Abzu Continues to Intersect Mineralized Gold Zones at
Highlights include 112 metres at 0.68 g/t gold including 27.00
metres grading 1.27 g/t gold
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2012) - Abzu
Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF)("Abzu") announced today
results from an additional ten (10) drill holes at its Nangodi Gold
Property in Ghana. Results continue to confirm the presence of
significant gold mineralization along the 1,200 metres of the
Nangodi system tested to date. The system remains open in all
directions. The next phase of drilling at Nangodi is scheduled for
Results are highlighted by hole NGDD-23 which returned 112 metres
grading 0.68 g/t gold (from 44.0 metres to 156.0 metres) including
11.0 metres @ 1.92 g/t gold (between 77.0 and 88.0 metres) and 27
metres @ 1.26 g/t gold (between 44.0 and 71.0 metres).
Abzu's President, Dr. Paul Klipfel stated, "These results confirm
that our exploration at Nangodi is testing a significant shear
related gold system with many similarities to other multimillion
ounce deposits throughout West Africa. The Nangodi system remains
open at depth and beyond its currently defined 1.2 kilometre strike
length offering significant exploration potential."
The results from Abzu's first phase of drilling at Nangodi have
outlined multiple parallel zones of gold mineralization including a
5 to 10 metre wide higher grade zone within broad areas of gold
mineralization consistent with targets that have potential for bulk
gold mining. Gold mineralization occurs in a broad,
steeply-northeast-dipping zone with multiple parallel subzones
which extend at least 600 metres northeast and 550 metres southwest
from the historic Nangodi mine. The host shear zone extends over
100 km and is traceable locally in outcrop and by artisanal
workings for over 4,000 metres.
Red Back Option Agreement
Abzu Gold has the right to earn 51% of Red Back's holding in all 10
concessions, including Nangodi, by incurring exploration
expenditure of a total of US$3,000,000 ($500,000 in year 1,
$1,000,000 in year 2, and $1,500,000 in year 3). The government of
Ghana retains a 10% interest in all concessions as per mining
legislation of Ghana. Once the US$3,000,000 option expenditures
have been incurred, Abzu and Red Back will form a joint venture
which Abzu will manage and to which both companies will contribute
proportionately to their interest.
To view "Figure 1. Map of the Nangodi Main project area showing the
interpreted extent of mineralization and location of Abzu's current
drill holes," please visit the following link: http://media3.marketwire.com/docs/ABZU209.jpg
Qualified Person and Quality Control/Quality Assurance
Professional geologist (AIPG cert. # 10821) Dr. Paul Klipfel,
President and a Qualified Person as defined by National Instrument
43-101, has designed, planned, and supervised the drilling and work
program at Nangodi and is responsible for all aspects of the work,
including the quality control/quality assurance program. Samples
are collected systematically and in a consistent manner. All
Nangodi samples from diamond drill core are sawed and half-core
samples bagged, closed and sealed at the company's core facility.
RC samples are collected at the drill rig by a geologist who is a
Qualified Person or is under the supervision of a Qualified Person.
Samples are then transported to the company's facility in
Bolgatanga where they are split for an approximate 2 kg sample. All
samples are kept secure until delivered to the ALS laboratory in
Kumasi, Ghana for gold fire assay.
ALS Chemex's quality system complies with the requirements for the
International Standards ISO 9001:2000 and ISO 17025: 1999.
Analytical accuracy and precision are monitored by inclusion of
field duplicates (1:50) and reference standards (1:20) into the
sample stream. In addition, ALS performs regular duplicate analyses
according to their own protocols for Quality Assurance and Quality
Dr. Klipfel has a PhD in economic geology and more than 33 years of
relevant experience as a mineral exploration geologist. He is a
Certified Professional Geologist [CPG 10821] by the American
Institute of Professional Geologists. Dr. Klipfel is not
independent of the Company as he is an officer and shareholder. Dr.
Klipfel has supervised the drill program, examined the mineralized
intercepts reported here-in, reviewed the QAQC data from the
project and approved the content of this release.
Mr. Georgi Magaranov, a consulting economic geologist employed by
ET Geoart, is a Qualified Person as defined by National Instrument
43-101, has been jointly responsible with Dr. Klipfel for design
and supervision onsite of the work program, including the QAQC
program. Mr. Magaranov has over 17 years of exploration experience
working for AngloAmerican plc, Rio Tinto Exploration, and other
companies in a range of geographic locations in Africa, Asia,
Europe, and South America for gold, copper and other types of
About Abzu Gold Ltd.
Abzu is a gold exploration and development company working in
Ghana, Africa's 2nd largest gold producer and host to some of the
world's largest gold deposits. Ghana has strong land title laws and
is one of the world's most mining-friendly jurisdictions. Abzu has
invested several years developing local and national relationships,
key to its strategic land position on over 1,100 square kilometres
of highly sought after and productive gold belts.
On behalf of the board of directors of ABZU GOLD LTD.
Allan Serwa, Chief Executive Officer