Galiano assays expand Asanko gold mine in Ghana

Producer Galiano Gold (TSX, NYSE-A: GAU) said new drilling at its Asanko gold mine in Ghana expanded the Abore deposit’s mineralized footprint beyond the current underground resource.

Hole ABDD26-477 cut 53 metres grading 3.9 grams gold per tonne from 179 metres depth, while hole ABDD26-459 intersected 32 metres grading 4.7 grams gold from 420 metres, Galiano said Monday. Another notable intercept came from hole ABDD26-478, which cut 9 metres of 4.1 grams gold from 382 metres downhole, as well as 17 metres of 3.3 grams gold from 480 metres.

“These latest exploration results continue to demonstrate the upside potential at Abore, highlighting extensions of mineralization and continuity of mineralized zones outside of, and well beneath, the current mineral resource,” Chris Pettman, the company’s vice president of exploration, said in a statement.

Vancouver-based Galiano is almost halfway through a planned 30,000-metre drilling program at Abore, one of several deposits found on the Asanko property. The results will support a revised life of mine plan and resource update anticipated in 2027.

Drilling has intersected mineralization up to 180 metres below the existing underground resource and outlined a newly defined 200-metre-long mineralized zone beneath the Abore main pit, Galiano said.

Key growth area

Other results released Monday include hole ABDD26-456, which intersected 6 metres of 8.4 grams gold from 457 metres downhole and 5 metres of 4.8 grams gold from 500 metres depth. Hole ABDD26-447, meanwhile, cut 11 metres of 4.3 grams gold from 301 metres.

Abore has emerged as a key growth area for the company because of its potential underground expansion. The current program follows earlier drilling released in January that returned high-grade intervals including 15 metres grading 14.2 grams gold from 231 metres depth and 24 metres of 4.7 grams gold from 151 metres downhole.

Drilling beneath the main and South pits has confirmed “robust” extensions of mineralization and improved continuity in areas previously excluded from the underground resource model, Galiano said Monday. The main pit ore shoot has now been extended roughly 50 metres farther down plunge to the north.

Additional assay results are expected by June 30, Galiano said. Drilling will continue to focus on increasing the underground resource through additional step-out and infill holes across the deposit.

Located along Ghana’s Asankrangwa gold belt, about 215 km northwest of Accra, Asanko hosts several open pits and satellite deposits, including Nkran, Esaase and Abore. Galiano boosted its stake in the operation to 90% in 2024 after buying out former joint venture partner Gold Fields (JSE, NYSE: GFI). The government of Ghana owns the remaining 10%.

After producing 121,191 oz. gold last year, Asanko is forecast to produce between 140,000 oz. and 160,000 oz. in 2026.

Including open-pit and underground areas, Asanko holds 80.4 million measured and indicated tonnes grading 1.33 grams gold for contained metal of 3.44 million oz. gold., according to a December 2025 resource. Inferred resources are pegged at 27.2 million tonnes grading 1.47 grams gold for contained metal of 1.28 million oz. gold.

Galiano shares rose 3.7% to C$3.64 Monday morning in Toronto, valuing the company at about C$950 million ($699 million).