African Gold Group, Inc. (TSX-V: AGG) (“
AGG” or
the “
Company”) is pleased to report the highest
grade intersection to date at its Kobada Gold Project (Figure 1).
Highlights Include (Table
1):
- Highest grade intersection at the Kobada Gold Project
to date
- Phase 2 confirms mineralization extends to the north
and south, beyond what was previously known
- Drill hole KB19_P2_04 returned 13.27g/t Au over 9.6
metres (m), including 124.85g/t Au over 1m (Figure 2)
- Drill hole KB19_P2_06 returned 3.98g/t Au over 2.5m,
1.89g/t Au over 2.6m and 2.49g/t Au over 2m
- Drill hole KB19_P2_02 returned 4.15g/t Au over
1m
Building on the successful Phase 1 campaign, the
first results from Phase 2, returned significant intersections,
extending the mineralization to the north and south. Phase 2 is
currently approximately 80% complete and is progressing northwards
(Figure 3) from the central zone and aims to expand the overall
mineral resource at the Kobada Gold Project.
“We are extremely happy with these
high-grade intersections in the immediate northern and southern
extensions of our highly prolific Kobada Shear Zone,” says Dr.
Andreas Rompel, Vice President Exploration. “Furthermore, it
confirms the mineralization in the shear zones beyond what was
previously known, which gives rise to expectations to a much larger
mineralized shear zone system on our concessions.”
The outstanding results to date confirm
management’s belief that the resource at the Kobada Gold Project is
larger and of greater thicknesses than suggested in the 2016
Feasibility Study, and clearly highlights the strong upside
potential given the results are materially above the current
resource grade.
The Phase 2 drilling campaign is progressing
towards the north and aims to extend the resource northward.
Continuing mineralization to the north of central zone further
supports our view that the Kobada Gold Project is larger than
previously suggested.
The Company initially planned to issue an
updated mineral resource statement based on the Phase 1 drilling
program in early February, with the subsequent update based on the
Phase 2 drilling results. Due to the quick turn-around time from
the assay labs in Bamako, Mali and accelerated drilling schedule by
our drilling contractor AMCO, the Company decided to issue an
updated mineral resource statement based on results from both our
Phase 1 and Phase 2 drilling program. With the Phase 2 drilling
program approximately 80% complete, management anticipates issuing
an updated mineral resource statement in approximately five to six
weeks.
Table 1: Highlights
|
|
Mineralized Zone |
Includes |
BHID |
Ore Body |
From |
To |
Composite Length (m) |
Composite Grade (g/t) |
From |
To |
Includes (m) |
Includes (g/t) |
KB19_P2_02 |
Main Shear South |
1.00 |
13.50 |
12.50 |
0.82 |
12.00 |
13.50 |
1.50 |
4.15 |
KB19_P2_04 |
Main Shear South |
117.00 |
138.00 |
21.00 |
6.14 |
135.00 |
136.00 |
1.00 |
124.85 |
KB19_P2_06 |
Main Shear South |
68.00 |
70.00 |
2.00 |
2.49 |
|
|
|
|
|
|
88.60 |
91.10 |
2.50 |
3.98 |
|
|
|
|
|
|
93.50 |
96.00 |
2.50 |
1.63 |
|
|
|
|
|
|
103.40 |
106.00 |
2.60 |
1.89 |
|
|
|
|
Figure 1: Kobada exploration
targets is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/00fbeb3a-42a8-412e-af8d-5d9aabf63a74
Figure 2: Section showing the drill
hole KB19_P2_04 (blue) intersecting the
mineralized Kobada Shear Zone (orange and red) is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/410666a0-860e-44e8-92b9-06fb6c2d7aa9
Figure 3: Drill hole locations
and section lines in the central part of the Kobada Main Shear
Zone is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/19f90708-8502-4a99-ae32-3a420f6ef794
Qualified Persons
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:
Stan BhartiPresident and Chief Executive
Officer(416) 861 2267
Forward-Looking Statements
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 Gold Project, expectation of grade and
resources at the Kobada Gold Project, the rate of drilling during
the Phase 2 drilling program at the Kobada Gold Project,
expectation of drill results at the Kobada Gold Project, the
timeline for the completion of the Phase 2 drilling program, the
definitive feasibility study, the mineral resource statement and
the updated resource model, expectations for mineralization and
location of extensions at the Kobada Gold Project and expected
mining methods 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 main
mineralized zone (reported length measured along the
holes)
|
|
Mineralized Zone |
Includes |
BHID |
Ore Body |
From |
To |
Composite Length (m) |
Composite Grade (g/t) |
From |
To |
Includes (m) |
Includes (g/t) |
KB19_P2_02 |
Main Shear South |
1.00 |
13.50 |
12.50 |
0.82 |
12.00 |
13.50 |
1.50 |
4.15 |
|
|
24.70 |
34.00 |
9.30 |
0.18 |
|
|
|
|
KB19_P2_01 |
Main Shear South |
4.50 |
65.00 |
60.50 |
0.40 |
20.50 |
21.50 |
1.00 |
3.28 |
|
|
|
|
|
|
30.50 |
33.00 |
2.50 |
1.09 |
|
|
|
|
|
|
40.00 |
42.00 |
2.00 |
1.69 |
|
|
|
|
|
|
48.00 |
49.00 |
1.00 |
1.71 |
|
|
|
|
|
|
57.00 |
59.00 |
2.00 |
1.22 |
KB19_P2_05 |
Main Shear South |
0.00 |
5.90 |
5.90 |
0.16 |
|
|
|
|
|
|
48.00 |
50.00 |
2.00 |
0.20 |
|
|
|
|
|
|
98.00 |
100.30 |
2.30 |
1.33 |
98.00 |
99.20 |
1.20 |
2.40 |
KB19_P2_04 |
Main Shear South |
5.00 |
17.00 |
12.00 |
0.43 |
13.00 |
14.00 |
1.00 |
3.00 |
|
|
21.00 |
23.00 |
2.00 |
0.27 |
|
|
|
|
|
|
56.00 |
57.00 |
1.00 |
0.64 |
|
|
|
|
|
|
84.00 |
97.00 |
13.00 |
0.46 |
84.00 |
85.00 |
1.00 |
3.37 |
|
|
|
|
|
|
88.00 |
89.00 |
1.00 |
1.18 |
|
|
117.00 |
138.00 |
21.00 |
6.14 |
135.00 |
136.00 |
1.00 |
124.85 |
|
|
|
|
|
|
136.00 |
137.00 |
1.00 |
1.24 |
|
|
143.00 |
147.00 |
4.00 |
0.17 |
|
|
|
|
|
|
158.00 |
160.00 |
2.00 |
0.30 |
|
|
|
|
KB19_P2_06 |
Main Shear South |
32.30 |
34.00 |
1.70 |
0.56 |
|
|
|
|
|
|
42.40 |
44.20 |
1.80 |
0.95 |
|
|
|
|
|
|
50.50 |
124.50 |
74.00 |
0.63 |
62.40 |
63.30 |
0.90 |
1.19 |
|
|
|
|
|
|
68.00 |
70.00 |
2.00 |
2.49 |
|
|
|
|
|
|
88.60 |
91.10 |
2.50 |
3.98 |
|
|
|
|
|
|
93.50 |
96.00 |
2.50 |
1.63 |
|
|
|
|
|
|
97.00 |
99.00 |
2.00 |
1.31 |
|
|
|
|
|
|
101.00 |
102.40 |
1.40 |
1.01 |
|
|
|
|
|
|
103.40 |
106.00 |
2.60 |
1.89 |
|
|
140.30 |
141.50 |
1.20 |
0.81 |
|
|
|
|
|
|
164.00 |
166.20 |
2.20 |
0.37 |
|
|
|
|
|
|
172.20 |
179.80 |
7.60 |
0.26 |
|
|
|
|
|
|
187.80 |
207.00 |
19.20 |
0.12 |
|
|
|
|
Cumulative Mineralization
Widths
BHID |
Cumulative Mineralization Width (m) |
Mean Grade (g/t) |
KB19_P2_02 |
21.80 |
0.55 |
KB19_P2_01 |
60.50 |
0.40 |
KB19_P2_05 |
10.20 |
0.43 |
KB19_P2_04 |
55.00 |
2.59 |
KB19_P2_06 |
107.70 |
0.51 |
Significant Intersections (Above 1
g/t)
BHID |
From |
To |
Intersection Length (m) |
Au Grade (g/t) |
KB19_P2_02 |
12.00 |
13.50 |
1.50 |
4.15 |
KB19_P2_01 |
20.50 |
21.50 |
1.00 |
3.28 |
|
30.50 |
33.00 |
2.50 |
1.09 |
|
40.00 |
42.00 |
2.00 |
1.69 |
|
48.00 |
49.00 |
1.00 |
1.71 |
|
57.00 |
59.00 |
2.00 |
1.22 |
KB19_P2_05 |
98.00 |
99.20 |
1.20 |
2.40 |
KB19_P2_04 |
13.00 |
14.00 |
1.00 |
3.00 |
|
84.00 |
85.00 |
1.00 |
3.37 |
|
88.00 |
89.00 |
1.00 |
1.18 |
|
135.00 |
136.00 |
1.00 |
124.85 |
|
136.00 |
137.00 |
1.00 |
1.24 |
KB19_P2_06 |
62.40 |
63.30 |
0.90 |
1.19 |
|
68.00 |
70.00 |
2.00 |
2.49 |
|
88.60 |
91.10 |
2.50 |
3.98 |
|
93.50 |
96.00 |
2.50 |
1.63 |
|
97.00 |
99.00 |
2.00 |
1.31 |
|
101.00 |
102.40 |
1.40 |
1.01 |
|
103.40 |
106.00 |
2.60 |
1.89 |
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