Abzu Gold Extends Nangodi Main Gold System to 1,200 Metres: Announces Results from Latest 12 Drill Holes
December 01 2011 - 7:00AM
Marketwired Canada
Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF) ("Abzu") is pleased to announce
the latest results from all or parts of twelve (12) drill holes at its Nangodi
Property in Ghana where a twenty seven (27) hole initial drill program has
recently been completed. Results confirm the presence of a significant gold
bearing shear system hosting multiple zones of gold mineralization over a strike
distance of at least 1,200 metres. Intercept highlights include 44.5 metres @
1.99 g/t gold (45 metres to 89.5 meters hole NGDD_003) and 69.5 metres @ 0.41
g/t gold (70.5 metres to 140 metres, hole NGRD_005). Results confirm the
continuity of the gold mineralization between historic drill holes and expand on
the initial promising results reported by Abzu (see NR_11_13; November 10, 2011)
from Nangodi. Abzu awaits additional results from remaining drill holes.
Abzu's President, Dr. Paul Klipfel, stated, "With gold mineralized intercepts
now spanning over 1,200 metres, and the system remaining open in all directions,
the scale of the Nangodi gold system is becoming clear as is the scale of the
opportunity for Abzu. We are already developing plans for an aggressive phase 2
drill program while we await additional encouragement from the balance of the
outstanding holes at Nangodi."
With these new results Abzu has extended the Nangodi gold system for up to 630
metres northeast of the historic shaft (NGRD_011, 16 metres @ 1.61 g/t gold) and
400 metres to the southeast (NGRD_19 pre-collar, 7 metres @ 0.74 g/t gold).
Surface outcrop and galamsey workings indicate that gold mineralization within
this major shear system may extend for over 4,000 metres providing Abzu with the
potential to significantly expand on the resource potential at Nangodi.
The Nangodi Main gold system centers on a historic gold mine and is only one of
several targets on the large, 142 km2, Nangodi concession (Figure 1). Nangodi is
one of ten concessions currently under option agreement with Red Back Mining
Ghana Ltd., a wholly owned subsidiary of Kinross Gold Corp. and the first to be
drill tested by Abzu.
Mineralization at Nangodi Main consists of gold in quartz-carbonate +/-
arsenopyrite +/- tourmaline stockwork and veins associated with numerous 3 - 10
metre wide carbonaceous shear zones within and adjacent to quartz porphyry rock.
These mineralized shears are part of an extensive regional shear zone with
strike length in excess of 100 kilometres (Figure 2). Gold-bearing intercepts
are accompanied by carbonate, sericite, and chlorite alteration. This style of
mineralization is similar to other shear zone-hosted gold deposits throughout
Ghana, particularly those along the western margin of the Ashanti Belt.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/abs-1201-fig-1.pdf.
Table 1
Highlights of Drill Holes
----------------------------------------------------------------------------
Hole Number
(portion of hole currently From To Interval Grade
available) (m) (m) (m)(i) (g/t Au)
----------------------------------------------------------------------------
NGDD_001(ii)
----------------------------------------------------------------------------
0 20 20 0.46
----------------------------------------------------------------------------
33 54.7 21.7 0.56
----------------------------------------------------------------------------
75 119 44 1.91
----------------------------------------------------------------------------
includes 104 119 15 4.75
----------------------------------------------------------------------------
NGRD_001A
----------------------------------------------------------------------------
5 15 10 0.37
----------------------------------------------------------------------------
34 107 73 1.15
----------------------------------------------------------------------------
Includes 44 48 4 7.9
----------------------------------------------------------------------------
96.3 107 10.7 3.06
----------------------------------------------------------------------------
NGRD_002
----------------------------------------------------------------------------
12 16 4 0.94
----------------------------------------------------------------------------
48 51 3 1.24
----------------------------------------------------------------------------
NGDD_003
----------------------------------------------------------------------------
45 89.5 44.5 1.99
----------------------------------------------------------------------------
includes 47 78.5 33.5 2.39
----------------------------------------------------------------------------
NGDD_004
----------------------------------------------------------------------------
48.5 72.5 24 2.25
----------------------------------------------------------------------------
includes 53.9 68.5 14.6 3.32
----------------------------------------------------------------------------
77.5 100.5 23 0.32
----------------------------------------------------------------------------
NGRD_005
----------------------------------------------------------------------------
38 40 2 0.67
----------------------------------------------------------------------------
70.5 140 69.5 0.41
----------------------------------------------------------------------------
includes 109 114 5 2.55
----------------------------------------------------------------------------
109 131 22 0.94
----------------------------------------------------------------------------
NGRC_006
RC only to 50m
----------------------------------------------------------------------------
0 22 22 0.82
----------------------------------------------------------------------------
includes 10 12 2 2.04
----------------------------------------------------------------------------
includes 16 19 3 1.93
----------------------------------------------------------------------------
41 46 5 1.22
----------------------------------------------------------------------------
NGRD_007
----------------------------------------------------------------------------
7 17 10 0.39
----------------------------------------------------------------------------
50.5 56 5.5 0.46
----------------------------------------------------------------------------
125 127 2 0.32
----------------------------------------------------------------------------
NGRD_008
RC only to 50m
----------------------------------------------------------------------------
6 11 5 0.48
----------------------------------------------------------------------------
NGRD_009
----------------------------------------------------------------------------
1 20 19 0.40
----------------------------------------------------------------------------
includes 16 19 3 1.38
----------------------------------------------------------------------------
NGRD_011
RC only to 51
----------------------------------------------------------------------------
28 44 16 1.61
----------------------------------------------------------------------------
includes 37 42 5 2.28
----------------------------------------------------------------------------
54 56 2 0.93
----------------------------------------------------------------------------
NGRD_012
----------------------------------------------------------------------------
100 166 66 1.53
----------------------------------------------------------------------------
includes 100 115 15 4.65
----------------------------------------------------------------------------
105 108 3 17.93
----------------------------------------------------------------------------
106 107 1 41.6
----------------------------------------------------------------------------
119 131 12 1.0
----------------------------------------------------------------------------
157 160 3 1.23
----------------------------------------------------------------------------
NGRD_015
----------------------------------------------------------------------------
70 134 64 0.64
----------------------------------------------------------------------------
includes 80 90 10 2.39
----------------------------------------------------------------------------
includes 75 90 15 1.72
----------------------------------------------------------------------------
NGRC_016
RC only to 50m
----------------------------------------------------------------------------
28 34 6 0.57
----------------------------------------------------------------------------
NGRD_017 partial results only
----------------------------------------------------------------------------
79.8 83.8 4 0.71
----------------------------------------------------------------------------
NGRD_018
----------------------------------------------------------------------------
59 60.9 1.9 0.38
----------------------------------------------------------------------------
85 89 4 0.25
----------------------------------------------------------------------------
120 140 20 0.4
----------------------------------------------------------------------------
includes 120.8 123 2.2 1.46
----------------------------------------------------------------------------
148 150.2(iii) 2.2 0.59
----------------------------------------------------------------------------
NGRC_019
RC only to 46m
----------------------------------------------------------------------------
31 38 7 0.74
----------------------------------------------------------------------------
includes 32 35 3 1.20
----------------------------------------------------------------------------
(i) Insufficient drilling has been completed to estimate true thickness at
this zone.
(ii) Italics in light blue and light yellow highlight indicates previously
reported results.
(iii) Hole NGRD_018 ended in mineralization.
The Nangodi Main and other targets within the Nangodi and Yameriga concessions
align along a major shear zone identified by past explorers. The Youga Mine just
across the border in Burkina Faso, lies along this shear zone (Figure 2).
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/abs-1201-fig-2.pdf.
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.
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 sufficiently 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
Control.
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 mineral deposits.
About Abzu Gold Ltd. - www.abzugold.com
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
This news release contains certain forward-looking statements, and such
statements involve risks and uncertainties. The results or events predicted may
differ materially from actual results or events. Any forward-looking statement
speaks only as of the date of this news release. Except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, whether as a result of new information,
future events or results, or any other occurrence.
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