VANCOUVER, BC, Oct. 25, 2023 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE: GAU) is pleased to provide an update on its exploration activities at the Asanko Gold Mine (the "AGM") completed to-date in 2023.
The 2023 exploration program at the AGM has focused on expanding mineralization at known deposits, as well as advancing a robust pipeline of regional greenfields targets towards potential new discoveries. Highlights include:
Resource and Reserve upgrade drilling at Nkran: Completed 6,689 metres ("m") of drilling focused on the southern extent of the deposit which has further demonstrated the upside potential of the orebody. The drilling confirmed zones of strong mineralization extend beyond the current mineral reserve pit shell, which remains open along strike and at depth, with intercepts including 19m @ 3.0 grams per tonne ("g/t") gold ("Au") from 567m, and 18m @ 2.6 g/t Au from 361m.
Resource conversion drilling at Abore: Early results returned strong intercepts outside the current mineral reserve pit shell including 36m @ 2.1 g/t Au from 278m and 21m @ 2.6 g/t Au from 226m, highlighting potential pit expansion opportunities.
Resource conversion drilling at Midras South: Completed the first phase of infill drilling of inferred mineral resources at Midras South, with the deposit advancing towards a maiden Mineral Reserve estimate. Significant intercepts from the first two holes drilled include 18m @ 4.0 g/t Au from 7m, 17m @ 2.3 g/t Au from 24m, and 28m @ 1.2 g/t Au from 24m.
Drilling at the Gyagyatreso regional prospect: Encouraging first results including intercepts of 38m @ 2.0 g/t Au from 20m,20m @ 1.7 g/t Au from 32m and 11m @ 3.6 g/t Au from 98m, highlighting the presence of a fertile gold bearing system with significant strike length potential.
Regional greenfield exploration: Through early-stage mapping, geochemistry and geophysics work, large soil geochemical anomalies have been identified at the Aburi and Sky Gold targets, as well as Induced Polarization ("IP") chargeability anomalies on the Esaase-Abore shear zone have been identified for follow up trenching and/or drilling.
"The 2023 exploration results received to-date bode well not only for extending the life of our current operations at the AGM, but also in identifying additional deposits located throughout our large, underexplored land package," stated Galiano's Vice President of Exploration, Chris Pettman. "The positive drill results at Nkran and Abore highlight examples of the growth potential at our existing deposits, and it is exciting to see robust new regional targets, including Gyagyatreso, being proven across the wider AGM tenements. We look forward to continuing our aggressive exploration program in 2024 and beyond in order to further extend the life of the mine."
Nkran Highlights
The Nkran South drill program was designed to upgrade a zone of inferred mineral resources at the south end of the deposit and determine the potential for growth in the open pit mineral reserves. In addition to the potential expansion of mineral reserves, the Company is incorporating the drilling results into the Nkran underground study that is currently underway. Drilling began in late 2022 and was completed in 2023.
Based on these positive results, the Company has confirmed the primary mineralized zones at Nkran are contiguous and remain open at the southern end of the deposit. The mineralized zones currently extend up to 185m immediately along strike to the south of the proposed Nkran Cut 3 pit shell.
Highlighted Drilling intercepts (see Table 1 for full drilling results)
13 combination reverse circulation ("RC")/diamond drill holes totaling 6,689m were drilled as part of this program. Results include:
Hole NKPC22-111: 19m @ 3.0 g/t gold from 567m
Hole NKPC22-114W1: 18m @ 2.6 g/t gold from 361m
Hole NKPC23-118: 9m @ 5.9 g/t gold from 565m
Hole NKPC23-116: 19.5m @ 1.6 g/t gold from 451m
Hole NKPC23-119: 19m @ 1.3 g/t gold from 483m and 7m @ 5.6 g/t gold from 324m
The Nkran pit is located immediately adjacent to the AGM's processing plant and has historically yielded the highest average mined grades on the Asankrangwa Gold Belt, while contributing significant cash flows over the years. During the mining of Cut 2 (years 2016 – 2020), Nkran produced 15.2 million tonnes ("Mt") at 1.63 g/t and reported metallurgical recoveries of 94%.
The Nkran geological setting is typical of the Asankrangwa Gold Belt with a sedimentary sequence of interlayered shale, siltstone, and sandstone. Two granitic bodies intrude along shear zones that control mineralization which dips steeply to the northwest along with the sheared host stratigraphy.
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