Ashanti Gold Corp. (TSX-V: AGZ) announces additional new results from Gourbassi West.  These most recent drill hole results were part of a recently completed 105 hole Reverse Circulation and Diamond Drill, 12,283 metre drill program that tested mineralization on the Kossanto East Project (the “Property”) in western Mali (Figure 1).   Results presented here are from section 1485800 (Figures 2 and 3), south of sections previously described in the Company’s August 14 and August 27 press releases.  The mineralized zones in these sections demonstrate strike continuity of mineralization and coherence of interpreted thrust faults and their relationship to mineralization.  These results also support and expand on previously interpreted mineralized zones dipping moderately to the west. Importantly, as we develop our understanding of the mineralization, it is becoming increasingly apparent that there are numerous zones of mineralization associated with stacked thrust faults.  In this section alone, the combined width of mineralized zones is approximately 130m.  If mineralized zones to the north continue to this section, there is potential for an additional 100m of mineralized width. 

Tim McCutcheon, CEO, said, “These results continue to build upon the overall strike line of Gourbassi West. We are getting closer to completing our resource calculations, and it is exciting to see how the cross sections fall into place with our geological modelling and understanding of the Property.”

Gourbassi West

Gourbassi West is the second of two principle 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 1,200m 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.

*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/5e3046e0-52df-439a-9fb3-b4d9d75e7703

Figure 2 is available at 

http://www.globenewswire.com/NewsRoom/AttachmentNg/32f90703-16c7-4e25-bbb0-04311c46c77c

Figure 3 is available at 

http://www.globenewswire.com/NewsRoom/AttachmentNg/8ef96ab8-c64a-40f2-9e2b-d8223a29f066

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 principle 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.