Ashanti Gold Corp. (TSX-V: AGZ) is pleased to announce 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 two sections (Figures 3 and 4), 100 m apart lying to the south of section 1486100 reported in the Company’s August 13, 2018 press release.  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, several of the holes reported here end in mineralization indicating that they’re in continuation of gold at depth which should allow for the expansion of any mineralized zone with further drilling. 

Tim McCutcheon, CEO, said, “Broad zones of mineralization at or near surface over a large area along strike make Gourbassi West a promising target for further gold discoveries. While our focus at this point is mineralization that is potentially minable in an open-pit scenario, it is very encouraging to have so many holes end in mineralization at depth indicating significant potential for additional gold discovery.”

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.

Figure 1 is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/2db92e15-522e-4be0-afe8-5fee578dcc59

Figure 2 is available at

 http://www.globenewswire.com/NewsRoom/AttachmentNg/f7288c87-2423-49c0-b39c-505f454fe220

Figure 3 is available at

 http://www.globenewswire.com/NewsRoom/AttachmentNg/68ac85b6-ef3f-4da6-bf80-e8f4b1519d0e

Figure 4 is available at

 http://www.globenewswire.com/NewsRoom/AttachmentNg/3d52edb3-1ca8-4165-8e57-b3ab32c34544

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.