New Drill Intersects:
- 39.48 g/t Au over 3.00 m (Drill hole KB20_PH4A_34)
- Including 17.90 g/t Au over 1.0 m and 94.00 g/t Au over 1.0 m
- 1.87 g/t Au over 13.00 m (Drill hole KB20_PH4A_38)
- Including 20.10 g/t Au over 1.0 m
Previously Announced Highlights:
- Phase 3A: Confirmed gold mineralization at the Gosso target and delineated ~750 m of initial strike length. Drill intercepts include:
- 1.15 g/t Au over 12.50 m (Drill hole G20_PH3C_16)
- Including 7.19 g/t Au over 1.30 m
- 4.25 g/t Au over 3.10 m (Drill hole G20_PH3A_20)
- Including 10.40 g/t Au over 1.20 m
- 1.55 g/t Au over 5.20 m (Drill hole G20_PH3A_20)
- Including 6.38 g/t Au over 1.00 m
- 1.15 g/t Au over 12.50 m (Drill hole G20_PH3C_16)
- Phase 4A: 38 holes were drilled to upgrade the inferred oxide resource immediately to the north of the planned open pit at the Kobada concession (see NI43-101 Technical Report on
Kobada Gold Project datedJune 17, 2020 (the “2020 DFS”). Drill intercepts include:- 1.44 g/t Au over 68.00 m (Drill hole KB20_PH4A_6)
- Including 6.73 g/t Au over 1.0 m and 24.60 g/t Au over 1.0 m
- 1.98 g/t Au over 60.90 m (Drill hole KB20_PH4B_8)
- Including 22.10 g/t Au over 1.0 m and 10.80 g/t Au over 1.5 m
- 4.86 g/t Au over 17.00 m (Drill hole KB20_PH4A_16)
- Including 46.10 g/t Au over 1.0 m
- 1.44 g/t Au over 68.00 m (Drill hole KB20_PH4A_6)
- Proven up mineralisation along the northern extent of the prolific Kobada Shear zone, which will be followed up along its strike by Phase 5 drilling.
- High-grade gold mineralisation drilled in numerous intersections to the east and to the west of the reported mineral resource estimate in the 2020 DFS will be incorporated in the next mineral resource estimate update for early 2021.
“It is very pleasing to have completed the initial 6,300 m phased infill drilling programme along our Kobada main shear zone and the step-out drill campaign at the nearby Gosso shear zone. The results from Gosso show that our regional focus that has identified up to 55 km of shear zones on the property which have the potential to be mineralised is bearing fruit, which can be converted into future resources. This is extremely encouraging for significant near-term resource upside potential. In addition, our thesis of deeper oxides within the current resource shell, with holes extending the oxides in saprolite down to 180m, and additional mineralised zones outside of our current ore resource envelopes gives us confidence in a positive improvement in resource and reserves as we update this information into our geological model.
We believe that 2021 will be a transformational year for AGG, and whilst this is still early days in the evolution of understanding the full Kobada potential, our short-term target still remains to hit 1 million ounces of mineable reserves as soon as possible.”
Overview of Drilling Programme
The Company’s exploration drilling programme is focused on the following targets:
- Increase resource from newly identified shear zones at Kobada, Faraba and Kobada Est concessions (Phase 3)
- Conversion of the inferred resources to measured and indicated category, with the goal of expanding the reserve base to over 1 Moz (Phase 4A B C) in the short term
- Strike extension of the main shear zone at Kobada concession (Phase 5)
Exploration activities at the
The Company has completed Phase 4A drilling aimed at upgrading the inferred resource in oxides at the northern extension of the current pit design at Kobada concessions. After evaluating the results over the next couple of months, the Company intends to continue with planned Phase 4B and 4C drilling. The technical team is encouraged with the large number of high-grade intersections at very shallow levels, as well as at deeper levels, but still in the “soft-rock” oxidic saprolite, which extends deeper than originally anticipated, thereby increasing the volume of the known orebody.
The Company’s key internal goal for Q1 and Q2, 2021, is to further demonstrate the substantial potential for an increased resource base at the
Phase 3 - Increase resource from newly identified shear zones at Kobada, Faraba and Kobada Est concessions
The Company has successfully confirmed gold mineralization at the Gosso target and delineated ~750 m of initial strike length. Diamond drilling program at Gosso target shows highly mineralized gold ore body with similar traits to the parallel striking Kobada shear zone (total resource of 2.3 Moz over 4 km). Four diamond drill holes (522 m) have been completed and were drilled through the saprolite (soft rock) to intersect the abundant auriferous quartz-veins. We believe that there is significant extension along strike, and further drilling will seek to delineate this.
Confirmed high grade gold mineralization, close proximity to the existing resource base (4 km east of Kobada shear zone) and significant upside potential, further reinforce managements view of the Gosso shear zone as a highly prospective target for further development of the
Drill intercepts from Gosso shear zone include:
- 1.15 g/t Au over 12.50 m (Drill hole G20_PH3C_16)
- Including 7.19 g/t Au over 1.30 m
- 4.25 g/t Au over 3.10 m (Drill hole G20_PH3A_20)
- Including 10.40 g/t Au over 1.20 m
- 1.55 g/t Au over 5.20 m (Drill hole G20_PH3A_20)
- Including 6.38 g/t Au over 1.00 m
Phase 4 - Conversion of the inferred resources to measured and indicated category, with the goal of expanding the reserve base to over 1 Moz
A significant proportion of the 10,000 m drilling campaign has been allocated to the conversion of the 575,000 oz inferred oxide resources to measured and indicated category. The drilling of the inferred resources in oxides concentrated around the highlighted area (blue = inferred resource, plan view) to increase the level of confidence in the continuity of the mineralized zones and the confidence in the grade of the deposit.
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f794b64-2618-49b6-80f9-f7707d986a23
Figure 1: Plan view of the resource.
The drilling program has successfully extended the depth of the oxide-sulphides boundary from an anticipated 110 m to 180 m, representing ~60% increase. Results from the drilling program indicate good correlation of expected grades of inferred resource. New mineralized zones outside of the 2020 DFS resource model have been discovered during the drilling program and indicate further resource upside potential. The Company intends to continue to test new mineralized areas.
“We are thrilled by the results of Phase 4A with the high-grade results from several of its boreholes and from the fact that we will gain volume for mining at depth through a deeper than expected soft rock / hard rock boundary. The latter will allow us to “free-dig” in our scheduled open pit deeper than projected. Furthermore, we are now assured that our prolific Kobada shear zone extends further north and most importantly it is mineralised. We will continue to pursue the Kobada shear northwards during our next campaigns.”
Drill intercepts from Phase 4 drilling campaign include:
- 1.24 g/t Au over 11.00 m (Drill hole KB20_PH4A_4)
- 1.44 g/t Au over 68.00 m (Drill hole KB20_PH4A_6)
- Including 6.73 g/t Au over 1.0 m and 24.60 g/t Au over 1.0 m
- 1.17 g/t Au over 34.00 m (Drill hole KB20_PH4A_7)
- Including 10.60 g/t Au over 1.0 m
- 1.22 g/t Au over 7.90 m (Drill hole KB20_PH4B_8)
- Including 6.13 g/t Au over 1.0 m
- 1.98 g/t Au over 60.90 m (Drill hole KB20_PH4B_8)
- Including 22.10 g/t Au over 1.0 m and 10.80 g/t Au over 1.5 m
- 1.04 g/t Au over 37.00 m (Drill hole KB20_PH4A_11)
- Including 8.41 g/t Au over 1.0 m and 7.85 g/t Au over 1.0 m
- 1.09 g/t Au over 43.50 m (Drill hole KB20_PH4A_12)
- Including 9.10 g/t Au over 1.0 m and 9.93 g/t Au over 1.0 m
- 4.86 g/t Au over 17.00 m (Drill hole KB20_PH4A_16)
- Including 46.10 g/t Au over 1.0 m
- 3.50 g/t Au over 14.00 m (Drill hole KB20_PH4A_20)
- Including 38.20 g/t Au over 1.0 m
- 1.21 g/t Au over 10.00 m (Drill hole KB20_PH4A_27)
- 11.95 g/t Au over 4.00 m (Drill hole KB20_PH4A_31)
- Including 41.80 g/t Au over 1.0 m
- 39.48 g/t Au over 3.00 m (Drill hole KB20_PH4A_34)
- Including 17.90 g/t Au over 1.0 m and 94.00 g/t Au over 1.0 m
- 1.87 g/t Au over 13.00 m (Drill hole KB20_PH4A_38)
- Including 20.10 g/t Au over 1.0 m
Phase 5 - Strike extension of the main shear zone at Kobada concession
A detailed study of the airborne magnetic and radiometric survey has led to a reinterpretation of the structural inventory and resulted in a delineation of 55 km of mineralized shear zone structures across the Kobada, Faraba and Kobada Est concessions, representing ~80% increase to the previously identified shear zones.
https://www.globenewswire.com/NewsRoom/AttachmentNg/371dff31-8138-4f7e-a255-7453575e9a50
Figure 1: Plan view of drilling campaign at Kobada. Significant drill intersections and cumulative mineralization.
In
The Company continues to advance the
About
Qualified Person
The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr.
For more information:
President and Chief Executive Officer
+(27) 76 411 3803
Danny.Callow@africangoldgroup.com
Non-Executive Chairman of the Board
(604) 722-5381
Scott.Eldridge@africangoldgroup.com
Daniyal Baizak
VP Corporate Development
(647) 835-9617
Daniyal.Baizak@africangoldgroup.com
Camarco (Financial PR)
+44 (0) 20 3757 4997
AfricanGoldGroup@camarco.co.uk
Cautionary statements
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding, the Company’s drilling and exploration programmes, expectations of increase in resources or reserves at the
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
Table 1: Assay results from the mineralized zone
Includes | ||||||||
BHID | From | To | Composite Length (m) | Composite Grade (g/t) | From | To | Includes (m) | Includes (g/t) |
KB20_PH4A_34 | 55.00 | 58.00 | 3.00 | 39.48 | 55.00 | 56.00 | 1.00 | 17.90 |
KB20_PH4A_34 | 56.00 | 57.00 | 1.00 | 6.54 | ||||
KB20_PH4A_34 | 57.00 | 58.00 | 1.00 | 94.00 | ||||
KB20_PH4A_34 | 69.00 | 72.00 | 3.00 | 1.08 | 70.00 | 71.00 | 1.00 | 2.67 |
KB20_PH4A_34 | 79.00 | 83.00 | 4.00 | 0.54 | 80.00 | 81.00 | 1.00 | 1.21 |
KB20_PH4A_34 | 117.00 | 147.00 | 30.00 | 0.70 | 121.00 | 122.00 | 1.00 | 1.04 |
KB20_PH4A_34 | 124.00 | 125.00 | 1.00 | 11.30 | ||||
KB20_PH4A_34 | 146.00 | 147.00 | 1.00 | 2.73 | ||||
KB20_PH4A_38 | 34.00 | 43.00 | 9.00 | 1.14 | 40.00 | 41.00 | 1.00 | 7.77 |
KB20_PH4A_38 | 61.00 | 74.00 | 13.00 | 1.87 | 61.00 | 62.00 | 1.00 | 20.10 |
KB20_PH4A_38 | 70.00 | 71.00 | 1.00 | 1.13 | ||||
KB20_PH4A_38 | 71.00 | 72.00 | 1.00 | 1.39 |
Cumulative Mineralization Widths
BHID | Cumulative Mineralization Width (m) | Mean Grade (g/t) | |
KB20_PH4A_34 | 40.00 | 3.62 | |
KB20_PH4A_38 | 22.00 | 1.57 |
Significant Intersections (above 1 g/t Au)
BHID | From | To | Intersection Length (m) | Au_Final (g/t) |
KB20_PH4A_34 | 55.00 | 56.00 | 1.00 | 17.90 |
KB20_PH4A_34 | 56.00 | 57.00 | 1.00 | 6.54 |
KB20_PH4A_34 | 57.00 | 58.00 | 1.00 | 94.00 |
KB20_PH4A_34 | 70.00 | 71.00 | 1.00 | 2.67 |
KB20_PH4A_34 | 80.00 | 81.00 | 1.00 | 1.21 |
KB20_PH4A_34 | 121.00 | 122.00 | 1.00 | 1.04 |
KB20_PH4A_34 | 124.00 | 125.00 | 1.00 | 11.30 |
KB20_PH4A_34 | 146.00 | 147.00 | 1.00 | 2.73 |
KB20_PH4A_38 | 40.00 | 41.00 | 1.00 | 7.77 |
KB20_PH4A_38 | 61.00 | 62.00 | 1.00 | 20.10 |
KB20_PH4A_38 | 70.00 | 71.00 | 1.00 | 1.13 |
KB20_PH4A_38 | 71.00 | 72.00 | 1.00 | 1.39 |
Figure 1
Plan view of the resource.
Figure 2
Plan view of drilling campaign at Kobada. Significant drill intersections and cumulative mineralization.
2021 GlobeNewswire, Inc., source