African Gold Group Announces Drill Program at Kobada and Madougou
May 02 2018 - 06:30AM
African Gold Group Inc. (TSX-V:AGG) (“
AGG” or the
“
Company”) is pleased to announce plans for an
exploration drill program at both the Kobada gold project located
in Mali (the “
Kobada Project”) and the Madougou
gold project located in Burkino Faso (the “
Madougou
Project”).
Kobada Project
The Board has approved a 10-hole, 1,120 meter
diamond and reverse circulation drill program for the Kobada
Project.
As reported in the feasibility study undertaken
on the Kobada Project in February 2016 (the “Feasibility
Study”), the project currently has a National Instrument
43-101 compliant Measured and Indicated Mineral Resource estimated
at 35.4 million tonnes at an average grade of 1.1 g/t Au,
containing 1.215 million ounces, as well as an Inferred Mineral
Resource of 32.8 million tonnes at an average grade of 1.0 g/t Au,
containing a further 1.024 million ounces. (See press release of
the Company dated February 3, 2016).
The purpose of the drill program is to provide
additional geological information on the project and to increase
confidence in the geological controls on mineralization, as well as
to target additional down dip mineral resources. The drill
program will be designed and managed by Minxcon (Pty) Ltd and
on-site mobilization is anticipated to take place by mid-May.
The Company is concurrently undertaking a
re-evaluation of the Feasibility Study, as well as evaluating a
third-party engineering appointment, further details of which will
be provided in due course.
Madougou Project
The Board has also approved a 10-hole, 1,000
meter diamond drill program for the Company’s Madougou Project.
The Madougou Project is an early stage project
under option by AGG, and the purpose of the drill program, which
will cover the Nazala and Dagabenen project areas, is to provide
additional geological information on the project which will
ultimately contribute to targeting a mineral resource estimate for
the Madougou Project.
The drill program will be designed and managed
by Minxcon (Pty) Ltd and on-site mobilization is anticipated to
take place by mid-May.
Mr. Campbell, President & COO, commented,
“We believe that both the Kobada and Madougou projects hold
enormous potential to create significant value for the
Company. I am extremely excited to have joined AGG at this
early stage, and to have the opportunity to drive the development
strategies for both projects. We look forward to seeing
positive results from the work to come.”
African Gold Group Inc.
African Gold Group is a Canadian exploration and
development company with its focus on West Africa. African Gold
Group is focused on the development of the Kobada Gold Project in
Mali, a low capital and operating cost gold project with potential
to produce more than 50,000 ounces of gold per annum, and the early
stage Madougou Gold Project in Burkino Faso. For more information
regarding African Gold Group visit our website at
www.africangoldgroup.com.
For further information, contact:
Stephan Theron+1 (416) 861
5904stheron@africangoldgroup.com
Website: www.africangoldgroup.com
Cautionary Notes
This news release may contain forward-looking
statements. These statements include statements regarding future
plans and objectives of African Gold Group; the Kobada and Madougou
Projects; the potential exploration results at the Company’s
projects; and statements regarding the ability to develop and
achieve production at the Kobada and Madougou Projects. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties. Actual results could differ
materially because of factors discussed in the management
discussion and analysis section of our interim and most recent
annual financial statements or other reports and filings with the
TSX Venture Exchange and applicable Canadian securities
regulations. We do not assume any obligation to update any
forward-looking statements, except as required by applicable
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.
African Gold (TSXV:AGG)
Historical Stock Chart
From Feb 2024 to Mar 2024
African Gold (TSXV:AGG)
Historical Stock Chart
From Mar 2023 to Mar 2024