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Ashanti Gold Corp.

Ashanti Gold Corp unveils further results from Gourbassi West, at its Kossanto East project in western Mali

The company also announced it will bring in C$400,000 from a private placement

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The company recently completed a 105-hole reverse circulation and diamond drill program

Ashanti Gold Corp (CVE:AGZ) released new results from Gourbassi West in Mali on Monday.

The company recently completed a 105-hole reverse circulation and diamond drill 12,283 metre drill program, at its Kossanto East project in western Mali.

WATCH: Ashanti provides encouraging results from Gourbassi West Project in Mali

Gourbassi West is the second of two principle areas of mineralization being investigated by the company at Kossanto East. The company presented results from two sections.

“Broad zones of mineralization at or near surface over a large area along strike make Gourbassi West a promising target for further gold discoveries," said chief executive officer Tim McCutcheon.

"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.”

The company said the results support and expand on previously interpreted mineralized zones dipping moderately to the west and importantly, several of the holes reported end in mineralization indicating that they're in continuation of gold at depth which could allow for the expansion of any mineralized zone.

Ashanti raises funds

Last week, the company announced it will bring in C$400,000 from a placing of up to 4mln units at C$0.10 each. 

The funds are intended to be used to finance resource calculation work at Kossanto East, as well as for general corporate purposes

Shares of Ashanti were at C$0.09 in Toronto. 

Quick facts: Ashanti Gold Corp.

Price: $0.05

Market: TSX-V
Market Cap: $3.69 m
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