Asante Gold Corporation has announced that all activities planned to bring its’ Bibiani Mine into production in Q3,2022 are on track.
Asante is preparing a plan to deliver a mine that can produce approximately 190,000 ounces of gold at Bibiani in its first 12 months of operation and circa 240,000 ounces every year thereafter for a minimum of 6 years. Tenders have been invited for the selection of a Mining Contractor. We anticipate mobilization of the Mining Contractor to proceed in Q1 2022.
The Process Plant refurbishment is slightly ahead of schedule and on budget. Harlequin International has been contracted to complete the refurbishment EPCM and has mobilized as scheduled. The full EPCM Team, plus requisite complement of tradespeople, is on site, to provide training, safety and project delivery systems and resources needed to ensure achievement of a safe and productive work environment.
All work activities are proceeding as planned. Principal equipment motors and drives have been taken off site, to be serviced as needed. Electrical components, instrumentation and control systems have been tested and are being upgraded as needed to provide improved performance, above the original design. Gravity recovery equipment is being upgraded to “2020” level of competence and automation. This includes the purchase of a new high efficiency 6G Knelson concentrator and Gekko ILR (intensive leach reactor).
Sub-contractors have been engaged, to proceed with sand blasting, metal and pipework repair, painting, installation of liners and belts, and to ensure safe and efficient operation. Equipment that is on site but that was not fully installed by the former owners is in the process of being made ready for operation. As of the last week of October, there are more than 200 workers on site. To date the project remains on budget.
In July 2018, Resolute Mining Limited, based on some 50,500 metres of drilling, released an updated feasibility study for Bibiani (see ASX Announcement dated 13 July 2018) reporting JORC compliant Mineral Resources at Bibiani of 21.7 million tonnes at 3.6 grams of gold per tonne for 2.5Moz of gold.
Optiro of Perth, Western Australia, has delivered to the Company a current NI 43-101 compliant Technical Report on the Bibiani Gold Project, Ghana* (filed on SEDAR). The mineral resources outlined in this report represent material previously planned to be mined via underground methods. Asante plans to mine this resource inside an optimized pit shell defined at a gold price of US$1,950.
The Bibiani Main Pit mineral resource has been prepared by Competent Persons (Optiro, 2017) using accepted industry practices and have been classified and reported in accordance with the JORC Code (JORC, 2012). There are no material differences between the definitions of Measured, Indicated and Inferred Mineral Resources under the CIM Definition Standards and the equivalent definitions in the JORC Code.
The Satellite pit resource is an update completed in 2018 by Resolute Mining Limited. The Satellite pit resource is also reported above a cutoff grade of 0.65 g/t gold inside a pit shell defined at a gold price of US$1,950. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Current Mineral Resources for Bibiani are presented above.
Asante is currently preparing a new NI 43-101 mine development technical report based on an open pit mining model for delivery in Q2 2022.