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
significant drilling results at the Kobada Gold Project
(“
Kobada”) on its Phase 4 infill drilling
programme targeting an upgraded resource model in early 2021.
Highlights:
- Significant new drill
intersects at the main shear zone of the Kobada Gold Project.
Drilling highlights include:
- 11.95 g/t Au over 4.0 m from 39.0 m to 43.0 m (Drill
hole KB20_PH4A_31)
- Including 3.78 g/t Au over 1.0 m
- And 41.80 g/t Au over 1.0 m
- 4.49 g/t Au over 6.50 m from 167.0 to 173.5 m (Drill
hole KB20_PH4A_28)
- Including 19.70 g/t Au over 1.40 m
- 1.21 g/t Au over 10.0 m from 38.0 to 48.0 m (Drill hole
KB20_PH4A_27)
- Including 4.19 g/t Au over 1.0 m
- And 4.07 g/t Au over 1.0 m
- 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 an approximate 60%
increase.
- This has highlighted the continuity of the mineralization in
oxides at depth beneath the current pit design apart from the
presence of high grades in sulphides 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 for early 2021.
To date, the Company has drilled 6,257.50 metres
of combined Diamond Drilling (“DD”) and Reverse
Circulation (“RC”) with encouraging results
continuing to show deeper than anticipated extensions of the
orebody.
The Company has completed Phase 4A drilling
aimed at upgrading the inferred resource in oxides at the northern
extension of the current pit design at Kobada concessions. After
evaluating the results, the Company intends to continue with Phase
4B and C, aiming at the conversion of the majority of the 575,000
ounces of inferred oxide resources. The technical team is
encouraged with the large number of high-grade intersections at
very shallow levels, as well as at deeper levels, but still in the
“soft-rock” saprolite, which extends deeper than originally
anticipated, thereby increasing the volume of the known
orebody.
The Company's key internal goal for the Q1 2021
is to further show the considerable potential for increased
resource base at 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.
Dr. Andreas Rompel, Vice President
Exploration of AGG, commented:
“We are very happy to report
more high-grade results from our highly successful endeavour to
upgrade a portion of our inferred resource in the oxides to the
indicated and measured category. Furthermore, we have discovered
that a large portion of this orebody has oxides reaching deeper
into the ground than originally anticipated, thus, leading to an
unforeseen increase in volume of rock that we can mine in a future
open pit. After a short break, we intend to continue pursuing this
high-grade zone even further north along this highly prolific shear
zone and, with additional resources, test its gold-bearing
neighbouring shear zones.”
Overview of Drilling
Programme
The Company`s exploration 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 intends to continue drilling for the
northern strike extension of the highly prolific Kobada Shear
(Phase 5 ABC) and at its neighbouring shear zone, the Gosso Shear,
where the initial drilling results have confirmed gold
mineralisation not only at surface, but also down 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,
6,257.50 m have been drilled, of which 4,035 m were RC and 2,222.50
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 correlate positively with the
existing inferred resource estimate.
Figure 1: Plan view of drilling campaign at
Kobada. Significant drill intersections and cumulative
mineralization:https://www.globenewswire.com/NewsRoom/AttachmentNg/af6690e1-732d-4666-bb0f-f6d5e9b5600a
The Kobada Gold Project
The Kobada Gold Project is an advanced stage
gold development project located in Mali, Africa’s 4th largest gold
producing country. 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 an updated
definitive feasibility study 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 several 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 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 “forward‑looking
information” within the meaning of applicable Canadian securities
legislation. Forward‑looking information includes, but is not
limited to, statements regarding, the Company’s drilling and
exploration programmes, expectations of increase in resources or
reserves at the Kobada Gold Project, timeline for delivery of
future mineral resource estimates and extensions of orebody depth
and length. 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”, “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”. 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 AGG to be materially different from those expressed or implied
by such forward‑looking 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 forward‑looking 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 |
Composite Length (m) |
Composite Grade (g/t) |
From |
To |
Includes (m) |
Includes (g/t) |
KB20_PH4A_27 |
18.00 |
25.00 |
7.00 |
0.55 |
19.00 |
20.00 |
1.00 |
1.20 |
KB20_PH4A_27 |
|
|
|
|
24.00 |
25.00 |
1.00 |
1.30 |
KB20_PH4A_27 |
38.00 |
48.00 |
10.00 |
1.21 |
43.00 |
44.00 |
1.00 |
4.07 |
KB20_PH4A_27 |
|
|
|
|
46.00 |
47.00 |
1.00 |
4.19 |
KB20_PH4A_27 |
|
|
|
|
47.00 |
48.00 |
1.00 |
1.94 |
KB20_PH4A_27 |
102.00 |
106.00 |
4.00 |
0.40 |
|
|
|
|
KB20_PH4A_27 |
155.00 |
157.00 |
2.00 |
8.43 |
155.00 |
155.55 |
0.55 |
29.30 |
KB20_PH4A_28 |
124.00 |
126.00 |
2.00 |
0.75 |
|
|
|
|
KB20_PH4A_28 |
143.50 |
147.00 |
3.50 |
0.81 |
145.50 |
147.00 |
1.50 |
1.56 |
KB20_PH4A_28 |
167.00 |
173.50 |
6.50 |
4.49 |
168.50 |
169.90 |
1.40 |
19.70 |
KB20_PH4A_31 |
39.00 |
43.00 |
4.00 |
11.95 |
39.00 |
40.00 |
1.00 |
3.78 |
KB20_PH4A_31 |
|
|
|
|
40.00 |
41.00 |
1.00 |
1.70 |
KB20_PH4A_31 |
|
|
|
|
41.00 |
42.00 |
1.00 |
41.80 |
KB20_PH4A_31 |
59.00 |
60.00 |
1.00 |
12.30 |
59.00 |
60.00 |
1.00 |
12.30 |
KB20_PH4A_31 |
71.00 |
77.00 |
6.00 |
0.39 |
73.00 |
74.00 |
1.00 |
1.49 |
KB20_PH4A_31 |
91.00 |
92.00 |
1.00 |
1.90 |
91.00 |
92.00 |
1.00 |
1.90 |
KB20_PH4A_31 |
124.00 |
133.00 |
9.00 |
0.58 |
125.00 |
126.00 |
1.00 |
1.33 |
KB20_PH4A_31 |
|
|
|
|
132.00 |
133.00 |
1.00 |
1.11 |
Cumulative Mineralization
Widths
BHID |
Cumulative Mineralization Width (m) |
Mean Grade (g/t) |
KB20_PH4A_27 |
23.00 |
1.49 |
KB20_PH4A_28 |
12.00 |
2.79 |
KB20_PH4A_31 |
21.00 |
3.31 |
Significant Intersections (above 1 g/t
Au)
BHID |
From |
To |
Intersection Length (m) |
Au_Final (g/t) |
KB20_PH4A_27 |
19.00 |
20.00 |
1.00 |
1.20 |
KB20_PH4A_27 |
24.00 |
25.00 |
1.00 |
1.30 |
KB20_PH4A_27 |
43.00 |
44.00 |
1.00 |
4.07 |
KB20_PH4A_27 |
46.00 |
47.00 |
1.00 |
4.19 |
KB20_PH4A_27 |
47.00 |
48.00 |
1.00 |
1.94 |
KB20_PH4A_27 |
155.00 |
155.55 |
0.55 |
29.30 |
KB20_PH4A_28 |
145.50 |
147.00 |
1.50 |
1.56 |
KB20_PH4A_28 |
168.50 |
169.90 |
1.40 |
19.70 |
KB20_PH4A_31 |
39.00 |
40.00 |
1.00 |
3.78 |
KB20_PH4A_31 |
40.00 |
41.00 |
1.00 |
1.70 |
KB20_PH4A_31 |
41.00 |
42.00 |
1.00 |
41.80 |
KB20_PH4A_31 |
59.00 |
60.00 |
1.00 |
12.30 |
KB20_PH4A_31 |
73.00 |
74.00 |
1.00 |
1.49 |
KB20_PH4A_31 |
91.00 |
92.00 |
1.00 |
1.90 |
KB20_PH4A_31 |
125.00 |
126.00 |
1.00 |
1.33 |
KB20_PH4A_31 |
132.00 |
133.00 |
1.00 |
1.11 |
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