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African Gold Group Intersects High-Grade Gold at Kobada Gold Project With 46.10 g/t Au and 32.70 g/t Au

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African Gold Group Intersects High-Grade Gold at Kobada Gold Project With 46.10 g/t Au and 32.70 g/t Au

 

 

 

 

 

African Gold Group, Inc. (TSX-V: AGG) is pleased to provide an update on the ongoing drilling campaign at its flagship Kobada Gold Project in Southern Mali. To date, the Company has only drilled approximately 8% of the identified shear zones on the property, and this current drilling campaign is targeting highly prospective extensions to strike length, and conversion of inferred oxides to measured and indicated ounces. Most recent high-grade drilling results continue to show far deeper than expected extensions of the oxide orebody at depth as well as additional mineralised zones outside of the known ore zones.

 

Highlights

 

  • Significant new drill intersects at the main shear zone of the Kobada Gold Project. Drilling highlights include:

○ 1.09 g/t Au over 43.50 m from 111.0 m to 154.50 m (Drill hole KB20_PH4A_12)

▪ Including 9.10 g/t Au over 1.0 m, 9.93 g/t Au over 1.0 m and 9.39 g/t Au over 1.0 m

○ 1.16 g/t Au over 17.0 m from 53.0 to 70.0 m (Drill hole KB20_PH4A_14)

▪ Including 9.07 g/t Au over 1.0 m

 4.86 g/t Au over 17.0 m from 64.0 to 81.0 m (Drill hole KB20_PH4A_16)

▪ Including 46.10 g/t Au over 1.0 m

  • The boundary between the oxidised lithologies and the unaltered (sulphide) lithologies are being intersected consistently at deeper levels and are conducive to adding more volume to the inferred mineral resource.
  • The drill program has extended the depth of the oxide-sulphide boundary from 110 m to 180 m at the northern extensions of the main shear zone, representing ~60% increase.
  • 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 on track for Q1 2021.
  • Drilling continues along the main shear zone (Phase 4), the Gosso target (Phase 3), and the northern extension of the main Kobada shear zone (Phase 5) as part of the 10,000 m drilling programme announced in September (see press release dated September 14, 2020).

 

Danny Callow, Chief Executive Officer of AGG commented:

 

“With every hole that we drill in our infill drilling programme, we are seeing positive results that support our thesis for expanding the resource, both in terms of depth extensions and grade. We are very happy with the progress being made and expect to continue to see good results as we near year-end.”

 

Overview of Drilling Programme

 

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, 3,640 m have been drilled, of which 1,960 m were reverse circulation drilling (“RC”) and 1,680 m were diamond drilling. 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 and the anticipated grade of the inferred oxide mineral resource correlate positively with the 1.34 g/t mean grade currently used in the existing inferred resource estimate. In addition, the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies has been repeatedly intersected at deeper levels than anticipated. These results are conducive to adding more volume at depth to the inferred mineral resource in the oxides.

 

The drilling campaign to upgrade a portion of the inferred oxide mineral resources is part of a three-phase drilling campaign. The objective of the current drilling campaign is to upgrade the Inferred oxide resource to a higher confidence category, test the northern extension of the Kobada shear beyond the last known occurrence in the northern parts of the Kobada concession and the initial drill-testing of the neighbouring Gosso shear zone (see press release dated October 20, 2020). It comprises an initial 6,720 m at a split of 70% RC holes (4,704 m) and 30% DD holes (2,016 m).

 

Figure 1: Plan view of drilling campaign at Kobada. Solid lines represent holes drilled to date:

https://www.globenewswire.com/NewsRoom/AttachmentNg/6796b561-7462-49fd-b37c-9096078d366d

 

Figure 2: Drill hole KB20_PH4A_12 and 14, confirming mineralisation close to surface and an additional newly discovered mineralised zone:

https://www.globenewswire.com/NewsRoom/AttachmentNg/8ecf4a3a-aa16-46dd-883b-5d3814760833

 

About African Gold Group

 

African Gold Group is a TSX Venture Exchange 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.

 

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 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.

 

 

Table 1: Assay results from the mineralized zone

 

 

    Mineralized Zone Includes
BHID Ore
Body
From To Composite
Length (m)
Composite
Grade (g/t)
From To Includes
(m)
Includes
(g/t)
KB20_PH4A_12 Kobada
Main
Shear
93.00 102.00 9.00 0.33 94.00 95.00 1.00 1.18
KB20_PH4A_12   111.00 154.50 43.50 1.09 111.00 112.00 1.00 4.64
KB20_PH4A_12           114.00 115.00 1.00 9.10
KB20_PH4A_12           136.00 137.00 1.00 1.47
KB20_PH4A_12           137.00 138.00 1.00 9.93
KB20_PH4A_12           141.00 142.00 1.00 1.48
KB20_PH4A_12           143.00 144.00 1.00 1.38
KB20_PH4A_12           146.00 147.00 1.00 9.39
KB20_PH4A_12           150.00 151.50 1.50 1.73
KB20_PH4A_12   169.50 174.50 5.00 0.43 172.50 173.50 1.00 1.39
KB20_PH4A_12   190.00 192.80 2.80 0.46        
KB20_PH4A_13   74.20 82.00 7.80 0.20        
KB20_PH4A_13   94.65 107.20 12.55 0.87 97.00 98.50 1.50 4.58
KB20_PH4A_13           104.50 105.50 1.00 2.83
KB20_PH4A_13   118.00 123.50 5.50 0.35        
KB20_PH4A_13   129.00 132.60 3.60 0.53 129.00 130.00 1.00 1.29
KB20_PH4A_13   142.50 144.00 1.50 0.76        
KB20_PH4A_14   53.00 70.00 17.00 1.16 53.00 54.00 1.00 2.82
KB20_PH4A_14           58.00 59.00 1.00 9.07
KB20_PH4A_14           69.00 70.00 1.00 6.22
KB20_PH4A_16   12.00 15.00 3.00 0.63 12.00 13.00 1.00 1.25
KB20_PH4A_16   31.00 42.00 11.00 0.57 41.00 42.00 1.00 4.37
KB20_PH4A_16   64.00 81.00 17.00 4.86 69.00 70.00 1.00 46.10
KB20_PH4A_16           70.00 71.00 1.00 32.70
KB20_PH4A_16   162.00 165.00 3.00 0.90 162.78 163.70 0.92 2.31

 

 

Cumulative Mineralization Widths

 

BHID Cumulative
Mineralization Width
(m)
Mean Grade
(g/t)
KB20_PH4A_12 60.30 0.89
KB20_PH4A_13 30.95 0.57
KB20_PH4A_14 24.00 0.97
KB20_PH4A_16 34.00 2.75

 

 

Significant Intersections (above 1 g/t Au)

 

BHID From To Intersection
Length (m)
Au_Final (g/t)
KB20_PH4A_12 94.00 95.00 1.00 1.18
KB20_PH4A_12 111.00 112.00 1.00 4.64
KB20_PH4A_12 114.00 115.00 1.00 9.10
KB20_PH4A_12 136.00 137.00 1.00 1.47
KB20_PH4A_12 137.00 138.00 1.00 9.93
KB20_PH4A_12 141.00 142.00 1.00 1.48
KB20_PH4A_12 143.00 144.00 1.00 1.38
KB20_PH4A_12 146.00 147.00 1.00 9.39
KB20_PH4A_12 150.00 151.50 1.50 1.73
KB20_PH4A_12 172.50 173.50 1.00 1.39
KB20_PH4A_13 97.00 98.50 1.50 4.58
KB20_PH4A_13 104.50 105.50 1.00 2.83
KB20_PH4A_13 129.00 130.00 1.00 1.29
KB20_PH4A_14 53.00 54.00 1.00 2.82
KB20_PH4A_14 58.00 59.00 1.00 9.07
KB20_PH4A_14 69.00 70.00 1.00 6.22
KB20_PH4A_16 12.00 13.00 1.00 1.25
KB20_PH4A_16 41.00 42.00 1.00 4.37
KB20_PH4A_16 69.00 70.00 1.00 46.10
KB20_PH4A_16 70.00 71.00 1.00 32.70
KB20_PH4A_16 162.78 163.70 0.92 2.31

 

Posted December 9, 2020

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