African Gold Group, Inc. (TSX-V: AGG) is pleased to provide an update from the Company’s Kobada Gold Project located in southern Mali, including additional high grade intercepts in the northern extension of the main shear zone.
Highlights Include (Table 1):
“Yet again we have exceeded expectations by repeatedly intersecting grades above 30g/t,” says Dr. Andreas Rompel, Vice President Exploration, “and we have confirmed our interpretation that the mineralization extends further north. We are excited to further explore the mineralization of this northern extension of the yet open-ended Kobada shear zone.”
The Kobada Gold Project is a fully licensed and permitted advanced development project located in the prolific Birimian Greenstone belt in Southern Mali. The Company is working towards delivering the definitive feasibility study in Q2 2020 as a part of the final process before commencement of construction.
Following on from the previously reported drill holes of the Phase 2 drilling program, the next batch of assay results received from SGS laboratory in Bamako continue to demonstrate the large extent of the mineralization along strike and down dip along the highly prolific and auriferous Kobada shear zone. Results from the Phase 2 drilling program will be incorporated into an updated mineral resource statement targeted to be released within the next few weeks.
To date, the Company has not discovered the northern end of mineralization. Furthermore, AGG intends to step away from the Kobada Shear to test the neighbouring and parallel striking Gosso Shear, which has been exposed by shallow artisanal mining.
Figure 1: Kobada exploration targets with Phase 1 and Phase 2 section lines is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b1d124a-e399-409d-a292-93e72af6fb48
|BHID||Ore Body||From||To||Composite Length (m)||Composite Grade (g/t)||From||To||Includes (m)||Includes (g/t)|
|KB19_P2_22||Main Shear North||5.50||15.30||9.80||3.59||5.50||6.60||1.10||30.00|
|KB19_P2_23||Main Shear North||26.20||193.20||167.00||0.90||48.20||51.40||3.20||5.33|
|KB19_P2_26||Main Shear North||93.30||95.46||2.16||1.64|
|KB19_P2_27||Main Shear North||121.40||122.40||1.00||3.63|
Table 1: Highlights
Figure 2: Section showing the drill holes KB19_P2_19, 20, 21 and 22 (blue) intersecting the mineralized Kobada Shear Zone (orange and red) is available at
Figure 3: Drill hole locations and section lines in the central, southern and northern part of the Kobada Main Shear Zone is available at
Closing of First Tranche of Private Placement
The Company is pleased to announce that it has closed its first tranche of a previously announced non-brokered private placement financing of common shares for gross proceeds of C$250,000.00.
Pursuant to the First Tranche, the Company issued 1,250,000 units of the Company at a price of C$0.20 per Unit for gross proceeds of C$250,000.00. Each Unit consists of one common share of the Company and one half of a common share purchase warrant. Each Warrant will entitle the holder to acquire one additional Common Share of the Company at an exercise price of C$0.25 per Common Share until March 17, 2022.
In connection with the closing of the First Tranche, the Company has paid aggregate finder’s fees of $12,500.00 in cash. The Company intends to use the proceeds of the First Tranche for the advancement of the Kobada Gold Project and for general corporate purposes.
The securities offered under the Offering have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
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 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 with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali.
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We acknowledge the [financial] support of the Government of Canada.