- First Hole in Central Portion of Main Shear
TORONTO, Nov. 21, 2019 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is extremely pleased to release the first drill hole from the Central part of the Kobada Main Shear Zone (Figure 1 and Table 1). The very high-grade intersections clearly indicate the considerable upside potential at the project.
- Drill hole KB19_P1_18 returned 11.6 g/t gold over 1.55 metres (m),
- Drill hole KB19_P1_18 returned 5.96 g/t gold over 1.0m.
“We are thrilled that these additional higher-grade results confirm our long-standing view that the Kobada project is higher grade over larger thicknesses,” commented Stan Bharti, Chairman. “We anticipate additional drilling in this area will provide further support for our view.”
“We are very excited to have intersected better than expected grades. This high-grade mineralization in the central zone of the Kobada main shear confirms our belief that the resource is bigger with better thicknesses than suggested in previous studies,” says Dr. Andreas Rompel, VP Exploration. “We are now in a better position to design a very robust open pit in this area.”
This first hole in the central portion of the Main Shear Zone far exceeded expectations and clearly outlines the strong upside potential given the results are materially above the current resource grade. Drilling continues in this zone with several additional holes expected to be completed over the coming weeks. AGG anticipates future results from this area will be equally favourable.
The Phase 1 drilling program is designed to build on the existing mineral resource estimate (released in February 2016) of 1.2 million ounces of gold at 1.1 g/t gold in indicated and 1.0 million ounces of gold at 1.0 g/t gold. Drilling to date shows a very strong correlation to the existing resource, however recent results suggest the grade could increase materially, particularly in the Central Zone. Phase 1 drilling is nearly complete and sites for the planned Phase 2 drilling campaign are currently being prepared.
Table 1: Highlights
|KB19_P1_18||Main Shear South||8.00||57.00||49.00||0.94||44.10||45.65||1.55||11.60|
|KB19_P1_18||Main Shear South||56.00||57.00||1.00||5.96|
To view Figure 1, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/ea944b63-31a1-48df-95f5-1c6cdd8cc3e1
2019 Kobada Drilling Campaign
The first phase of diamond drilling is focused on moving the current resource to a higher confidence level in the Kobada Main Shear Zone, with the Phase 2 drill program designed to increase the total resource. Drilling is ongoing and moving northwards towards the central portion of this shear zone, where results are expected to be equally 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 being developed by SENET (as previously announced on August 19, 2019). AGG expects the Phase 1 and Phase 2 drilling campaigns to be completed by the end of December 2019, with further phases of drilling targeting additional shear zones in the first quarter 2020.
To view Figure 2, please visit the following link: https://www.globenewswire.com/NewsRoom/AttachmentNg/3b35ed7c-210e-4269-ac54-37fefcba1b89
The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat. (400274/04), FSAIMM, 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.
Table 2: Assay results from the southern main mineralized zone (reported length measured along the holes):
|KB19_P1_18||Main Shear South||8.00||57.00||49.00||0.94||12.60||14.00||1.40||1.22|
|KB19_P1_18||Main Shear South||15.89||21.60||5.71||2.11|
|KB19_P1_18||Main Shear South||24.00||25.00||1.00||1.41|
|KB19_P1_18||Main Shear South||44.10||45.65||1.55||11.60|
|KB19_P1_18||Main Shear South||56.00||57.00||1.00||5.96|
Cumulative Mineralization Widths
|BHID||Cumulative Mineralisation Width (m)||Mean Grade (g/t)|
Significant Intersections (Above 1 g/t)
|BHID||From||To||Intersection Length (m)||Au_Final (g/t)|