante Gold Corporation

Asante Gold Corporation (TSX.V:ASE/FRANKFURT:1A9) is a Vancouver based gold exploration and royalty company, exploring the Fahiakoba Concession located in the centre of Ghana's Golden Triangle between Perseus Mining's Edikan mine, and AngloGold Ashanti's Obuasi mine. 

For further information please contact:

Douglas MacQuarrie, President, tel: +1 604-558-1134; E-mail: douglas@asantegold.com

Jag Sandhu, Director, Corporate Development, tel: +1 604-306-1950

Doreen Kent, Shareholder Communications, tel: +1 604-948-9450; E-mail:  d.kent@eastlink.ca

Kirsti Mattson, Media Relations, tel: +1 778-434-2241; E-mail: kirsti.mattson@gmail.com

Europe: Florian Riedl-Riedenstein, Director; E-mail:  frram@aon.net

This news release contains forward-looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectations implied by these forward-looking statements.

We Seek Safe Harbour. 

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Contacts

  •  
  • Joachim Brunner
  • IRW-Press
  • PR Contact
  • Tel: +43724221193011
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Posted 2014-06-10 09:39:00