African Gold Group, Inc. (TSX-V: AGG) (“
AGG” or
the “
Company”) is pleased to announce that it has
completed the first three lines of drilling and has encountered
significant intersections at its drilling program at the Kobada
gold project.
The drilling program, designed to build on the
existing mineral resource estimate released in February 2016 (the
“2016 Feasibility Study”), is laid out to
systematically drill the existing mineralized zone from its
southern extension through the main Kobada shear zone (lines 7 to
12) and then test its northern extension (Figure 1). The drilling
for the southern satellite zone in lines 1, 2 and 3 has intersected
significant mineralization at the expected depth and thereby
confirming the structural mineralization model. The presence of
better than expected mineralization in the southern zone,
particularly at shallow depths, indicates the potential for
additional extensions to the south of the known orebody.
To view Figure 1, please visit the following
link: https://www.globenewswire.com/NewsRoom/AttachmentNg/36a22387-3fda-42a1-ba1e-3392d5ddfde8
Highlights include:
In the satellite mineralized
zone (reported length measured along the holes):
Mineralization Zones
|
Mineralised Zone |
Includes |
BHID |
From |
To |
Composite Length (m) |
Composite Grade (g/t) |
From |
To |
Includes (m) |
Includes (g/t) |
KB19_P1_02 |
46.60 |
51.00 |
4.40 |
0.42 |
|
|
|
|
KB19_P1_02 |
56.00 |
57.00 |
1.00 |
0.36 |
|
|
|
|
KB19_P1_02 |
63.00 |
65.00 |
2.00 |
2.04 |
|
|
|
|
KB19_P1_02 |
67.00 |
69.00 |
2.00 |
0.60 |
|
|
|
|
KB19_P1_02 |
90.00 |
92.00 |
2.00 |
0.78 |
|
|
|
|
KB19_P1_02 |
149.00 |
150.00 |
1.00 |
2.00 |
|
|
|
|
KB19_P1_03 |
5.00 |
6.00 |
1.00 |
0.56 |
|
|
|
|
KB19_P1_03 |
20.00 |
24.90 |
4.90 |
1.65 |
21.00 |
23.50 |
2.50 |
3.09 |
KB19_P1_03 |
71.00 |
95.60 |
24.60 |
0.33 |
82.00 |
84.60 |
2.60 |
1.91 |
KB19_P1_03 |
104.00 |
123.00 |
19.00 |
0.34 |
115.35 |
118.00 |
2.65 |
1.54 |
KB19_P1_03 |
135.00 |
137.00 |
2.00 |
0.34 |
|
|
|
|
KB19_P1_03 |
161.00 |
163.00 |
2.00 |
0.53 |
161.00 |
162.00 |
1.00 |
0.92 |
KB19_P1_04 |
24.00 |
29.00 |
5.00 |
0.37 |
25.00 |
27.00 |
2.00 |
0.55 |
KB19_P1_04 |
83.00 |
90.00 |
7.00 |
0.49 |
85.00 |
87.00 |
2.00 |
1.44 |
KB19_P1_04 |
163.50 |
167.50 |
4.00 |
0.27 |
163.50 |
164.50 |
1.00 |
0.46 |
Cumulative Mineralization
Widths
|
Cumulative Mineralisation Width (m) |
Average Grade (g/t) |
KB19_P1_02 |
12.4 |
0.89 |
KB19_P1_03 |
53.5 |
0.47 |
KB19_P1_04 |
16 |
0.40 |
Significant Intersections (Above 1
g/t)
BHID |
From |
To |
Intersection Length (m) |
Au_Final (g/t) |
KB19_P1_02 |
63 |
64 |
1.00 |
1.87 |
KB19_P1_02 |
64 |
65 |
1.00 |
2.20 |
KB19_P1_02 |
149 |
150 |
1.00 |
2.00 |
KB19_P1_03 |
21 |
23.5 |
2.50 |
3.09 |
KB19_P1_03 |
82 |
83 |
1.00 |
1.55 |
KB19_P1_03 |
83 |
84.6 |
1.60 |
2.13 |
KB19_P1_03 |
115.35 |
116.15 |
0.80 |
1.46 |
KB19_P1_03 |
116.15 |
118 |
1.85 |
1.57 |
KB19_P1_04 |
85 |
86 |
1.00 |
1.94 |
The latest results show good correlation to the
existing 2016 Feasibility Study, and in two of the three holes
analysed to date, better intersections in the upper parts of the
orebody.
To view Figure 2, please visit the following
link: https://www.globenewswire.com/NewsRoom/AttachmentNg/fd56def7-4afd-4d65-a669-4dc89be21533
2019 Kobada Drilling
Campaign
This diamond drilling program focusses largely
on the Kobada Main Shear Zone where the potential to move our
current resource to a higher confidence and increase the total
resource appears most favourable. The information provided here by
the infill and resource drilling represents the southern extension
of the Kobada Main Shear where drilling commenced. Drilling
is ongoing and moving northwards towards the thickest portion of
this shear zone, where drilling results are expected to be even
more favourable.
This program will assist in refining the
structural geology and mineralization model that is being
established by Minxcon in conjunction with the definitive
feasibility study, which is being developed by SENET (as previously
announced on August 19, 2019). AGG expects phase 1 and 2 of the
drilling campaign to be completed by December 2019, with additional
drilling targeted to explore other shear zones in the first quarter
2020.
“We are very happy to have intersected
significant mineralization in this southern satellite zone” says
Dr. Andreas Rompel, VP Exploration, “and we are very excited to
move northwards into the main zone of mineralization where the
future pit is planned to be. The higher-grade intersections being
above the mean grade of the 2016 Feasibility Study already
indicates that we can expect very positive results. The focus on
updating the structural integrity of the geological resource model
over the past three months using all available drilling and
regional geological information gives us an excellent understanding
of the main shear zone, and this can be replicated in identifying
future drilling targets in the other 26km of currently undrilled
shear zones on our concession.”
AGG’s geological project team, Minxcon, manages
all aspects of the 2019 drilling program with the cooperation of
SENET. AGG’s drilling contractor, AMCO Drilling, is making good
progress on metres drilled and has produced very good core
recoveries, despite challenging conditions. SGS, AGG’s assay
laboratory in Bamako, Mali has been very efficient in its
turn-around of results.
As previously stated, the intention of the 2019
drilling program is primarily to target in-fill drilling to
reinforce the updated geological resource model, so any
improvements above the anticipated intersections is very positive
for the outcome of this model. The Company anticipates an updated
final resource model to be released in January 2020, more than a
month earlier than initially planned.
Qualified Persons
The scientific and technical information
contained in this press release has been reviewed, prepared and
approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat., FSAIMM,
Pr.Sci.Nat. No 400274/04, 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.
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.
For further information please
contact:
Stan BhartiPresident and Chief Executive
Officer(416) 861 2267
Forward-Looking Statements
This press release contains "forward looking
information" within the meaning of applicable Canadian securities
legislation. Forward looking information includes, but is not
limited to, management’s, the Company’s development and exploration
plans for the Kobada project, the timeline for the completion of
the definitive feasibility study and the updated resource model,
expectations for mineralization and location of extensions at the
Kobada gold project, and other statements with respect to the
future plans or intentions of the Company. 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", “aims”,
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state 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 the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; the actual results of exploration activities;
regulatory risks; risks inherent in foreign operations; 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.
NEITHER THE 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.
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