African Gold Group Reports Highest Grade Intersection to Date as Mineralization Extends to the North; 13.27 g/t Gold Over 9.6 Metres
TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to report the highest grade intersection to date at its Kobada Gold Project (Figure 1).
Highlights Include (Table 1):
- Highest grade intersection at the Kobada Gold Project to date
- Phase 2 confirms mineralization extends to the north and south, beyond what was previously known
- Drill hole KB19_P2_04 returned 13.27g/t Au over 9.6 metres (m), including 124.85g/t Au over 1m (Figure 2)
- Drill hole KB19_P2_06 returned 3.98g/t Au over 2.5m, 1.89g/t Au over 2.6m and 2.49g/t Au over 2m
- Drill hole KB19_P2_02 returned 4.15g/t Au over 1m
Building on the successful Phase 1 campaign, the first results from Phase 2, returned significant intersections, extending the mineralization to the north and south. Phase 2 is currently approximately 80% complete and is progressing northwards (Figure 3) from the central zone and aims to expand the overall mineral resource at the Kobada Gold Project.
“We are extremely happy with these high-grade intersections in the immediate northern and southern extensions of our highly prolific Kobada Shear Zone,” says Dr. Andreas Rompel, Vice President Exploration. “Furthermore, it confirms the mineralization in the shear zones beyond what was previously known, which gives rise to expectations to a much larger mineralized shear zone system on our concessions.”
The outstanding results to date confirm management’s belief that the resource at the Kobada Gold Project is larger and of greater thicknesses than suggested in the 2016 Feasibility Study, and clearly highlights the strong upside potential given the results are materially above the current resource grade.
The Phase 2 drilling campaign is progressing towards the north and aims to extend the resource northward. Continuing mineralization to the north of central zone further supports our view that the Kobada Gold Project is larger than previously suggested.
The Company initially planned to issue an updated mineral resource statement based on the Phase 1 drilling program in early February, with the subsequent update based on the Phase 2 drilling results. Due to the quick turn-around time from the assay labs in Bamako, Mali and accelerated drilling schedule by our drilling contractor AMCO, the Company decided to issue an updated mineral resource statement based on results from both our Phase 1 and Phase 2 drilling program. With the Phase 2 drilling program approximately 80% complete, management anticipates issuing an updated mineral resource statement in approximately five to six weeks.
Table 1: Highlights
| Mineralized Zone | Includes | ||||||||
| BHID | Ore Body | From | To | Composite Length (m) | Composite Grade (g/t) | From | To | Includes (m) | Includes (g/t) |
| KB19_P2_02 | Main Shear South | 1.00 | 13.50 | 12.50 | 0.82 | 12.00 | 13.50 | 1.50 | 4.15 |
| KB19_P2_04 | Main Shear South | 117.00 | 138.00 | 21.00 | 6.14 | 135.00 | 136.00 | 1.00 | 124.85 |
| KB19_P2_06 | Main Shear South | 68.00 | 70.00 | 2.00 | 2.49 | ||||
| 88.60 | 91.10 | 2.50 | 3.98 | ||||||
| 93.50 | 96.00 | 2.50 | 1.63 | ||||||
| 103.40 | 106.00 | 2.60 | 1.89 | ||||||
Figure 1: Kobada exploration targets is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00fbeb3a-42a8-412e-af8d-5d9aabf63a74
Figure 2: Section showing the drill hole KB19_P2_04 (blue) intersecting the mineralized Kobada Shear Zone (orange and red) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/410666a0-860e-44e8-92b9-06fb6c2d7aa9
Figure 3: Drill hole locations and section lines in the central part of the Kobada Main Shear Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19f90708-8502-4a99-ae32-3a420f6ef794
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. (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.
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 Bharti
President 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 Gold Project, expectation of grade and resources at the Kobada Gold Project, the rate of drilling during the Phase 2 drilling program at the Kobada Gold Project, expectation of drill results at the Kobada Gold Project, the timeline for the completion of the Phase 2 drilling program, the definitive feasibility study, the mineral resource statement and the updated resource model, expectations for mineralization and location of extensions at the Kobada Gold Project and expected mining methods 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.
Table 2: Assay results from the main mineralized zone (reported length measured along the holes)
| Mineralized Zone | Includes | ||||||||
| BHID | Ore Body | From | To | Composite Length (m) | Composite Grade (g/t) | From | To | Includes (m) | Includes (g/t) |
| KB19_P2_02 | Main Shear South | 1.00 | 13.50 | 12.50 | 0.82 | 12.00 | 13.50 | 1.50 | 4.15 |
| 24.70 | 34.00 | 9.30 | 0.18 | ||||||
| KB19_P2_01 | Main Shear South | 4.50 | 65.00 | 60.50 | 0.40 | 20.50 | 21.50 | 1.00 | 3.28 |
| 30.50 | 33.00 | 2.50 | 1.09 | ||||||
| 40.00 | 42.00 | 2.00 | 1.69 | ||||||
| 48.00 | 49.00 | 1.00 | 1.71 | ||||||
| 57.00 | 59.00 | 2.00 | 1.22 | ||||||
| KB19_P2_05 | Main Shear South | 0.00 | 5.90 | 5.90 | 0.16 | ||||
| 48.00 | 50.00 | 2.00 | 0.20 | ||||||
| 98.00 | 100.30 | 2.30 | 1.33 | 98.00 | 99.20 | 1.20 | 2.40 | ||
| KB19_P2_04 | Main Shear South | 5.00 | 17.00 | 12.00 | 0.43 | 13.00 | 14.00 | 1.00 | 3.00 |
| 21.00 | 23.00 | 2.00 | 0.27 | ||||||
| 56.00 | 57.00 | 1.00 | 0.64 | ||||||
| 84.00 | 97.00 | 13.00 | 0.46 | 84.00 | 85.00 | 1.00 | 3.37 | ||
| 88.00 | 89.00 | 1.00 | 1.18 | ||||||
| 117.00 | 138.00 | 21.00 | 6.14 | 135.00 | 136.00 | 1.00 | 124.85 | ||
| 136.00 | 137.00 | 1.00 | 1.24 | ||||||
| 143.00 | 147.00 | 4.00 | 0.17 | ||||||
| 158.00 | 160.00 | 2.00 | 0.30 | ||||||
| KB19_P2_06 | Main Shear South | 32.30 | 34.00 | 1.70 | 0.56 | ||||
| 42.40 | 44.20 | 1.80 | 0.95 | ||||||
| 50.50 | 124.50 | 74.00 | 0.63 | 62.40 | 63.30 | 0.90 | 1.19 | ||
| 68.00 | 70.00 | 2.00 | 2.49 | ||||||
| 88.60 | 91.10 | 2.50 | 3.98 | ||||||
| 93.50 | 96.00 | 2.50 | 1.63 | ||||||
| 97.00 | 99.00 | 2.00 | 1.31 | ||||||
| 101.00 | 102.40 | 1.40 | 1.01 | ||||||
| 103.40 | 106.00 | 2.60 | 1.89 | ||||||
| 140.30 | 141.50 | 1.20 | 0.81 | ||||||
| 164.00 | 166.20 | 2.20 | 0.37 | ||||||
| 172.20 | 179.80 | 7.60 | 0.26 | ||||||
| 187.80 | 207.00 | 19.20 | 0.12 | ||||||
Cumulative Mineralization Widths
| BHID | Cumulative Mineralization Width (m) | Mean Grade (g/t) |
| KB19_P2_02 | 21.80 | 0.55 |
| KB19_P2_01 | 60.50 | 0.40 |
| KB19_P2_05 | 10.20 | 0.43 |
| KB19_P2_04 | 55.00 | 2.59 |
| KB19_P2_06 | 107.70 | 0.51 |
Significant Intersections (Above 1 g/t)
| BHID | From | To | Intersection Length (m) | Au Grade (g/t) |
| KB19_P2_02 | 12.00 | 13.50 | 1.50 | 4.15 |
| KB19_P2_01 | 20.50 | 21.50 | 1.00 | 3.28 |
| 30.50 | 33.00 | 2.50 | 1.09 | |
| 40.00 | 42.00 | 2.00 | 1.69 | |
| 48.00 | 49.00 | 1.00 | 1.71 | |
| 57.00 | 59.00 | 2.00 | 1.22 | |
| KB19_P2_05 | 98.00 | 99.20 | 1.20 | 2.40 |
| KB19_P2_04 | 13.00 | 14.00 | 1.00 | 3.00 |
| 84.00 | 85.00 | 1.00 | 3.37 | |
| 88.00 | 89.00 | 1.00 | 1.18 | |
| 135.00 | 136.00 | 1.00 | 124.85 | |
| 136.00 | 137.00 | 1.00 | 1.24 | |
| KB19_P2_06 | 62.40 | 63.30 | 0.90 | 1.19 |
| 68.00 | 70.00 | 2.00 | 2.49 | |
| 88.60 | 91.10 | 2.50 | 3.98 | |
| 93.50 | 96.00 | 2.50 | 1.63 | |
| 97.00 | 99.00 | 2.00 | 1.31 | |
| 101.00 | 102.40 | 1.40 | 1.01 | |
| 103.40 | 106.00 | 2.60 | 1.89 |
Figure 1
Kobada exploration targets
Figure 2
Section showing the drill hole KB19_P2_04 (blue) intersecting the mineralized Kobada Shear Zone (orange and red).
Figure 3
