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  • Viking Ashanti Substantial Shareholder Takes Greater Stake  0 comments
    Oct 8, 2012 8:32 PM

    Viking Ashanti (ASX: VKA) substantial shareholder Jaytu Pty Ltd has increased its shareholding to 8.6% with the acquisition of a further 1.8 million shares.

    Non-executive chairman John Gardner is a shareholder/director of Jaytu Pty Ltd, which now holds just over 7 million shares as of 28 September.

    Viking Ashanti recently re-commenced a drill program at its flagship Akoase gold project within the highly prospective Ashanti Gold Belt in southern Ghana.

    An initial program of 2,000 metres of reverse circulation and 1,000 metres of diamond drilling is underway following encouraging drilling results.

    At Akoase, the company recently identified a near surface higher grade zone that delivered a best intercept of 31 metres at 7.84 grams per tonne (g/t) gold including 16 metres at 10.82g/t gold, transforming the potential to expand the resource.

    Importantly, this potential is further increased with the resource open at depth and to the northeast, with drilling only having been carried out to 120 metres depth.

    Soil geochemistry has defined nine new targets related to parallel faults.

    Only around 6 kilometres of the 11 kilometre strike length of the Kadewaso structural corridor has been tested by drilling so far.

    Akoase has an Inferred JORC Resource of 704,000 ounces.

    Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.

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