Item 8.01 Other Items
In accordance with the Strategic Alliance Agreement of 2018 between
"This is an exciting project for us, and we look forward to working with ASI as
the project unfolds" said Chairman
The Agreement is subject to the
The Property and Location
which is comprised of two discontiguous blocks with a combined area of 37.8km2.
The larger Grumesa Block has an area of 34.3km2 while the smaller Awisam Block has an area of 3.5km2. The license is wholly owned by Perseus Mining Limited (Perseus).
Geology and Mineralisation
The Project area is situated within a sequence of Lower Proterozoic Birimian (2.17 to 2.18Ga) coeval meta-volcanic, metasedimentary (basin) rocks and Tarkwaian (back arc) epiclastics, on the eastern flank of the Ashanti Belt.
Gold mineralisation at the Project occurs primarily within an inter-bedded sequence of coarse clastic conglomerates, sandstones and siltstones of the Kayeya Conglomerate unit which forms part of the Lower Proterozoic Birimian to upper Tarkwaian stratigraphy.
43-101 Report recommendations
The Project is prospective for the discovery of additional resources and further exploration targeting extensions to existing mineral resources as well as the discovery of additional zones. Subsequent work on exploration at the Project and the evaluation of existing mineral resources should include the following:
? Deeper infill drilling to better target depth extensions to mineralised zones
as most of the drilling has been confined to a depth of 60m.
? Further investigation should be made into the structural/lithological controls
on the mineralisation to accurately target higher grade mineralised zones.
? Completion of pit optimisation studies to assess the economic viability of the
Project as a low cost, low grade, high tonnage deposit.
? A comprehensive bulk density sampling program across the extent of the project
area to better define density values for each lithological domain.
It is envisaged the project will produce at circa 30-50k ounces per annum for more than ten years at low cost. Further information shall be announced as the geological team accesses the full potential and preferred way forward to develop the project.
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