お知らせ • Oct 26
Galiano Gold Inc Provides Update on Its Exploration Activities At the Asanko Gold Mine
Galiano Gold Inc. provided an update on its exploration activities at the Asanko Gold Mine (the "AGM") completed to-date in 2023. The 2023 exploration program at the AGM has focused on expanding mineralization at known deposits, as well as advancing a robust pipeline of regional Greenfields targets towards potential new discoveries. The Nkran South drill program was designed to upgrade a zone of inferred mineral resources at the south end of the deposit and determine the potential for growth in the open pit mineral reserves. In addition to the potential expansion of mineral reserves, the Company is incorporating the drilling results into the Nkran underground study that is currently underway. Drilling began in late 2022 and was completed in 2023. Based o n these positive results, the Company has confirmed the primary mineralized zones at Nkran are contiguous and remain open at the southern end of the deposit. The mineralized zones currently extend up to 185m immediately along strike to the south of the proposed Nkran Cut 3 pit shell. Highlighted Drilling intercepts 13 combination reverse circulation ("RC ")/diamond drill holes totaling 6,689m were drilled as part of this program. Results include: Hole NKPC22-111: 19m @ 3.0 g /t gold from 567m, Hole NKPC22-114W1: 18m @ 2.6 g /t gold from 361m, Hole NKPC23-118: 9m @ 5.9 g /t gold from 5 65m, Hole NKPC23-116: 19.5m @ 1.6 g /t gold from 451m and Hole NKPC23-119: 19m @ 1.3 g /t gold from 483m and 7m @ 5.6 g /t gold from 324m. The Nkran pit is located immediately adjacent to the AGM's processing plant and has historically yielded the highest average mined grades on the Asankrangwa Gold Belt, while contributing significant cash flows over the years. During the mining of Cut 2 (years 2016 - 2020), Nkran produced 15.2 million tonnes ("Mt ") at 1.63 g /t and reported metallurgical recoveries of 94%. The Nkran geological setting is typical of the Asankrangwa Gold Belt with a sedimentary sequence of interlayered shale, siltstone, and sandstone. Two granitic bodies intrude along shear zones that control mineralization which dips steeply to the northwest along with the sheared host stratigraphy. Abore is located directly on the Esaase haul road approximately 1 3 kilometers ("km") north of the AGM processing plant and has current Measured and Indicated Mineral Resources of 477,000 ounces @ 1 .16 g /t Au and Inferred Resources of 131,000 ounces @ 1.14 g /t Au asdescribed in the "NI 43-101 Technical Report and Feasibility Study for Asanko Gold Mine, Ghana" with an effective date of December 31, 2022 (the "2023 Technical Report ") filed on SEDAR (see news release dated February 22, 2023). Exploration drilling throughout 2023 has been primarily focused on the conversion of inferred mineral reso urces below the mineral reserve pit shell and infilling zones below the $1,800 Measured, Indicated and Inferred Mineral Resource pit shell. While drilling is ongoing, results received to-date demo nstrate that mineralization remains robust in the inferred mineral resource zones tested with intercepts including 36m @ 2.1 g /t Au (ABPC23-190) from 278m and 2 1m @ 2.6 g /t Au (ABP C23-189) from 226m. See table 2 for full assay results. The deposit sits along the Esaase shear corridor, which also hosts the Esaase deposit. Geology here is characterized by a sedimentary sequence composed primarily of siltstones, shales and thickly bedded sandstones that has been intruded by a granite which lies parallel to the shear and dipping steeply to the northwest. Mineralization is mostly constrained to the granite, hosted in west dipping quartz vein areas developed primarily along the eastern margin of the granite/sediment contact. The Midras South deposit lies approximately 5km south of the AGM processing plant along the Takorase - Afraso shear zone, a laterally extensive structure recognized from airborne VTEM, magnetic surveys and extensive ground mapping. Midras South consists of 3 distinct zones of mineralization, interpreted to be fault offsets of the primary mineralized structure. Typical of Asankrangwa Gold Belt deposits, indicated mineralization at Midras South is developed within a package of deformed sandstone, siltstone and phyllite with stratigraphyand structure both steeply dipping to the northwest . Gold mineralization occurs in association with quartz veining, arsenopyrite and pyrite, within a broader envelope of quartz-sericite-pyrite and carbonate alteration. Midras South has a current Inferred Mineral Resource of 5.4Mt @ 1 .32 g /t Au totaling 232,000 oz. Current drilling is designed to upgrade the primary mineralized zones to the Indicated Mineral Resource category to advance the deposit towards a maiden Mineral Reserve estimate. Drilling throughout 20 23 consisted of 5,061 m of resource conversion drilling which targeted inferred mineral resources within the southern zones of the deposit. Notable results from the program include: Hole MSRC23-253: 28m @ 1.2 g/t Au from 24m, Hole MSRC23-257: 10m @ 2.6 g/t Au from 18m, Hole MSRC23-258: 12m @ 2.5 g/t Au from 5m, Hole MSRC23-284: 18m @ 4.0 g/t Au from 7m, Hole MSRC23-285: 3m @ 26.6 g/t Au from 24m and Hole MSRC23-287: 17m @ 2.3 g/t Au from 24m. Two of the fertile structural trends that host mineralization at Midras South also remain o pen along strike and are considered targets for further exploration drilling.