Avanti Gold Corp.'s Akyanga hole returns 5.39 g/t over 12.27m

Avanti Gold Corp. CNSXAGC OTCMKTSAVTGF FRAX370 reported on Monday that hole MSDD0156 cut 12.27 metres at 5.39 grams per tonne gold at its Akyanga deposit. The three holes totalled 1,076.9 metres and crossed mineralisation within and below the US$1,500 per ounce pit shell used to constrain Akyanga's 3.11 million ounce inferred resource.

Avanti shares fell 4 per cent to C$0.48 at the Oct. 2 close on the Canadian Securities Exchange, according to the CNSXAGC Google Finance quote as of 4 p.m. EDT. The Oct. 5 release was issued at 6 a.m. EDT, before the next Canadian trading session.

Hole MSDD0156's best interval began 270.60 metres downhole and included 3.78 metres at 12.88 grams per tonne gold. A second hole, MSDD0154, returned 17.25 metres at 2.44 grams per tonne, according to the Oct. 5 assay release. It began 229.00 metres downhole and included 5.75 metres at 4.39 grams per tonne.

The third hole, MSDD0155, cut 15.70 metres at 2.17 grams per tonne gold from 297.30 metres. That interval included 3.40 metres at 5.63 grams per tonne, while the remaining footwall assays from an earlier hole, MSDD0153, returned narrow, lower-grade intervals.

All three new holes are in the northeastern part of Akyanga, a deposit in the Democratic Republic of the Congo's South Kivu province. Avanti said the holes intersected several mineralised zones within and below the pit shell used for its current resource. The release does not assign additional resource ounces to the new intercepts.

"As the Phase I program progresses, these results will be incorporated into the geological model to refine follow-up drilling and Phase II targeting and to support future resource modelling and technical studies." Avanti chief executive Mohamed Cisse said in the Oct. 5 release.

The company's Oct. 5 release describes the existing Akyanga resource as 40.8 million tonnes averaging 2.37 grams per tonne gold, containing 3.11 million ounces in the inferred category. It says the estimate was based on 19,956 metres of historic drilling. The new core intervals are measured from downhole depths; Avanti did not announce a revised mineral resource with Monday's assays.

The three holes generated 409 samples sent to SGS's laboratory in Mwanza, Tanzania. Avanti said core was cut in half for analysis, with gold measured by fire assay and selected high-grade samples checked by screen fire assay.

Avanti's Sept. 23 financing release said it had closed a C$51.75 million bought deal and earmarked the net proceeds for a 42,000-metre Misisi drilling program, a preliminary economic assessment and working capital. The company said six rigs were dedicated to the program, which includes Akyanga and other targets on its permit area.

Avanti expects further exploration results through the end of 2026, according to its Sept. 23 financing release.