African Gold Group Reports Highest Grade Intersection to Date as Mineralization Extends to the North; 13.27 g/t Gold Over 9.6 Metres
TORONTO, Feb. 11, 2020 (GLOBE NEWSWIRE) — African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to report the highest grade intersection to date at its Kobada Gold Project (Figure 1).
Highlights Include (Table 1):Highest grade intersection at the Kobada Gold Project to datePhase 2 confirms mineralization extends to the north and south, beyond what was previously knownDrill hole KB19_P2_04 returned 13.27g/t Au over 9.6 metres (m), including 124.85g/t Au over 1m (Figure 2)Drill hole KB19_P2_06 returned 3.98g/t Au over 2.5m, 1.89g/t Au over 2.6m and 2.49g/t Au over 2mDrill hole KB19_P2_02 returned 4.15g/t Au over 1mBuilding on the successful Phase 1 campaign, the first results from Phase 2, returned significant intersections, extending the mineralization to the north and south. Phase 2 is currently approximately 80% complete and is progressing northwards (Figure 3) from the central zone and aims to expand the overall mineral resource at the Kobada Gold Project. “We are extremely happy with these high-grade intersections in the immediate northern and southern extensions of our highly prolific Kobada Shear Zone,” says Dr. Andreas Rompel, Vice President Exploration. “Furthermore, it confirms the mineralization in the shear zones beyond what was previously known, which gives rise to expectations to a much larger mineralized shear zone system on our concessions.”The outstanding results to date confirm management’s belief that the resource at the Kobada Gold Project is larger and of greater thicknesses than suggested in the 2016 Feasibility Study, and clearly highlights the strong upside potential given the results are materially above the current resource grade.The Phase 2 drilling campaign is progressing towards the north and aims to extend the resource northward. Continuing mineralization to the north of central zone further supports our view that the Kobada Gold Project is larger than previously suggested.The Company initially planned to issue an updated mineral resource statement based on the Phase 1 drilling program in early February, with the subsequent update based on the Phase 2 drilling results. Due to the quick turn-around time from the assay labs in Bamako, Mali and accelerated drilling schedule by our drilling contractor AMCO, the Company decided to issue an updated mineral resource statement based on results from both our Phase 1 and Phase 2 drilling program. With the Phase 2 drilling program approximately 80% complete, management anticipates issuing an updated mineral resource statement in approximately five to six weeks.Table 1: HighlightsFigure 1: Kobada exploration targets is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00fbeb3a-42a8-412e-af8d-5d9aabf63a74Figure 2: Section showing the drill hole KB19_P2_04 (blue) intersecting the mineralized Kobada Shear Zone (orange and red) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/410666a0-860e-44e8-92b9-06fb6c2d7aa9Figure 3: Drill hole locations and section lines in the central part of the Kobada Main Shear Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/19f90708-8502-4a99-ae32-3a420f6ef794