TORONTO, Nov. 18, 2019 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce that it has completed the first three lines of drilling and has encountered significant intersections at its drilling program at the Kobada gold project.
The drilling program, designed to build on the existing mineral resource estimate released in February 2016 (the “2016 Feasibility Study”), is laid out to systematically drill the existing mineralized zone from its southern extension through the main Kobada shear zone (lines 7 to 12) and then test its northern extension (Figure 1). The drilling for the southern satellite zone in lines 1, 2 and 3 has intersected significant mineralization at the expected depth and thereby confirming the structural mineralization model. The presence of better than expected mineralization in the southern zone, particularly at shallow depths, indicates the potential for additional extensions to the south of the known orebody.
To view Figure 1, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/36a22387-3fda-42a1-ba1e-3392d5ddfde8
In the satellite mineralized zone (reported length measured along the holes):
|BHID||From||To||Composite Length (m)||Composite Grade (g/t)||From||To||Includes (m)||Includes (g/t)|
Cumulative Mineralization Widths
|Cumulative Mineralisation Width (m)||Average Grade (g/t)|
Significant Intersections (Above 1 g/t)
|BHID||From||To||Intersection Length (m)||Au_Final (g/t)|
The latest results show good correlation to the existing 2016 Feasibility Study, and in two of the three holes analysed to date, better intersections in the upper parts of the orebody.
To view Figure 2, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/fd56def7-4afd-4d65-a669-4dc89be21533
2019 Kobada Drilling Campaign
This diamond drilling program focusses largely on the Kobada Main Shear Zone where the potential to move our current resource to a higher confidence and increase the total resource appears most favourable. The information provided here by the infill and resource drilling represents the southern extension of the Kobada Main Shear where drilling commenced. Drilling is ongoing and moving northwards towards the thickest portion of this shear zone, where drilling results are expected to be even more favourable.
This program will assist in refining the structural geology and mineralization model that is being established by Minxcon in conjunction with the definitive feasibility study, which is being developed by SENET (as previously announced on August 19, 2019). AGG expects phase 1 and 2 of the drilling campaign to be completed by December 2019, with additional drilling targeted to explore other shear zones in the first quarter 2020.
“We are very happy to have intersected significant mineralization in this southern satellite zone” says Dr. Andreas Rompel, VP Exploration, “and we are very excited to move northwards into the main zone of mineralization where the future pit is planned to be. The higher-grade intersections being above the mean grade of the 2016 Feasibility Study already indicates that we can expect very positive results. The focus on updating the structural integrity of the geological resource model over the past three months using all available drilling and regional geological information gives us an excellent understanding of the main shear zone, and this can be replicated in identifying future drilling targets in the other 26km of currently undrilled shear zones on our concession.”
AGG’s geological project team, Minxcon, manages all aspects of the 2019 drilling program with the cooperation of SENET. AGG’s drilling contractor, AMCO Drilling, is making good progress on metres drilled and has produced very good core recoveries, despite challenging conditions. SGS, AGG’s assay laboratory in Bamako, Mali has been very efficient in its turn-around of results.
As previously stated, the intention of the 2019 drilling program is primarily to target in-fill drilling to reinforce the updated geological resource model, so any improvements above the anticipated intersections is very positive for the outcome of this model. The Company anticipates an updated final resource model to be released in January 2020, more than a month earlier than initially planned.
The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat., FSAIMM, Pr.Sci.Nat. No 400274/04, Vice President Exploration of AGG, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and by Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA, a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions.
About African Gold Group
African Gold Group is a Canadian listed exploration and development company on the TSX Venture Exchange (TSX-V: AGG) with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
For further information please contact:
President and Chief Executive Officer
(416) 861 2267
This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, management’s, the Company’s development and exploration plans for the Kobada project, the timeline for the completion of the definitive feasibility study and the updated resource model, expectations for mineralization and location of extensions at the Kobada gold project, and other statements with respect to the future plans or intentions of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", “aims”, "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.Figure 1 Location of the laid out drillholes in the central part of the Kobada Main Shear Zone. Lines 1, 2 and 3 have been drilled already.Figure 2 Kobada exploration targets.