Highlights:
- Significant new drill intersects at the main shear zone of the
Kobada Gold Project . Drilling highlights include:- 11.95 g/t Au over 4.0 m from 39.0 m to 43.0 m (Drill hole KB20_PH4A_31)
- Including 3.78 g/t Au over 1.0 m
- And 41.80 g/t Au over 1.0 m
- 4.49 g/t Au over 6.50 m from 167.0 to 173.5 m (Drill hole KB20_PH4A_28)
- Including 19.70 g/t Au over 1.40 m
- 1.21 g/t Au over 10.0 m from 38.0 to 48.0 m (Drill hole KB20_PH4A_27)
- Including 4.19 g/t Au over 1.0 m
- And 4.07 g/t Au over 1.0 m
- 11.95 g/t Au over 4.0 m from 39.0 m to 43.0 m (Drill hole KB20_PH4A_31)
- The drill program has extended the depth of the oxide-sulphide boundary from an anticipated 110 m to a more realistic 180 m at the northern extensions of the main shear zone, representing an approximate 60% increase.
- This has highlighted the continuity of the mineralization in oxides at depth beneath the current pit design apart from the presence of high grades in sulphides to support potential future underground mining at Kobada.
- 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 datedJune 17, 2020 (the “2020 DFS”) will be incorporated in the next mineral resource estimate update for early 2021.
To date, the Company has drilled 6,257.50 metres of combined
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, the Company intends to continue with Phase 4B and C, aiming at the conversion of the majority of the 575,000 ounces of inferred oxide resources. 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” saprolite, which extends deeper than originally anticipated, thereby increasing the volume of the known orebody.
The Company's key internal goal for the Q1 2021 is to further show the considerable potential for increased resource base at
Dr.
“We are very happy to report more high-grade results from our highly successful endeavour to upgrade a portion of our inferred resource in the oxides to the indicated and measured category. Furthermore, we have discovered that a large portion of this orebody has oxides reaching deeper into the ground than originally anticipated, thus, leading to an unforeseen increase in volume of rock that we can mine in a future open pit. After a short break, we intend to continue pursuing this high-grade zone even further north along this highly prolific shear zone and, with additional resources, test its gold-bearing neighbouring shear zones.”
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 4)
- Strike extension of the main shear zone at Kobada concession (Phase 5)
The Company intends to continue drilling for the northern strike extension of the highly prolific Kobada Shear (Phase 5
Drill rigs have been operating since early
Figure 1: Plan view of drilling campaign at Kobada. Significant drill intersections and cumulative mineralization:
https://www.globenewswire.com/NewsRoom/AttachmentNg/af6690e1-732d-4666-bb0f-f6d5e9b5600a
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_27 | 18.00 | 25.00 | 7.00 | 0.55 | 19.00 | 20.00 | 1.00 | 1.20 |
KB20_PH4A_27 | 24.00 | 25.00 | 1.00 | 1.30 | ||||
KB20_PH4A_27 | 38.00 | 48.00 | 10.00 | 1.21 | 43.00 | 44.00 | 1.00 | 4.07 |
KB20_PH4A_27 | 46.00 | 47.00 | 1.00 | 4.19 | ||||
KB20_PH4A_27 | 47.00 | 48.00 | 1.00 | 1.94 | ||||
KB20_PH4A_27 | 102.00 | 106.00 | 4.00 | 0.40 | ||||
KB20_PH4A_27 | 155.00 | 157.00 | 2.00 | 8.43 | 155.00 | 155.55 | 0.55 | 29.30 |
KB20_PH4A_28 | 124.00 | 126.00 | 2.00 | 0.75 | ||||
KB20_PH4A_28 | 143.50 | 147.00 | 3.50 | 0.81 | 145.50 | 147.00 | 1.50 | 1.56 |
KB20_PH4A_28 | 167.00 | 173.50 | 6.50 | 4.49 | 168.50 | 169.90 | 1.40 | 19.70 |
KB20_PH4A_31 | 39.00 | 43.00 | 4.00 | 11.95 | 39.00 | 40.00 | 1.00 | 3.78 |
KB20_PH4A_31 | 40.00 | 41.00 | 1.00 | 1.70 | ||||
KB20_PH4A_31 | 41.00 | 42.00 | 1.00 | 41.80 | ||||
KB20_PH4A_31 | 59.00 | 60.00 | 1.00 | 12.30 | 59.00 | 60.00 | 1.00 | 12.30 |
KB20_PH4A_31 | 71.00 | 77.00 | 6.00 | 0.39 | 73.00 | 74.00 | 1.00 | 1.49 |
KB20_PH4A_31 | 91.00 | 92.00 | 1.00 | 1.90 | 91.00 | 92.00 | 1.00 | 1.90 |
KB20_PH4A_31 | 124.00 | 133.00 | 9.00 | 0.58 | 125.00 | 126.00 | 1.00 | 1.33 |
KB20_PH4A_31 | 132.00 | 133.00 | 1.00 | 1.11 |
Cumulative Mineralization Widths
BHID | Cumulative Mineralization Width (m) | Mean Grade (g/t) |
KB20_PH4A_27 | 23.00 | 1.49 |
KB20_PH4A_28 | 12.00 | 2.79 |
KB20_PH4A_31 | 21.00 | 3.31 |
Significant Intersections (above 1 g/t Au)
BHID | From | To | Intersection Length (m) | Au_Final (g/t) |
KB20_PH4A_27 | 19.00 | 20.00 | 1.00 | 1.20 |
KB20_PH4A_27 | 24.00 | 25.00 | 1.00 | 1.30 |
KB20_PH4A_27 | 43.00 | 44.00 | 1.00 | 4.07 |
KB20_PH4A_27 | 46.00 | 47.00 | 1.00 | 4.19 |
KB20_PH4A_27 | 47.00 | 48.00 | 1.00 | 1.94 |
KB20_PH4A_27 | 155.00 | 155.55 | 0.55 | 29.30 |
KB20_PH4A_28 | 145.50 | 147.00 | 1.50 | 1.56 |
KB20_PH4A_28 | 168.50 | 169.90 | 1.40 | 19.70 |
KB20_PH4A_31 | 39.00 | 40.00 | 1.00 | 3.78 |
KB20_PH4A_31 | 40.00 | 41.00 | 1.00 | 1.70 |
KB20_PH4A_31 | 41.00 | 42.00 | 1.00 | 41.80 |
KB20_PH4A_31 | 59.00 | 60.00 | 1.00 | 12.30 |
KB20_PH4A_31 | 73.00 | 74.00 | 1.00 | 1.49 |
KB20_PH4A_31 | 91.00 | 92.00 | 1.00 | 1.90 |
KB20_PH4A_31 | 125.00 | 126.00 | 1.00 | 1.33 |
KB20_PH4A_31 | 132.00 | 133.00 | 1.00 | 1.11 |
Figure 1
Plan view of drilling campaign at Kobada. Significant drill intersections and cumulative mineralization
2021 GlobeNewswire, Inc., source