For decades, the word “gold” has pointed to one country, South Africa. It wasn’t only the biggest gold producer in Africa, it was the biggest gold producer in the world. There was a time not that long ago when as much as 2/3 of the world’s gold came from South Africa. No more. South African gold production has plummeted to less than a quarter of what it was in 1970, and world output is now spread among many countries.
Even on its home continent, South Africa’s golden crown is being challenged. The main contender is now Ghana, where gold production has increased roughly nine-fold since the 1980s. In 2009 alone production rose 12%. The country now boasts 16 operating mines, 6 projects in development, and over 150 foreign and local companies with exploration licenses, mainly in the domain of gold. Gold accounts for nearly 90% of Ghana’s mineral exports.
It’s in Ghana where Earth Dragon Resources has entered into a joint venture with Netas Mining Company to develop two properties, at Nkwanta and Asuogya. The Ashanti Belt, where Netas Nkwanta is located, has the longest history of gold mining in Ghana, and is well understood. The property is focused on the Golden Arrow Veins, currently being excavated. Visible gold has already been noted in the vein, and four new veins have been discovered.
The company has identified an area of mineralized quartz veins averaging one meter in thickness, and a shear zone as wide as 10 meters, in a series of sub-parallel structures about 500 meters apart. The goal is to mine the quartz reefs in an open cast operation, with output anticipated to be between 4,000 and 10,000 troy ounces of gold annually.
For more information, visit the company’s website at www.EarthDragonGold.com
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