African Gold Group, Inc. (TSX-V: AGG) is pleased to report the final drill results from its extensive diamond drilling program at its Kobada gold project, located in southern Mali. The Company is currently working on an all-encompassing definitive feasibility study for the Kobada Gold Project. The Company expects to complete the study in the second quarter of 2020, incorporating the results from Phase 1 and 2 drilling campaigns.
Highlights Include (Table 1):
The Company commenced drilling at its Kobada concession in September 2019 and to date has completed 11,428 meters of diamond core drilling. The main aim of the drilling campaign was to confirm the historical resource model from the 2016 Kobada Gold Project feasibility study, increase the conversion of resources to reserves and grow the resource base along identified shear zones.
“We are extremely happy to have closed a gap area without previous drilling and have done so with high-grade intersections,” says Dr. Andreas Rompel, Vice-President Exploration of the Company, “thereby adding valuable resources. Now we are in a great position to work on a new resource estimate and subsequently on the reserve conversion. What is most exciting is that we have only drilled approximately 4km of 30km of shear zones identified on our concessions, which would indicate significant upside with further exploration.”
The diamond drilling campaign across the Kobada main shear zone was an important part of our strategy to update the historical resource from 2016 and to increase the life of mine for the future operation. The drilling program infilled and extended the mineralized zones south and north of the Kobada main shear zone (Figure 1). In particular, recent high-grade gold results from Phase 2 drilling campaign highlight the potential of the northern extension of the deposit and it remains open at depth. Some of the significant intersects from Phase 1 and 2 drilling campaigns included the following:
These results will be incorporated into an updated resource estimate (open pit mining), expected to be released within the next few weeks. The updated mineral resource and reserve estimates and subsequent open pit optimizations will provide the basis for the life of mine planning process and advancement of definitive feasibility study, planned to be released in Q2 2020.
Figure 1: Kobada exploration targets with Phase 1 and Phase 2 section lines (right), and the Kobada Shear and the Gosso target (left) is available at
|BHID||Ore Body||From||To||Composite Length (m)||Composite Grade (g/t)||From||To||Includes (m)||Includes (g/t)|
|KB19_P2_40||Main Shear North||36.91||40.90||3.99||1.18||39.00||40.90||1.90||1.83|
|KB19_P2_41||Main Shear North||78.40||100.60||22.20||5.25||78.40||80.00||1.60||1.96|
Table 1: Highlights
Figure 2: Drill hole locations and section lines in the central, southern and northern part of the Kobada Main Shear Zone is available at
Stock Option Grant
The Company has granted a total of 100,000 stock options to certain consultants of the Company pursuant to the Company’s stock option plan. Half of the stock options vest immediately and the remainder vest on the first anniversary of the grant. Each stock option may be exercised at a price of $0.24 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange.
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.