TORONTO, Jan. 14, 2020 (GLOBE NEWSWIRE) — African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to report additional significant results from Phase 1 drilling program at Kobada Gold Project. The drill holes are located in the southern section of the main shear zone at AGG’s extensive land package in Southern Mali.
Result continue to return better than expected grades within the central zone of the Kobada main shear and reinforces the predictiveness of our geological model. High-grade intersections over a greater thickness, together with additional resources in the satellite orebodies, is expected to complement the resource model favorably.
Highlights Include (Table 1):
- Drill hole KP19_P1_20 returned 26.50 g/t Au over 1.0 m
- Drill hole KP19_P1_21 returned 1.67 g/t Au over 21.60 m, including 11.9 g/t Au over 2.0 m and 7.14 g/t Au over 1.1 m
- Drill hole KP19_P1_21 returned 4.93 g/t Au over 1.3 m, 2.94 g/t Au over 1.6 m and 2.78 g/t Au over 1.0 m
- Drill hole KP19_P1_23 returned 1.93 g/t Au over 3.45 m and 2.59 g/t Au over 1.0 m
- Drill hole KP19_P1_23 returned 5.41 g/t Au over 0.91 m
- Drill hole KP19_P1_27 returned 4.18 g/t Au over 1.5 m
- Drill hole KP19_P1_28 returned 6.07 g/t Au over 1.0 m and 4.13 g/t Au over 1.0 m
- Drill hole KP19_P1_31 returned 2.67 g/t Au over 5.61 m, including 5.25 g/t Au over 2.61 m
- Drill hole KP19_P1_31 returned 4.79 g/t Au over 2.0 m, 1.34 g/t Au over 4.63 m and 3.76 g/t Au over 1.0 m
- Drill hole KP19_P1_32 returned 1.13 g/t Au over 5.5 m, including 5.12 g/t Au over 1.1 m
“These are fantastic results which will have a positive effect on the total resource tonnage and grade,” states Dr. Andreas Rompel, Vice President Exploration, “and because these results are in the area of the future open pit, these will also impact the reserve. We are strongly encouraged by these results and are looking forward to Phase 2 drilling campaign in which we envisage to increase the resource base.”
Table 1: Mineralization Zones
Figure 1: Drill hole locations in the southern part of the Kobada Main Shear Zone.
Figure 2: Kobada exploration targets.
The Company announces that it has accepted the resignation of Sir Samuel Jonah as a member of the board of directors following his appointment as the Non-Executive Chairman of the board of directors of Roscan Gold Corporation. Sir Jonah has been a director of the Company since July 2017 and has provided invaluable advice to the Company over the years. The Company would like to wish Sir Jonah all the best in his new role with Roscan Gold Corporation.
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:
President and Chief Executive Officer
(416) 861 2267
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, expectation of grade and resources at the Kobada gold project, the rate of drilling during the Phase 1 and 2 drilling program at the Kobada gold project, expectation of drill results at the Kobada project, the timeline for the completion of the Phase 1 and Phase 2 drilling program, the definitive feasibility study 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.
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Table 2: Assay results from the southern main mineralized zone (reported length measured along the holes):