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AFRICAN GOLD GROUP ANNOUNCES SIGNIFICANT HIGH-GRADE GOLD AT KOBADA PROJECT, INCLUDING 2.14G/T GOLD OVER 16 METERS AND OTHER CORPORATE UPDATES

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AFRICAN GOLD GROUP ANNOUNCES SIGNIFICANT HIGH-GRADE GOLD AT KOBADA PROJECT, INCLUDING 2.14G/T GOLD OVER 16 METERS AND OTHER CORPORATE UPDATES

 

 

 

 

African Gold Group, Inc. (TSX-V: AGG) is pleased to report new drill results from the Company’s Kobada Gold Project located in southern Mali, including additional high-grade intersections in the northern extension of the main shear zone. The Kobada Gold Project is fully licensed and is progressing towards completion of the definitive feasibility study in Q2 2020.

 

Highlights Include (Table 1):

 

  • Drilling results returned intersections of broad and continuous mineralization progressing to new depths within a largely untested area of the Kobada concession
  • The Company expects to release an updated mineral resource statement in the coming weeks
  • Drill hole KB19_P2_33 returned 2.14g/t Au over 16.0 meters (m) including 30.80g/t over 1.0m
  • Drill hole KB19_P2_34 returned 2.12g/t Au over 3.0m and 1.88g/t Au over 1.0m
  • Drill hole KB19_P2_35 returned 2.0g/t Au over 2.30m and 3.79g/t Au over 1.1m
  • Drill hole KB19_P2_36 returned 2.49g/t Au over 4.03 m including 2.89g/t over 3.39m
  • Drill hole KB19_P2_38 returned 3.26g/t Au over 2.20m

 

“We still encounter high-grade mineralization moving northwards beyond the planned open pit along strike and down dip, proving the yet open-ended extension northwards and along dip beyond the saprolite zone,” says Dr. Andreas Rompel, Vice President Exploration of the Company. “Furthermore, we are testing the width of the Kobada Shear and are happy to see that it extends further westwards than anticipated in parts.”

 

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 DFS in Q2 2020 as a part of the final process before commencement of construction. Since 2019, the Company has completed a drilling campaign totaling 11,428 m withing the Kobada Gold Project concession area.

 

To date, the Company has not discovered the northern, or the southern end of mineralization along the Kobada Shear. Furthermore, AGG intends to step away from the Kobada Shear to test the neighboring and parallel-striking Gosso Shear, which has been exposed by shallow artisanal mining:

 

  • The high-grade intersects reported in this press release are part of the Section Lines 14 and 15 (Figure 1 and 2).
  • Figures 1 and 2 show that the drill holes are stepping out of the existing main shear zone testing the width of the mineralized zone and progressing further northwards.
  • The Company is targeting only oxides that extend to an average depth of 150m but tests the lower limit of the saprolite for pit-planning purposes.

 

Following on from the previously reported drill holes of the Phase 2 drilling program, the current 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.

 

Figure 1 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f091cfb6-4998-4c9c-934b-98ec25841c2c 

 

 

    Mineralized Zone Includes
BHID Ore Body From To Composite
Length (m)
Composite
Grade (g/t)
From To Includes (m) Includes (g/t)
KB19_P2_33 Main Shear North 117.00 133.00 16.00 2.14 127.60 128.60 1.00 30.80
KB19_P2_34 Main Shear North         77.60 78.60 1.00 1.88
            79.80 82.80 3.00 2.12
KB19_P2_35 Main Shear North 54.20 56.50 2.30 2.00 55.50 56.50 1.00 4.01
    112.30 113.40 1.10 3.79        
KB19_P2_36 Main Shear North 72.00 76.03 4.03 2.49 72.00 75.39 3.39 2.89
KB19_P2_38 Main Shear North 86.95 89.15 2.20 3.26        
Table 1: Highlights

 

Figure 2 accompanying this announcement is available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/5aa19d6e-dd72-46cb-95aa-aa466f3e58ef 

 

Engagement of Native Ads and Hybrid Financial

 

The Company has entered into a digital advertising campaign with Native Ads, Inc. for a total cost of US$450,000 over a twelve month term, payable in cash. Native Ad will assist the Company in content development, web development, media buying and distribution and campaign reporting and optimization. Native Ads is a full-service ad agency, that owns and operates a proprietary ad exchange with over 80 integrated SSPs (supply-side platforms), resulting in access to 3-7 billion daily North American ad impressions. Neither Native Ads nor any of its directors and officers own any securities of the Company.

 

The Company has also engaged Hybrid Financial Ltd to provide marketing services starting April 6, 2020 for a period of six months, which term may be renewed for successive three-month periods thereafter upon the mutual agreement of the Company and Hybrid. Hybrid will be paid a monthly fee of C$58,333,33, plus applicable taxes, during the initial six-month term, payable in cash.  Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid Financial has offices in Toronto and Montreal. Neither Hybrid Financial nor any of its directors and officers own any securities of the Company.

 

March 2020 Private Placement

 

Further to the press release dated as of March 9, 2020 announcing the closing of a private placement of $0.20 units of the Company, the Company wishes to clarify that certain directors of the Company purchased or acquired direction and control over a total of 179,500 Units under the Private Placement. The placement to those persons constitutes a “related party transaction” within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company’s market capitalization (as determined under MI 61-101). Further details will be included in a material change report to be filed by the Company.

 

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 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.

 

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_32 Main Shear North 0.00 8.00 8.00 0.27        
KB19_P2_32   67.20 69.20 2.00 0.68        
KB19_P2_32   79.00 82.70 3.70 1.13 79.00 80.00 1.00 2.81
KB19_P2_32   115.00 116.00 1.00 0.67        
KB19_P2_32   133.70 135.00 1.30 1.01        
KB19_P2_32   147.00 148.00 1.00 0.79        
KB19_P2_32   162.50 163.50 1.00 0.47        
KB19_P2_33   43.90 44.68 0.78 1.03        
KB19_P2_33   117.00 133.00 16.00 2.14 127.60 128.60 1.00 30.80
KB19_P2_33   143.00 147.00 4.00 0.21        
KB19_P2_34   49.80 51.30 1.50 2.06        
KB19_P2_34   68.40 83.75 15.35 0.74 68.40 69.30 0.90 1.79
KB19_P2_34           77.60 78.60 1.00 1.88
KB19_P2_34           79.80 82.80 3.00 2.12
KB19_P2_35   3.00 5.00 2.00 1.07        
KB19_P2_35   24.00 26.80 2.80 0.38        
KB19_P2_35   54.20 56.50 2.30 2.00 55.50 56.50 1.00 4.01
KB19_P2_35   100.90 103.40 2.50 1.34 102.40 103.40 1.00 2.77
KB19_P2_35   112.30 113.40 1.10 3.79        
KB19_P2_35   148.00 149.10 1.10 1.29        
KB19_P2_36   37.40 40.80 3.40 0.61 37.40 38.80 1.40 1.03
KB19_P2_36   72.00 76.03 4.03 2.49 72.00 75.39 3.39 2.89
KB19_P2_37   121.90 124.90 3.00 0.29        
KB19_P2_37   159.00 161.00 2.00 0.43        
KB19_P2_38   0.00 2.00 2.00 0.92        
KB19_P2_38   77.00 78.30 1.30 1.13        
KB19_P2_38   86.95 89.15 2.20 3.26        
KB19_P2_38   98.00 99.00 1.00 1.00        

 

 

Cumulative Mineralization Widths

 

 

BHID Cumulative
Mineralization Width
(m)
Mean Grade (g/t)
KB19_P2_32 18.00 0.61
KB19_P2_33 20.78 1.73
KB19_P2_34 16.85 0.86
KB19_P2_35 11.80 1.42
KB19_P2_36 7.43 1.63
KB19_P2_37 5.00 0.34
KB19_P2_38 6.50 1.77

 

Significant Intersections (Above 1 g/t)

 

 

BHID From To Intersection
Length (m)
Au Grade (g/t)
KB19_P2_32 79.00 80.00 1.00 2.81
KB19_P2_33 127.60 128.60 1.00 30.80
KB19_P2_34 68.40 69.30 0.90 1.79
  77.60 78.60 1.00 1.88
  79.80 82.80 3.00 2.12
KB19_P2_35 55.50 56.50 1.00 4.01
  102.40 103.40 1.00 2.77
KB19_P2_36 37.40 38.80 1.40 1.03
  72.00 75.39 3.39 2.89
KB19_P2_38 77.00 78.30 1.30 1.13
  86.95 89.15 2.20 3.26
  98.00 99.00 1.00 1.00

 

Posted April 3, 2020

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