Exploration Advances At Kossanto East, Mali

February 13, 2018 Download PDF

VANCOUVER, BC – February 13, 2018 Ashanti Gold Corp. (“Ashanti” or the “Company”) - (TSXV: AGZ) is pleased to announce results of its on-going exploration program at Kossanto East (the “Project”). Commencing in October last year, Ashanti embarked on a comprehensive exploration program designed to advance 1) the Gourbassi East and Gourbassi West mineralized areas, and 2) evaluate the potential of other targets on the Project (Figures 1 and 2). The improved understanding of the extent and controls on mineralization at both of these important mineralized areas are an important step to increasing the resource potential to the fullest extent. The exploration program is designed to guide drilling planned for next quarter and prioritize satellite targets for their potential to host mineralization similar to that identified at Gourbassi East and West.

Figure 1. Kossanto East concession map showing the location of Gourbassi West and Gourbassi East and location of geochemical anomalies (green dashed lines).

Exploration activities include re-logging of Reverse Circulation drilling chips and diamond drill core, regional and detailed mapping of target areas and unexplored portions of the concession, extensive soil sampling, rock chip sampling, and resampling of past trenches. In addition, a detailed differential GPS survey of all drill collars was completed. Creation of a geologic model using Vulcan 3D software is currently underway in preparation for the next drilling campaign.

To date, over 500 soil samples, > 100 trench samples, and >100 rock chip samples have been collected. Results from the first 388 soil geochemical samples have identified broader zones of mineralization and enhanced the strike continuity of known mineralization at the extensive Gourbassi East and Gourbassi West targets (see press releases August 2, 2017; August 10, 2017; August 21, 2017; September 12, 2017). In addition, sample data has confirmed geological connections between isolated targets into new, larger, contiguous trends. Mapping has identified structural elements important to understanding mineralization and has identified new targets with surface exposures similar to mineralized ones at Gourbassi West and Gourbassi East. Re-logging of diamond drill core and RC chips will assist in developing a 3D geologic model for both Gourbassi West and Gourbassi East from which planned drilling can be undertaken most effectively.

Figure 2. Concession map showing extensive targets as defined by past and current soil geochemistry and RAB drill holes. Magenta lines show the location of sample lines to be completed.

Tim McCutcheon, Ashanti’s CEO, said “Our drill program in the summer of 2017 was designed to confirm the attractiveness of the Project and get data points on the board to know if we had potentially a major asset. This recent step at Kossanto East is about complementing our past work, and that of our predecessors, so that our planned drill program later this year has full impact. The whole team is very excited about having the full data set to piece together a clear picture on the known 2.3 kilometers of strike length at Gourbassi East and West, as well as showing the potential beyond that 2.3 kilometers.”

Site Pictures February 2018

Picture 1: Gourbassi West facing North.

Picture 2: Artisanal mine workings at Gourbassi East, facing South.

Pictures 3 and 4: Primary saprolite material at Gourbassi West, gold grains recovered from panning.


Ashanti is a gold-focused, exploration and development company that targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how. The Company is driving forward its 100%-owned Kossanto East project in Mali on the prolific Kenieba Belt of Mali, which hosts such deposits as Loulo, Fekola and Sadiola. Ashanti is also working to advance, together with its earn-in partners, the Anumso project and the Ashanti Belt project in Ghana, which are near-adjacent to the Akyem deposit.

On Behalf of the Board of Directors of

"Tim McCutcheon"

Tim McCutcheon

For further information, please contact:
Ashanti Gold Corp.
2300 – 1177 West Hastings Street
Vancouver BC, V6E 2K3
Phone: 604-638-3847

Qualified Person and Historical Data

The information presented in this Press Release has been reviewed by Dr. Paul Klipfel CPG of Mineral Resource Services Inc. and a Qualified Person as defined by Canadian NI 43-101. Dr. Klipfel is not an Independent Person, as he is a shareholder of Ashanti. Historic data presented has been generated by historic explorers. The company has endeavored to check all data through resurvey of collars and check samples, but has not completed thorough, independent verification of historic data, and readers are cautioned not to place undue reliance thereon.

All drill, soil, rock, and trench samples are subject to standard QA/QC procedures with certified standards and blanks inserted into all sample streams at the rate of 1:20. Duplicate samples are also inserted at the rate of 1:50. All assays are performed by international known (SGS in Mali) and accepted laboratories which insert their own QA/QC samples into the sample stream. Their results and Ashanti’s results are monitored for bias and errors in absolute and temporal terms. Batches with certified standards or blanks that do not meet QA/QC requirements are reassayed.

Neither 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 press release.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented in this news release and the information incorporated by reference herein, constitutes "forward looking information" within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of Ashanti Gold Corp. (the "Company"). All statements, except for statements of historical fact, that address activities, events or developments that management of the Company expects or anticipates will or may occur in the future including such things as future exploration plans concerning the Company's mineral properties, acquisitions, capital expenditures (including the amount and nature thereof), business strategies and measures to implement strategies, competitive strengths, goals, expansion and growth of the business and operations, plans and references to the future success of the Company, and such other matters, are forward looking statements. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Project, including the geological mapping, prospecting and sampling program being proposed for the Project (the "Program"), actual results of exploration activities, including the Program, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's Management Information Circular (December 2016) and as discussed in the annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.

Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update any of the forward looking information in this news release or incorporated by reference herein, except as otherwise required by law.