African Gold Group, Inc. (TSX-V: AGG) (“
AGG” or
the “
Company”) is pleased to provide an update on
the ongoing Exploration Drilling Programme and the recent positive
drill results at the Kobada Gold Project.
Highlights:
- Significant new drill
intersects of the infill drilling at the main shear zone of the
Kobada Gold Project. Drilling highlights include:
- 3.5 g/t Au over 14.0 m from 113.0 to 127.0 m (Drill
hole KB20_PH4A_20)
- Including 38.20 g/t Au over 1.0 m and 3.09 g/t Au over 1.0
m
- 1.24 g/t Au over 11.0 m from 104.0 to 131.0 m (Drill
hole KB20_PH4A_4)
- Including 8.92 g/t Au over 1.0 m
- 5.14 g/t Au over 1.65 m from 146.5 to 148.15 m (Drill
hole KB20_PH4A_23)
- The drill program has
extended the depth of the oxide-sulphide boundary from an
anticipated 110 m to a more realistic 180 m at the northern
extensions of the main shear zone, representing ~60%
increase.
- This has highlighted the continuity of the mineralization at
depth beneath the current pit design and the presence of high
grades to support potential future underground mining at
Kobada.
- High grade gold
mineralisation, plus numerous recent strong intersections
consistently reported from outside the mineral resource estimate in
the NI 43-101 Technical Report on Kobada Gold
Project dated June 17, 2020 (the “2020 DFS”) will
be incorporated in the next mineral resource estimate update on
track for early 2021.
To date, the Company has drilled 6,258 metres of
the combined Diamond Drilling (“DD”) and Reverse
Circulation drilling (“RC”) with encouraging
results continuing to show deeper than anticipated extensions of
the orebody at depth as well as additional mineralized zones
outside of the known ore zones.
The Company`s key internal goal for Q1 2021 is
to further demonstrate the considerable potential for increased
resource base at the Kobada Gold Project. The Company expects to
incorporate the results of the drilling programme in the next
mineral resource estimate update on track for early 2021.
Danny Callow, Chief Executive Officer of
AGG commented:
“We are very pleased with the continued positive
results at our flagship Kobada Gold Project in Southern Mali. The
drilling campaign to date has consistently intercepted deeper
oxides and new mineralised oxide zones that were not anticipated in
the original plan. Based on these results we believe that it is
necessary to continue to extend the drilling in the Phase 4 infill
drilling campaign, as well as look to start to drill the extension
of the main shear zone as a Phase 5 programme. We have worked hard
to design an extended drilling strategy which we believe will
continue to show the true potential of the Kobada deposit”
Overview of Drilling
Programme
The Company`s 2021 drilling programme is focused
on the following targets:
- Increase resource from newly
identified shear zones at Kobada, Faraba and Kobada Est concessions
(Phase 3)
- Conversion of the inferred
resources to measured and indicated category, with the goal of
expanding the Reserve base to over 1 Moz (Phase 4)
- Strike extension of the main shear
zone at Kobada concession (Phase 5)
The Company has completed its Phase 4A drilling
aimed at upgrading the inferred resource in oxides at the northern
extension of the current pit design at the Kobada Gold Project
concessions. After evaluating the results, the Company intends to
continue with Phase 4B and C, aiming at the complete conversion of
most of the inferred oxide resources across the known ore
bodies.
The Company intends to continue drilling for the
northern strike extension of the highly prolific Kobada Shear
(Phase 5 ABC) and at its neighbour, the Gosso shear zone, where the
initial drilling results has confirmed gold mineralisation not only
at surface, but also along its dip at depth (Phase 3 ABC).
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, 6,258
m have been drilled, of which 4,035 m were RC and 2,223 m were 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 and a positive future target for further infill drilling,
which was not initially anticipated at the start of the
campaign.
The drilling campaign to upgrade a portion of
the inferred oxide mineral resources is part of a three-phase
drilling campaign. The objective of the current 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).
Figure 1: Plan view of drilling campaign at
Kobada. Solid lines represent holes drilled to
date:https://www.globenewswire.com/NewsRoom/AttachmentNg/2e358102-d58c-46f1-8364-7857ad372d80
Kobada Gold Project
The Kobada Gold Project is an advanced stage
gold development project located in Mali, one of Africa`s largest
gold producing nations. The property is located 126 km south-west
of Bamako, the capital city of Mali, in the Birimian Greenstone
Belt, with excellent transportation links to the capital and
excellent logistics routes via other West African ports.
In July 2020, the Company released the 2020 DFS
that showed Kobada`s potential as a highly profitable standalone
mine, delivering IRR of 45.5% and NPV of US$284 m, with an AISC of
US$788/oz Au.
The Company continues to advance the Kobada Gold
Project through an exploration drilling programme in parallel to
negotiations on securing the financing for the construction of the
project. Advanced discussions with a number of institutional
investors are underway.
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 Gold 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.
Qualified Person
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:
Danny Callow President and Chief Executive
Officer+(27) 76 411 3803 Danny.Callow@africangoldgroup.com
Scott EldridgeNon-Executive Chairman of the
Board(604) 722-5381Scott.Eldridge@africangoldgroup.com
Daniyal Baizak VP Corporate Development(647)
835-9617Daniyal.Baizak@africangoldgroup.com
Camarco (Financial PR)Gordon PooleNick Hennis+44
(0) 20 3757 4997AfricanGoldGroup@camarco.co.uk
Cautionary statements
This press release contains “forwardlooking
information” within the meaning of applicable Canadian securities
legislation. Forwardlooking information includes, but is not
limited to, statements regarding, the Company’s drilling and
exploration programmes, expectations of increase in or conversion
of resources and/or reserves at the Kobada Gold Project, timeline
for delivery of future mineral resource estimates and extensions of
orebody depth and length, anticipated construction timeline at the
Kobada Gold Project and financing thereof. Generally,
forwardlooking 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”.
Forwardlooking 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
forwardlooking 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 forwardlooking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities 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.
Table 1: Assay results from the
mineralized zone
|
Mineralized Zone |
Includes |
BHID |
From |
To |
CompositeLength (m) |
CompositeGrade (g/t) |
From |
To |
Includes(m) |
Includes(g/t) |
KB20_PH4A_4 |
27.00 |
38.00 |
11.00 |
1.24 |
28.00 |
29.00 |
1.00 |
2.00 |
KB20_PH4A_4 |
|
|
|
|
29.00 |
30.00 |
1.00 |
1.49 |
KB20_PH4A_4 |
|
|
|
|
36.00 |
37.00 |
1.00 |
8.92 |
KB20_PH4A_15 |
84.00 |
87.00 |
3.00 |
0.82 |
85.00 |
86.00 |
1.00 |
1.46 |
KB20_PH4A_15 |
100.00 |
101.00 |
1.00 |
2.00 |
100.00 |
101.00 |
1.00 |
2.00 |
KB20_PH4A_15 |
124.00 |
140.00 |
16.00 |
0.82 |
124.00 |
125.00 |
1.00 |
7.57 |
KB20_PH4A_15 |
|
|
|
|
130.00 |
131.00 |
1.00 |
3.23 |
KB20_PH4A_15 |
151.00 |
154.00 |
3.00 |
1.73 |
151.00 |
152.00 |
1.00 |
4.83 |
KB20_PH4A_17 |
59.00 |
60.00 |
1.00 |
1.53 |
59.00 |
60.00 |
1.00 |
1.53 |
KB20_PH4A_18 |
21.00 |
23.00 |
2.00 |
0.29 |
|
|
|
|
KB20_PH4A_18 |
67.00 |
68.00 |
1.00 |
0.30 |
|
|
|
|
KB20_PH4A_18 |
86.00 |
135.00 |
49.00 |
0.60 |
87.00 |
88.00 |
1.00 |
13.60 |
KB20_PH4A_18 |
|
|
|
|
114.00 |
115.00 |
1.00 |
1.18 |
KB20_PH4A_18 |
|
|
|
|
123.00 |
124.00 |
1.00 |
5.26 |
KB20_PH4A_19 |
24.00 |
28.00 |
4.00 |
1.03 |
25.00 |
26.00 |
1.00 |
2.87 |
KB20_PH4A_19 |
67.00 |
70.00 |
3.00 |
1.22 |
68.00 |
69.00 |
1.00 |
1.67 |
KB20_PH4A_19 |
|
|
|
|
69.00 |
70.00 |
1.00 |
1.44 |
KB20_PH4A_19 |
101.00 |
102.00 |
1.00 |
1.30 |
101.00 |
102.00 |
1.00 |
1.30 |
KB20_PH4A_20 |
57.00 |
65.00 |
8.00 |
0.64 |
57.00 |
58.00 |
1.00 |
2.95 |
KB20_PH4A_20 |
113.00 |
127.00 |
14.00 |
3.50 |
113.00 |
114.00 |
1.00 |
3.09 |
KB20_PH4A_20 |
|
|
|
|
114.00 |
115.00 |
1.00 |
38.20 |
KB20_PH4A_20 |
|
|
|
|
117.00 |
118.00 |
1.00 |
1.28 |
KB20_PH4A_20 |
|
|
|
|
118.00 |
119.00 |
1.00 |
1.56 |
KB20_PH4A_20 |
|
|
|
|
122.00 |
123.00 |
1.00 |
1.31 |
KB20_PH4A_20 |
146.00 |
161.00 |
15.00 |
0.49 |
151.00 |
152.00 |
1.00 |
1.20 |
KB20_PH4A_20 |
|
|
|
|
154.00 |
155.00 |
1.00 |
1.21 |
KB20_PH4A_20 |
|
|
|
|
156.00 |
157.00 |
1.00 |
1.02 |
KB20_PH4A_22 |
18.00 |
19.00 |
1.00 |
0.41 |
|
|
|
|
KB20_PH4A_22 |
65.00 |
74.00 |
9.00 |
0.31 |
65.00 |
66.00 |
1.00 |
1.36 |
KB20_PH4A_22 |
87.00 |
88.00 |
1.00 |
0.65 |
|
|
|
|
KB20_PH4A_22 |
117.00 |
129.00 |
12.00 |
0.58 |
123.00 |
124.00 |
1.00 |
3.62 |
KB20_PH4A_22 |
|
|
|
|
124.00 |
125.00 |
1.00 |
1.10 |
KB20_PH4A_22 |
137.90 |
163.00 |
25.10 |
0.67 |
137.90 |
139.34 |
1.44 |
1.28 |
KB20_PH4A_22 |
|
|
|
|
139.34 |
142.00 |
2.66 |
1.26 |
KB20_PH4A_22 |
|
|
|
|
150.70 |
152.70 |
2.00 |
2.17 |
KB20_PH4A_22 |
|
|
|
|
156.00 |
157.00 |
1.00 |
5.19 |
KB20_PH4A_23 |
2.50 |
3.50 |
1.00 |
8.15 |
2.50 |
3.50 |
1.00 |
8.15 |
KB20_PH4A_23 |
54.80 |
55.90 |
1.10 |
6.56 |
54.80 |
55.90 |
1.10 |
6.56 |
KB20_PH4A_23 |
60.90 |
86.00 |
25.10 |
0.37 |
67.80 |
69.00 |
1.20 |
1.49 |
KB20_PH4A_23 |
|
|
|
|
84.85 |
86.00 |
1.15 |
2.51 |
KB20_PH4A_23 |
146.50 |
148.15 |
1.65 |
5.14 |
146.50 |
148.15 |
1.65 |
5.14 |
Cumulative Mineralization
Widths
BHID |
CumulativeMineralization Width(m) |
Mean Grade(g/t) |
KB20_PH4A_4 |
11.00 |
1.24 |
KB20_PH4A_15 |
23.00 |
0.99 |
KB20_PH4A_17 |
1.00 |
1.53 |
KB20_PH4A_18 |
52.00 |
0.58 |
KB20_PH4A_19 |
8.00 |
1.13 |
KB20_PH4A_20 |
37.00 |
1.66 |
KB20_PH4A_22 |
48.10 |
0.58 |
KB20_PH4A_23 |
28.85 |
1.15 |
Significant Intersections (above 1 g/t
Au)
BHID |
From |
To |
IntersectionLength (m) |
Au_Final (g/t) |
KB20_PH4A_4 |
28.00 |
29.00 |
1.00 |
2.00 |
KB20_PH4A_4 |
29.00 |
30.00 |
1.00 |
1.49 |
KB20_PH4A_4 |
36.00 |
37.00 |
1.00 |
8.92 |
KB20_PH4A_15 |
85.00 |
86.00 |
1.00 |
1.46 |
KB20_PH4A_15 |
100.00 |
101.00 |
1.00 |
2.00 |
KB20_PH4A_15 |
124.00 |
125.00 |
1.00 |
7.57 |
KB20_PH4A_15 |
130.00 |
131.00 |
1.00 |
3.23 |
KB20_PH4A_15 |
151.00 |
152.00 |
1.00 |
4.83 |
KB20_PH4A_17 |
59.00 |
60.00 |
1.00 |
1.53 |
KB20_PH4A_18 |
87.00 |
88.00 |
1.00 |
13.60 |
KB20_PH4A_18 |
114.00 |
115.00 |
1.00 |
1.18 |
KB20_PH4A_18 |
123.00 |
124.00 |
1.00 |
5.26 |
KB20_PH4A_19 |
25.00 |
26.00 |
1.00 |
2.87 |
KB20_PH4A_19 |
68.00 |
69.00 |
1.00 |
1.67 |
KB20_PH4A_19 |
69.00 |
70.00 |
1.00 |
1.44 |
KB20_PH4A_19 |
101.00 |
102.00 |
1.00 |
1.30 |
KB20_PH4A_20 |
57.00 |
58.00 |
1.00 |
2.95 |
KB20_PH4A_20 |
113.00 |
114.00 |
1.00 |
3.09 |
KB20_PH4A_20 |
114.00 |
115.00 |
1.00 |
38.20 |
KB20_PH4A_20 |
117.00 |
118.00 |
1.00 |
1.28 |
KB20_PH4A_20 |
118.00 |
119.00 |
1.00 |
1.56 |
KB20_PH4A_20 |
122.00 |
123.00 |
1.00 |
1.31 |
KB20_PH4A_20 |
151.00 |
152.00 |
1.00 |
1.20 |
KB20_PH4A_20 |
154.00 |
155.00 |
1.00 |
1.21 |
KB20_PH4A_20 |
156.00 |
157.00 |
1.00 |
1.02 |
KB20_PH4A_22 |
65.00 |
66.00 |
1.00 |
1.36 |
KB20_PH4A_22 |
123.00 |
124.00 |
1.00 |
3.62 |
KB20_PH4A_22 |
124.00 |
125.00 |
1.00 |
1.10 |
KB20_PH4A_22 |
137.90 |
139.34 |
1.44 |
1.28 |
KB20_PH4A_22 |
139.34 |
142.00 |
2.66 |
1.26 |
KB20_PH4A_22 |
150.70 |
152.70 |
2.00 |
2.17 |
KB20_PH4A_22 |
156.00 |
157.00 |
1.00 |
5.19 |
KB20_PH4A_23 |
2.50 |
3.50 |
1.00 |
8.15 |
KB20_PH4A_23 |
54.80 |
55.90 |
1.10 |
6.56 |
KB20_PH4A_23 |
67.80 |
69.00 |
1.20 |
1.49 |
KB20_PH4A_23 |
84.85 |
86.00 |
1.15 |
2.51 |
KB20_PH4A_23 |
146.50 |
148.15 |
1.65 |
5.14 |
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