Signature Metals

Ashanti Gold Belt, Ghana

The flagship operation of Signature Metals Limited is 70%-owned Owere Mines, which holds 100% of the Konongo Project. Its concessions cover 192 square kilometres within Ghana’s renowned Ashanti Gold Belt, with a gold resource of nearly 1.5 million ounces. The area has a rich gold mining history. Since the early 1900s, Konongo has produced over 1.6 million ounces of gold from high-grade ore at 11.8 grams per tonne, mostly mined from underground.

Signature Metals

LionGold acquired a 76% interest in then ASX-listed Signature Metals in April 2012 following a successful off-market scrip takeover bid for the company. The Group’s shareholding has been subsequently raised to 77% following the completion of an exercise to consolidate odd-lot holdings.

The Konongo and adjoining Kurofa concessions cover 192 square kilometres and are along the strike of the prolific gold-producing Ashanti Sheer Zone. A processing plant is located northwest of the capital city of Accra, about 50 kilometres from the country’s second largest city, Kumasi, which supports mining activities in the area. Facilities here include a 250 tonne per hour crushing plant, a ball mill, a 200,000 tonne per year Carbon in Pulp/Carbon in Leach (CIP/CIL) plant, a trommel with Knelson concentrator and an RG200 APT gravity plant. Management works closely with the 18 surrounding agrarian communities which reside on the concession land to mitigate impact of the mining operations on farming activities and to coordinate additional social welfare efforts.

Under the directive of a new management team, Signature announced in the March 2013 quarter a change in operational focus in the interest of optimising capital expenditure and to fast-track an assessment of the more extensive high-grade refractory sulphide gold ore underground. Trial mining was ceased as this had yielded only 8,600 ounces of gold bullion from March to December 2012. Site activities reverted to an aggressive exploration programme which is continuing into FY2014. A technical life-of mine study to assess the commercial viability of a larger scale underground mining operation is now underway, and a metallurgical assessment is also being carried out on the deeper segments of the ore body.

The two-pronged exploration programme is examining near-surface oxide ore potential, close to the existing infrastructure and current ore sources, as well as on the relatively unexplored Ashanti Shear itself, and the deeper, higher grade sulphide mineralisation at a depth between 50 and 300 metres. Trenching, multi element soil geochemical survey work and re-processing of existing geophysical data (captured in 1995) were carried out during the FY2013. In addition, approximately 964 aircore holes were drilled, for a total of 35,077 metres, and 201 reverse circulation holes were drilled for a total of 12,214 metres.

  • History
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  • Gold in West Africa & Ghana
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  • Geology
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    Project Location

    Project Location