African Gold Group Confirms Gold Mineralization in Step Out Drilling Results at New Shear Zone on the Kobada Gold Project

Nachrichtenquelle: globenewswire
20.10.2020, 13:00  |  126   |   |   

TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce the initial results of the ongoing 10,000 meter Phase 3 drilling program at the Company`s flagship Kobada Gold Project in Southern Mali. Initial drill hole results successfully confirm the gold mineralization at Gosso shear zone and have delineated approximately 750 m of initial strike length. Drilling activity and preliminary results have been promising and are in line with the goals of the Phase 3 drilling program, potentially increasing the resource through strike length extension drilling and increasing conversion of inferred resources to measured and indicated and subsequently into reserves.

Highlights include:

  • Diamond drilling program at Gosso shear zone shows highly mineralized gold ore body with similar traits to the parallel striking Kobada shear zone (total resource of 2.3 Moz over 4km strike).
  • Confirmed mineralization at the Gosso shear zone reinforces the prospect of multiple mineralized oxide deposits in the nearby vicinity to the planned production plant.
  • 2.56 g/t Au over 8.3 m, including 6.38 g/t Au over 1 m and 10.4 g/t Au over 1.2 m (G20_PH3A_20)
  • 7.19 g/t Au over 1.3 m, and 1.15g/t Au over 12.5 m (G20_PH3C_16).
  • Higher grade gold mineralization confirmed down dip to 100 m and open at depth and along strike.

The Gosso shear zone is located approximately 5 km to the east of the highly prolific Kobada shear zone and extends for a length of at least 5 km. The Gosso target has been previously exposed by historical, artisanal mining. Four holes have been completed and were drilled through the saprolite (soft rock) to intersect the abundant auriferous quartz-veins and to intersect the boundary between the saprolite and sulphides at depth.

The results confirm the interpretation that the shear zone at the Gosso target may be mineralized in a similar fashion to the Kobada shear zone. Grab sample results ranging from 0.5 to 4.6 g/t Au tested in Q1-2020 from the Gosso target (see press release from April 30, 2020) have now been confirmed to host structural mineralization of gold both at surface and at depth. A total of 522 m has been drilled at Gosso so far with a confirmed strike length of the shear zone of approximately 750 m trending in a north-north-easterly direction.

“We are very happy to have confirmed the prolific nature of the Gosso shear, an initial strike length of 750 m, which is just the beginning, and its gold mineralisation on surface as well as at depth,” says Dr. Andreas Rompel, Vice President Exploration. “Furthermore, the presence of saprolite down to more than 100 m in depth confirms the characteristics of the Gosso target may be very similar to the Kobada main shear zone with regard to its potential for mining.”

Figure 1: Kobada and Faraba concessions
https://www.globenewswire.com/NewsRoom/AttachmentNg/38187d64-5f8e-4ae6 ...

Phase 3 Drilling Program

In September 2020, the Company commenced a 10,000 m drill program (Phase 3) designed to both increase the resource through strike length extension drilling and upgrade inferred resources to measured and indicated and subsequently into reserves.

The Company is continuing the drilling program at the Kobada Gold Project with a focus on drilling the extension of the main shear zone and infill drilling to upgrade the 575,000 oz inferred resources in oxides to the indicated and measured resource category with a target to reach 1 Moz in total reserves.

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.

Qualified Person

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.

For more information:

Danny Callow
President and Chief Executive Officer
+(27) 76 411 3803
Danny.Callow@africangoldgroup.com

Scott Eldridge
Non-Executive Chairman of the Board
(604) 722-5381
Scott.Eldridge@africangoldgroup.com

Daniyal Baizak
VP Corporate Development

(647) 835-9617
Daniyal.Baizak@africangoldgroup.com

Cautionary statements

This press release contains “forwardlooking information” within the meaning of applicable Canadian securities legislation. Forwardlooking information includes, but is not limited to, statements regarding, the Company’s Phase 3 drilling program, expectations of increase in resources or reserves at the Kobada Gold Project, projected mineralization of the Gosso shear zone, extension of shear zones and additional targets at Gosso and Faraba. Generally, forwardlooking 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”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.  Forwardlooking 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 AGG to be materially different from those expressed or implied by such forwardlooking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although AGG 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 forwardlooking information. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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 1: Assay results from the mineralized zone

    Mineralized Zone Includes
BHID Ore Body From To Composite Length (m) Composite Grade (g/t) From To Includes (m) Includes (g/t)
G20_PH3A_20 Gosso 18.10 23.30 5.20 1.55 18.10 19.10 1.00 6.38
G20_PH3A_20 Gosso 34.60 37.70 3.10 4.25 36.50 37.70 1.20 10.40
G20_PH3A_23 Gosso 91.00 104.50 13.50 0.50 100.50 102.30 1.80 1.71
G20_PH3A_23 Gosso 115.60 119.70 4.10 0.31        
G20_PH3C_16 Gosso 13.00 16.10 3.10 0.71        
G20_PH3C_16 Gosso 22.10 23.70 1.60 1.74 22.10 23.70 1.60 1.74
G20_PH3C_16 Gosso 39.00 51.50 12.50 1.15 40.00 41.30 1.30 7.19
G20_PH3C_11 Gosso 0.00 2.00 2.00 0.38        
G20_PH3C_11 Gosso 46.30 47.40 1.10 1.64 46.30 47.40 1.10 1.64

Cumulative Mineralization Widths

BHID Cumulative Mineralization Width (m) Mean Grade (g/t)
G20_PH3A_20 8.30 2.56
G20_PH3A_23 17.60 0.45
G20_PH3C_16 17.20 1.12
G20_PH3C_11 3.10 0.83

Significant Intersections (above 1 g/t Au)

BHID From To Intersection Length (m) Au Final (g/t)
G20_PH3A_20 18.10 19.10 1.00 6.38
G20_PH3A_20 36.50 37.70 1.20 10.40
G20_PH3A_23 100.50 102.30 1.80 1.71
G20_PH3C_16 22.10 23.70 1.60 1.74
G20_PH3C_16 40.00 41.30 1.30 7.19
G20_PH3C_11 46.30 47.40 1.10 1.64

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Disclaimer

African Gold Group Confirms Gold Mineralization in Step Out Drilling Results at New Shear Zone on the Kobada Gold Project TORONTO, Oct. 20, 2020 (GLOBE NEWSWIRE) - African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce the initial results of the ongoing 10,000 meter Phase 3 drilling program at the Company`s flagship Kobada Gold Project …

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