Guskin Gold’s Initial Report on the Kukuom Concession Gold Project in Ghana, Africa
Rhea-AI Summary
Guskin Gold Corp. (OTC: GKIN) announced the initiation of its Kukuom Concession gold project in Ghana's Sefwi-Bibiani gold belt. Covering 156 square kilometers, the project is a joint venture with Africa Exploration & Minerals Group Limited, allowing Guskin to earn 50% ownership. The 2021 work program focuses on alluvial mining and hard rock exploration, with a significant target area indicating a potential 6.3 million tons of mineral-rich material. The company aims to generate immediate cash flow while validating the extent of its hard rock resources.
Positive
- Joint venture established with Africa Exploration & Minerals Group Limited, allowing for 50% ownership in gold exploration.
- Target area estimated to contain up to 6,293,109 tons of mineral-rich material, indicating significant potential.
- 2021 work program includes immediate cash flow generation from alluvial mining efforts.
Negative
- None.
News Market Reaction – GKIN
On the day this news was published, GKIN declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SAN JOSE, CA, June 30, 2021 (GLOBE NEWSWIRE) -- Guskin Gold Corp. (OTC: GKIN) (“Guskin Gold” or the “Company”) is pleased to release an initial report on the Kukuom Concession (the “Concession”) gold project located in Ghana, Africa.
The Sefwi-Bibiani Gold Belt
The Kukuom Concession is located in the highly renowned Sefwi-Bibiani gold belt. Known gold producers including Newmont, Kinross, Anglogold Ashanti and Asanko Gold, and are all within 100km of the Kukuom project area.
Historical production in the Sefwi-Bibiani gold belt include Newmont's world class Ahafo Mine with over 17 million ounces of gold, Kinross’ Chirano Mine at 5 million ounces, and the historic Bibiani Mine with 7 million ounces.
The Sefwi-Bibiani Gold Belt is a 40 to 60 km wide typical Birimian volcanic belt, striking 220km in Ghana and extends SW to the coast in Cote d'Ivoire. It is located north of, and parallel to, the prolific Ashanti Gold Belt, which hosts many of Ghana's active producing gold mines.
The Kukuom Gold Project
The Kukuom Concession covers a total surface area of 156 square kilometers and is located between the cities of Goaso and Bibiani in the Ahafo District of Ghana.
The Kukuom Concession gold project is a Joint Venture Partnership with Africa Exploration & Minerals Group Limited (AEMG) whereby Guskin Gold has an option to earn a
Guskin and AEMG are currently working towards mobilizing equipment and readying the site for further development of mining operations and gold production from alluvial deposits on the Concession, and the continued exploration and deposit delineation of the hard rock potential.
EMS Survey and Priority Targets
Guskin’s priority 2021 work program includes further exploration and exploitation of a 247-hectare section with proven alluvial and hard rock gold occurrences.
Remote sensing surveys carried out over the property produced a strong priority target anomaly with a North to South axis measuring 1,170 meters and a West to East axis 1,052 meters, or 1,230,840 sq/meters with an estimated 19’ thickness or approx. up to 6,293,109 tons of target material.
Gold has a nuclear magnetic resonance frequency of 1.754 Hz which can be captured through satellite scanning using the electromagnetic spectrum or (EMS). This energy signature is further isolated through proprietary algorithms and identifies locations where gold is most concentrated
and prevalent.
The Target Open Pit
The open pit is characterized by variably degraded laterite to residual soil profiles with minor caps of indurated ferro-duricrust. The property is underlain by three main lithologies; granitoids, volcanic sediments, and volcaniclastics units which show evidence of later shear zone intrusions exhibiting quartz veins with promising mineralization including sulphides, altered garnet and sericite. The shearing and quartz stockworks are particularly well developed at number of exposed veins in the initial pit area developed (as shown exposed here in Vein 55).
2021 Work Program
Phase I of the 2021 work program includes the removal of the lateritic overburden layer believed to contain up to approximately 0.80 gram / ton (on average) down to bedrock and processing of the material to exploit alluvial gold and fund the Phase II hard rock drill program.
Phase II includes continued hard rock exploration and delineation of the target and host lithology, including a 17-hole drill program.
“Our work program is set out to generate immediate cash flow for the Company from the alluvial mining efforts, and to continue the development of the hard rock deposit to verify and validate the size of the hard rock opportunity and create a follow up plan to exploit the properties’ full potential”, states Mrs. Naana Asante, CEO of Guskin Gold.
About Guskin Gold Corp.
Guskin Gold Corp. (OTC: GKIN) is a junior mining company publicly traded in the United States, with its head office in Santa Clara, California. Guskin is focused on gold exploration and alluvial 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 specialized 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.
Contact
Mrs. Naana Asante
Chief Executive Officer
Tel: + (408) 766-1511
naana.asante@guskingold.com
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 new 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. 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.
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FAQ
What is the Kukuom Concession project by Guskin Gold Corp. (GKIN)?
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