TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce updated results from its Phase 4 in-fill drilling campaign targeting conversion of Inferred oxides into Measured and Indicated Resources. Most recent drilling results continue to show extensions of the oxide orebody at depth, far deeper than expected with numerous high-grade gold intersections. Ongoing drilling continues to test strike, depth and plunge extensions of the mineralized system.
Drilling highlights include (Table 1):
Andy Rompel, Vice President Exploration of African Gold Group commented:
“I am very pleased to report that these drill results have exceeded our expectations and the saprolite zone of the oxidised resource is larger than anticipated. We have drilled soft mineralised lithologies at unexpected depth and can push the boundary between soft and hard rock further down. This will consequently add volume to our already known resource. We will continue to pursue this occurrence further northwards where we intend to confirm the mineralisation along the Kobada shear and its northern extension. We see great potential along this and our neighbouring shear zone along the Gosso target, which has only recently been proven auriferous on surface as well as at depth.”
Overview of drilling programme
Drill rigs have been operating since early September 2020, and despite heavy rains, the Company has made very good progress in its exploration drilling programme. To date, 3,051 m have been drilled, of which 1,690 m were Reverse Circulation drilling (RC) and 1,361 m were Diamond drilling (DD). The assay results from the infill drilling campaign on the Kobada Main shear zone have confirmed that to date, large portions of the geological model and the anticipated grade of the Inferred oxide Mineral Resource correlate positively with the 1.34 g/t mean grade currently used in the existing Inferred Resource estimate. In addition, the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies has been repeatedly intersected at deeper levels than anticipated. These results are conducive to adding more volume at depth to the Inferred Mineral Resource in the oxides.
The campaign to upgrade a portion of the Inferred oxide Mineral Resources is part of a three-phase drilling campaign. The objective of the drilling campaign is to upgrade the Inferred oxide resource to a higher confidence category, test the northern extension of the Kobada shear beyond the last known occurrence in the northern parts of the Kobada concession and the initial drill-testing of the neighbouring Gosso shear zone (see press release dated October 20, 2020). It comprises an initial 6,720 m at a split of 70% RC holes (4,704 m) and 30% DD holes (2,016 m).
Figure 1: Plan view of drilling campaign at Kobada. Solid lines represent holes drilled to date: https://www.globenewswire.com/NewsRoom/AttachmentNg/33adf2e1-7c09-4aa7-a755-d1119bc36bcd
Figure 2: Drill hole KB20_PH4A_11, confirming mineralisation close to surface and an additional newly discovered mineralised zone: https://www.globenewswire.com/NewsRoom/AttachmentNg/31d08b93-2db8-4dda-89c1-960816b819fc
About African Gold Group
African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 DFS and is targeting gold production of 100,000 oz per annum by Q2 2022. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
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:
President and Chief Executive Officer
+(27) 76 411 3803
Non-Executive Chairman of the Board
VP Corporate Development
Camarco (Financial PR)
+44 (0) 20 3757 4997
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking 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, timeline for delivery of future mineral resource estimates and extensions of orebody depth and length . 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”, “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”. 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 AGG to be materially different from those expressed or implied by such forward-looking 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 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.
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Table 1: Assay results from the mineralized zone
|KB20_PH4A_10||Kobada Main Shear||33.00||42.00||9.00||1.39||33.00||34.00||1.00||1.78|
Cumulative Mineralization Widths
Significant Intersections (above 1 g/t Au)