Ashanti Gold Corp. (TSX-V: AGZ) announces first results for Gourbassi West from the recently completed 105 hole Reverse Circulation and Diamond Drill, 12,283 metre drill program that tested mineralization on the Kossanto East Project in western Mali (Figure 1).  Results presented here fill-in gaps in previous drilling and test new step-out areas at Gourbassi West.  The results support and expand on previously interpreted mineralized zones dipping moderately to the west.  In addition, drilling has revealed that the silicified breccia host rock is part of a “damage zone” associated with a thrust fault system.

Tim McCutcheon, CEO, said “These results come after much thought and analysis concerning the nature of mineralization at Gourbassi West. Paul Klipfel, our COO, planned important step out holes on width at Gourbassi West. Drill hole GWRC305 shows the significance of this decision. These results add important widths to the mineralized zone and support the contention that there are multiple zones of mineralization along stacked thrust faults at Gourbassi West.”

Gourbassi West

Gourbassi West is the second of two principal areas of mineralization being investigated by the company at Kossanto East.  The target consists of gold mineralization associated with silicified, brecciated felsic volcanic rocks along a northwest trending structural zone for over 1200m of strike length.  2018 diamond drilling revealed that the silicified brecciated volcanic rocks that host most of the gold mineralization are associated with shallow to moderately west dipping thrust faults.  Sedimentary rocks that are younger than the host volcanic rocks and occur to the east of mineralization (Figure 2) are in fault contact with, and are overlain by older volcanic rocks.  This is a classic ‘older over younger’ thrust fault structural relation.  Repetition of this pattern reveals that mineralization is associated with cross-cutting and stacked thrust surfaces. Drill result highlights are tabulated below:

*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.

Figure 1 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/a14dc4fe-8bb4-41e8-b374-c407c70d12e2

Figure 2 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/ab713e49-c6c6-4c8c-bd3f-3776200ea394

Figure 3 is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/76369b0f-d54d-4b4f-bb14-9ef015284c65

About Kossanto East Project

The Kossanto East Project is a 66.41 km² concession in the prolific Kedougou – Kenieba Inlier, the northwestern most exposure of Birimian rocks in West Africa and host to the Loulo and Sadiola group of world class gold deposits.  The Property hosts two principal historically drill-tested targets, Gourbassi East and Gourbassi West and several surface anomalies identified in historic surface samples and Rotary Airblast (RAB) drill holes. Geochemical anomalies identified by previous explorers led to drill testing and successful intersection of gold mineralization. The results reported here are from Gourbassi West. Further results from Gourbassi West are anticipated in the coming weeks.

ABOUT ASHANTI GOLD

Ashanti is a gold-focused, exploration and development company that targets projects where it has a competitive advantage due to past work experience of the team and specific project know-how. The Company is driving forward its 100%-owned Kossanto East project in Mali on the prolific Kenieba Belt, which hosts such deposits as Loulo, Fekola and Sadiola. Ashanti is also working to advance, together with its earn-in partners, the Anumso project and the Ashanti Belt project in Ghana, which are near-adjacent to the Akyem deposit.