VANCOUVER, BC, June 25, 2020 /PRNewswire/ - Galiano Gold Inc. ("Galiano" or the "Company") (TSX: GAU) (NYSE American: GAU) (formerly Asanko Gold Inc.) is pleased to announce an update from its 2020 exploration program underway at the Asanko Gold Mine ("AGM"), located in Ghana, West Africa. The AGM is a 50:50 joint venture ("JV") with Gold Fields Ltd (JSE, NYSE: GFI), which is managed and operated by Galiano. The previously announced 2020 exploration program at the AGM (see news release dated May 5, 2020) consisting of approximately 36,000m of Diamond (DD) and Reverse Circulation (RC) drilling, has been underway with four drill rigs and is now approximately 35% completed. This news release provides an update on the drilling and results for the Akwasiso open pit.
•Third phase of mineralization has been delineated and is expected to be mined in 2021
•Drilling highlights (see Table 1 for details):
•Hole 186: 22 meters @ 2.8 g/t gold (from 155m to 174m)
•Hole 185: 13 meters @ 4.1 g.t gold (from 39m to 52m)
•Hole 179: 13 meters @ 2.7 g/t gold (from 34m to 47m)
•Hole 191: 2 meters @ 15.3 g/t gold (from 90m to 92m)
•Western domain open at depth and along strike for potential follow up drill program
•Initial drilling program at Akwasiso complete with 4,560 meters consisting of 2,816 meters of RC and 1,744 meters of DD
•Core logging complete with 80% of samples submitted for analysis and 71% of samples received
"Our first set of drill results from our 2020 exploration program appear to prove up additional mineralization near our processing plant, which we believe will contribute towards our first objective of replacing depletion." said Greg McCunn, Chief Executive Officer. "Cut 2 of the Akwasiso pit is currently being mined and is expected to provide approximately 40% of the ore feed for H2 2020. The drilling program has delineated a third cut at the pit which we expect will allow us to continue mining operations well into 2021."
The Akwasiso pit is located about 4km north-east of the processing plant along the Nkran shear corridor and was first mined in 2017. In the first phase of mining, 1.6 Mt of ore grading 1.14 g/t of gold were mined and processed. A second phase of mining was initiated in April 2020 (Cut 2), which contains estimated Indicated Mineral Resources1 of 2.8 million tonnes at 1.82 g/t gold (165,000 contained ounces of gold). Mining of Cut 2 at Akwasiso is scheduled to take place over H2 2020 and early Q1 2021. The current drilling program (2,816 meters of RC drilling and 1,744 meters of DD over 24 holes) has delineated a third phase of mining (Cut 3) which sits outside the current Mineral Resource Estimate.. With approximately 71% of the results returned so far, key intercepts are shown in Table 1.
Estimates of the contribution of this material to the Mineral Resources and Reserves at the AGM will become part of the end-of-year updated Resource Estimate expected to be dated December 31, 2020 and published in Q1 2021.
Table 1. Key intercepts in Current Akwasiso Drill Holes
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Note: Intervals indicated are not true widths as there is insufficient geologic information to calculate true widths. However, drill holes have been drilled to cross interpreted mineralized zones as close to perpendicular as possible.
Mineralization occurs at Akwasiso as veins and stockwork within and along the margin of a granite plug as well as within shear-hosted veins along the northwest margin (Figures 1, 2 and 3). A similar structure appears to be emerging along the southeast margin of the granite.