Guskin Gold Updates Shareholders on Outlook of Kukuom Gold Property
Director of Exploration, Francis Agezo, Discusses Kukuom Property’s Prospects Relative to Asante Gold’s Recent Purchases of Neighboring Producing Gold Mines, Bibiani and Chirano.
SAN JOSE, CA / ACCESSWIRE / June 24, 2022 / Guskin Gold Corp (OTCQB:GKIN) (“Guskin Gold” or the “Company”), operating the Kukuom Gold Project located in the highly prospective Swefi gold belt, today issued an update to shareholders from its Director of Exploration, Francis Lovebridge Agezo.
At the request of the CEO and Chair, Mrs. Naana Asante in response to investor interest in the Kukuom Gold Project, I am pleased to provide shareholders opinions and commentary on the recent acquisitions of the Chirano and Bibani Mines by Asante Gold Corporation (no relation to Mrs. Asante).
Kukuom Gold Project Background
The Kukuom Gold Project is located in Asunafo South District, Ahafo Region, and is a Joint Venture Partnership with Danampco Company whereby Guskin Gold has an exclusive seventy (70%) percent ownership interest.
The licence area is 156 square kilometres and the Kukuom Gold Project is highly prospective, spatially related to major mines including Newmont’s Ahafo Gold Mine (23Moz) located approximately 30km north of the Kukuom property, and Asante Gold’s Chirano Gold Mine (5Moz) located approximately 45km south-southeast of Kukuom and their Bibiani Gold Mine (7Moz) located approximately 25km southeast.
As previously released, the proposed exploration program is designed to assess subsurface gold mineralization on the Kukuom concession, with the goal to locate and develop an economic gold resource and undertake mining of that resource. The purpose is to identify and characterize zones of gold-bearing veins of suitable size to allow for their mining, and it is envisioned that several or numerous zones may be identified that will provide sufficient material for mining operations for many years.
Recent Acquisitions of Neighboring Gold Mines Chirano and Bibiani
Notably on April 25, 2022, Kinross Gold Corp. (NYSE: KGC) announced the sale of the Chirano Gold Mine for $225 Million to Canadian Asante Gold Corp. (CSE: ASE); Asante Gold having previously acquired the Bibiani Gold Mine for $90 Million from Australian Resolute Mining (ASX, LON: RSG) in August 2021.
Relevance of the Chirano Gold Mine and Bibani Gold Mine
Notably, and in my current position as Guskin Gold’s Director of Exploration, I, Francis Lovebridge Agezo, am credited as a contributor to the discovery and development of the Chirano Mine deposits.
Subject to funding and the upcoming work programs, the Company plans to develop Kukuom as a custom milling and direct shipping operation as it is in close proximity to major mining operations with an appreciable milling infrastructure.
The geology and gold mineralization in the Chirano mine area has always looked very promising. The Chirano deposits occur along the section of the Chirano Shear which marks the contact zone of the Tarkwaian clastics and the Birimian metavolcanic units. The gold mineralization is closely associated with quartz stockwork systems hosted mainly in granitoids. High-grade mineralization occurs in sheared metavolcanic units near the Chirano Shear zone, as to the main granitoid-hosted deposits along the Tarkwaian clastic/Birimian metavolcanic contact zone. The Chirano deposits form excellent examples of the Birimian lode systems related to major regional shear system.
As the second most relevant gold-bearing belt in Ghana, the Sefwi Belt hosts over 30 million ounces of gold. The Bibiani mine was the only producing mine along the eastern margin of the Swefi Belt. Although this major gold prospective shear zone also hosts the other deposits, it was significant when the Chirano mine came on the scene in 2004.
Asante Gold Corp. could take advantage of its consolidated position to explore the highly prospective gold projects in this segment of the Sefwi Belt. The existence proximal concessions with evidence of permissive geology and structural features, could add significant landholding to the current Asante Gold Corp’s landholding. Thus, making the general area an emerging gold mining district in Southwestern Ghana.
These projects, although early stage, appear to have brownfield prospects and it will be a strategic decision to direct exploration funds to this additional ground and further add to Asante’s landholding, as well the Kukuom Property, could be considered highly prospective.
Outlook for Kukuom Gold Project
Guskin Gold’s Kukuom Project area geologically lies in the middle of the Sefwi Belt; it is situated 45-48km north-northeast of Chirano and lies 20km southwest of a string of gold occurrences along the 9km belt-bounding trend (Manfo trend). With multiple structures thought to be associated with a regional north to north-northeast trending fault corridor/zone, this structure does not appear to be a direct extension of the main Chirano-Bibiani mineralized corridor/structure. These mark the Belt-Basin margin in the Chirano and Bibiani areas and it may well be a subparallel feature, that splays off the main Chirano-Bibiani structure/fault system and runs N-NNE just north of Bibiani for several kilometres across the Manfo area where it marks the regional granitoid-volcano-sedimentary package in the belt interior.
Results from recent exploration works suggests that the geological environment in the Kukuom project area is quite like many other districts in Ghana. Ashanti-type gold deposits are known to occur and work on Kukuom shows evidence of permissive geology, structural features and appears to have brownfield prospect.
Guskin intends to roll out aggressive exploration programs using multidisciplinary exploration tools, much like what was undertook at the Chirano and Bibiani deposits. In 2021, efforts were focused on the Kukuom project and directed at expanding their understanding of the lithological and structural details in the prospect and the utilisation of this information to study and determine these details on gold mineralization on a prospect-scale.
We believe these exploration efforts will make Kukuom a high-quality gold project worth evaluating, and hopefully an attractive partner to major producers like Asante Gold or Newmont. Kukuom may help Asante Gold build a strategic district position in view of its close proximity to Chirano and Bibiani and its brownfield prospect.
On behalf of the Board of Directors,
Mr. Francis Lovebridge Agezo P.Geo
Director of Exploration
Qualified Person Statement
Guskin Gold’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Francis Agezo, P.Geo, the Company’s Director of Exploration, and a qualified person under the definition of National Instrument 43-101.
During his career, Mr. Agezo worked for 8 years as a Geologist with the Geological Survey of Ghana, 12 years as a Senior Exploration Geologist with the UK-based Cluff Resources Ltd. and 5 years as Tenement and Geology Manager with the Red Back Mining Inc., now Kinross Gold Corp. Mr. Agezo was the co-author of West Africa’s premier mineral deposit volumes “Gold Deposits of Ghana “published by the Ghana Minerals Commission and “Mineral Occurrences and Exploration Potential of Northern Ghana “.
This news release was written for the Purpose of reporting on the receipt of the Company’s permitting and further project advancement. The Company accepts no responsibility or liability for any use of this report or any reliance upon this report by any person, other than the use of the whole of this report by the Client consistent with the Purpose. The full report, while unpublished in this press release, must always be considered in its entirety.
About Guskin Gold Corp.
Guskin Gold Corp. (OTCQB:GKIN) is a mining company publicly traded in the United States, with its head office in Santa Clara, California. Guskin is focused on gold exploration and mining in Ghana, the number one gold producer in Africa and seventh largest gold producing country in the world. The Company’s leadership team is world-class. Many are native to Ghana, all offer specialised expertise in the business of gold exploration, mining, public markets, and finance. And all are passionately committed to the success of the Company, our partners, and investors. For additional information please visit www.guskingold.com.
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Forward-Looking Statements and Disclosure
This news release contains “forward-looking statements” which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as “anticipate”, “seek”, intend”, “believe”, “estimate”, “expect”, “project”, “plan”, or similar phrases may be deemed “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the exploration and exploitation of the Kukuom Concession, new mineral and/or gold projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company’s reliance on existing regulations pertaining to the mining and exploration of mineral properties in Ghana and internationally. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
SOURCE: Guskin Gold Corp.