VANCOUVER, BC, March 11, 2024 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) is pleased to provide an update on the 2023 drilling results at Abore following completion of an infill program at the Asanko Gold Mine ("AGM"), located in Ghana, West Africa. This drill program is highlighted by the discovery of a new high grade zone in the southern portion of the deposit and better than expected results spanning the entire 1,600 metre strike length of Abore.
The Abore infill drilling programme consisted of 84 holes totalling 22,470 metres. It was designed to convert Inferred Mineral Resources below the current Mineral Reserve pit shell1 to the Indicated Mineral Resource category and evaluate the potential to optimize and/or expand the pit. Earlier positive results from this campaign were highlighted in a news release "Galiano Gold Provides Asanko Gold Mine 2023 Exploration Program Update" (see press release dated October 25, 2023).
This program resulted in the discovery of a new high grade zone within the southern portion of Abore which was intersected in four drill holes over approximately 120 metres of strike length as shown in a series of cross sections in Figures 2 to 5 below. Intercepts in this zone are amongst the best ever intercepted at the AGM and include:
Hole ABPC23-224: 45 metres @ 12.4 g/t gold from 191m
Hole ABPC23-226: 37 metres @ 10.6 g/t gold from 199m
Hole ABPC23-239: 54 metres @ 3.3 g/t gold from 207m
Hole ABPC23-228: 41 metres @ 3.3 g/t gold from 191m
This new zone of mineralization is hosted primarily within the Abore granite and is characterized by significant hydrothermal alteration along with high density quartz veining, intense localized brecciation, disseminated arsenopyrite and visible gold. It remains open along strike in both directions and is untested at depth. A follow-up drill program is currently underway to test the extent of this zone.
Robust mineralization was also intersected across the deposit as demonstrated by the following highlighted intercepts:
Hole ABPC23-246: 18 meters @ 8.2 g/t gold from 172m
Hole ABPC23-259: 24 meters @ 5.4 g/t gold from 263m
Hole ABPC23-223: 27 meters @ 4.2g/t gold from 246m
Hole ABPC23-228: 41 metres @ 3.3 g/t gold from 191m
Hole ABPC23-213: 20 meters @ 4.5 g/t gold from 166m
Hole ABPC23-241: 23 meters @ 3.8 g/t gold from 156m
Hole ABPC23-249: 19 meters @ 4.0 g/t gold from 273m
"These excellent results demonstrate that Abore has significant upside potential beyond the current Reserves," stated Chris Pettman, Galiano's Vice President of Exploration. "Seeing significant intervals of high grade gold along the entire 1,600 metre strike length of the deposit, and the discovery of the new high grade south zone, gives us confidence that Abore will continue to grow and add considerable value to the AGM life of mine."
Matt Badylak, Galiano's President and Chief Executive Officer added, "The results of this program are expected to affect the size and geometry of the Abore Reserve pit. The impact this will have on Mineral Reserves and ore delivery in 2024 is currently being evaluated through pit optimization and redesign. The Company plans to update Abore Mineral Resources and Mineral Reserves and provide 2024 production and cost guidance following the completion of this work in April."
Abore is located directly on the haul road approximately 13 kilometres north of the AGM's processing plant and has current Measured and Indicated Resources of 477,000 ounces @1.16 g/t gold and Inferred Resources of 131,000 ounces @1.14 g/t gold, as described in the Technical Report entitled "NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana" with an effective date of December 31, 2022, and is available on SEDAR+1.
The deposit sits along the Esaase shear corridor, which also hosts the Esaase deposit, and forms part of the northeast striking Asankrangwa gold belt. The geology of the deposit is characterized by a sedimentary sequence composed primarily of siltstones, shales and thickly bedded sandstones that has been intruded by a granite which lies parallel to the shear and dipping steeply to the northwest. The majority of mineralization is constrained to the granite, hosted in west dipping quartz vein areas developed primarily along the eastern margin of the granite/sediment contact.
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