The Inspectorate Division of the Minerals Commission of Ghana issued a temporary mining exploration operating permit to Kubi Gold (Barbados) to begin construction of the portal and exploration decline at Kubi gold mine.
Asante Gold has an option to acquire up to 100% of the Kubi mine in Ghana by financing it to production.
Under the proposed exploration programme, the resources will be upgraded to mining categories and indicated higher grade areas would be outlined as priority targets for early development.
Asante Gold plans to develop the mine as a custom milling and direct shipping operation.
The latest permit received is based on the application filed the company detailing its plan for a 4m x 4.5m exploration decline at -15% grade on the main deposit.
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Following receipt of the permit, a 1,100m-long decline will be constructed from the 30m level on the east wall of the back-filled Kubi pit to a sump down the current 180m level and will have 26 diamond drill stations, on 17 sections that are 25m apart.
Asante Gold engaged Mining and Building Contractors (MBC) to complete the preliminary portal and decline design and perform mining and surface infrastructure.
The total development spans 2,100m, including 1,502m of decline and associated mucking bays, safety bays, parking bays, electrical cubbies and drill stations.
The development will also include 283m of crosscut on three levels from the decline to the mineralisation; and 315m of level drifts along mineralisation and 314m of raises.
After securing the required funding, Asante Gold and Kubi Gold plan to develop a final schedule and life of mine plan to support an application for a mining operating permit.