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    A1G   AU0000036949

AFRICAN GOLD LIMITED

(A1G)
Delayed Australian Stock Exchange  -  08:07:50 2023-01-26 pm EST
0.0910 AUD   +1.11%
01/25African Gold Finds Pegmatite Intrusions at Côte d'Ivoire Project
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African Gold Ltd Provides Results from the Recent Trenching, Soil Sampling and Diamond Drilling Programs at the Didievi Gold Project in Central Cote d'Ivoire

07/24/2022 | 07:33pm EST

African Gold Ltd. provided results from the recent trenching, soil sampling and diamond drilling programs as it expands its regional exploration program at the Didievi Gold Project in Central Cote d'Ivoire. The Didievi Gold Project (391km2) is located within the underexplored and emerging Oumé-Fetekro Birimian greenstone belt. The belt hosts ~6.5 MOz of gold discovered to date, including Allied Gold's Bonikro/Hire (+3Moz) and Endeavor's Agbaou (+1Moz) gold mines to the south and the recent +2.5Moz Fetekro discovery announced by Endeavour Mining to the north.

2022 TRENCHING/PITTING PROGRAM: The Company has recently completed a program of 16 trenches and pitting over 974m on priority regional targets at Didievi designed to provide preliminary evaluation of new and historical gold-in-soil anomalies. Geology and assays from 5 of the 8 prospects tested are very encouraging and have exceeded expectations and presented new drill targets. Kouassi Prospect (formerly GCH2).

The 2021 trenching program identified a significant new discovery at the Kouassi Prospect, located ~14 km to the north of Blaffo Gueto and ~2km north of Pranoi Prospects respectively. This initial trench demonstrated the potential of the gold in soil anomaly and a multitude of similar untested anomalies returning a significant result of 20.0m at 1.02g/t gold including 9.0m at 2.06g/t gold. The 2022 program extended the trenching westward and intersected more mineralised porphyry, which is coincident with a large 300+m strike length airborne magnetic high.

The new mineralised intercept has been extended to 40.0m at 1.72g/t gold including 20.0m at 3.13g/t gold. A second short trench located ~200m to the north intersected altered veined porphyry but only anomalous assay results, but needs to be extended to the east to cover the same feature of interest. Based on these trenching results, a single short diamond hole was drilled to evaluate the orientation and structure of this mineralisation.

Located some 60m south-west of the mineralised portion of the first trench, the hole intersected a mineralised porphyry within sheared metasediment. The hole ended in the porphyry at 149.7m but, unfortunately, did not test the western contact from which the trench is known to be mineralised. The hole returned: 7.0m @ 1.42g/t gold from 89m; 12m @ 0.28g/t gold from 102m; and 11m @ 1.85g/t gold from 128m.

Yakpabo Prospect (formerly GCH1): The Yakpabo Prospect is located approximately 19km north north-east of Blaffo Gueto Main and 8km north-east of Pranoi Prospects. In 2021, a short trench was excavated at the anomaly and, while returning interesting geology and a few anomalous intercepts, did not resolve the source of the gold-in-soil anomaly. In the 2022 program, a series of east-west pits 10m apart (22-TR02) bottomed out in ferruginous lateritic gravels which were anomalous intermittently over 75m.

A second series of east-west pits (22-TR01), also 10m apart and located 300m to the south of 22-TR02, returned a number of very interesting results within a sheared mafic intrusive intermittently over 58m. These included numerous >1g/t gold samples and results up to 6.26g/t gold. These pits were subsequently joined and have returned a number of anomalous zones over 67m; including 11m at 0.32g/t gold, 16m at 3.07g/t gold and 1m at 1.31g/t gold.

Pokou Anomalous Trend: Historical and recent soil sampling has defined an approximate 9km long coherent, robust north north-east striking gold- in-soil anomaly located 4km east of Blaffo Gueto Main. Originally thought to be three discrete anomalies, infill sampling has suggested continuity with a maximum of 1,680ppb gold in soils (equivalent to 1.7g/t gold). The anomaly is coincident with a prominent curvilinear magnetic feature.

A series of 5 transects were excavated over a strike extent of 6km of the 9km anomaly to provide a preliminary assessment of the Pokou trend which has returned some very interesting results: 22-TR08 returned three anomalous zones over 55m including 11m at 0.29g/t gold and 4m at 0.7g/t gold; 22-TR09 returned anomalous zones over 51m including 39m at 0.24g/t gold; 22-TR10 returned anomalous zones over 51m including 11m at 0.26g/t gold; 22-TR11 returned only sporadic anomalism; and 22-TR12 returned anomalous zones over 72m including 4m at 0.29g/t gold. Jimmy Walker Anomaly: The Jimmy Walker Anomaly was initially defined by soils and two trenches and then drilled with 7 RC holes by Equigold Resources who recorded best intercepts of 2m at 1.51g/t gold from 44m, 1m at 0.58g/t gold from 54m and 1m at 6.7g/t gold from 6m. The anomaly was trenched with a series of 4 additional transects (trenches/pits) in an attempt to define orientation and controls to mineralised quartz veins.

While returning a number of anomalous intervals, more work is required to understand the system. Blaffo Gueto NW Prospect: The Blaffo Gueto NW Prospect lies approximately 1.2km north-west of Blaffo Gueto Main Prospect. A single transect was excavated across a chert ridge and, while returning a number of anomalous results, more work is required to locate the source of the gold-in-soil anomaly.

Blaffo Gueto North Anomaly: Located 2.5km north of the Blaffo Gueto Main Prospect, Blaffo Gueto North is characterised by strong gold-in-soil and arsenic-in-soil anomalism. Two trenches were excavated with trench 22-TR014 returning two anomalous zones with a best result of 5m at 0.37g/t gold. The second trench located 100m to the north failed to return any significant intercepts.

2022 DIAMOND DRILLING PROGRAM: Pranoi Prospect: Pranoi is located approximately 12km to the north of Blaffo Gueto Main. Previous wide spaced AC and RC drilling of a robust coherent 1.2km x 0.8km gold-in-soil anomaly with extensive artisanal workings returned significant intercepts over a strike of length of over 800m with best historical results including: 12.0m at 5.60g/t gold from 24.0m; 32.0m at 2.14g/t gold from 68.0m; 1.0m at 35.38g/t gold from 56.0m; and 8.0m at 4.35g/t gold from surface. In 2021, a single 100m diamond hole was drilled by African Gold to obtain thickness and grade continuity and structural data up dip which returned a number of significant intercepts including 3.0m at 3.01g/t gold from 5.0m, 3.0m at 1.35g/t gold from 27.0m and 12.0m at 4.48g/t gold from 38.0m.

In 2022, a single diamond hole (DDD046) located 60m west of hole DDD031 was drilled to test down dip potential at this location. The hole intersected a very deeply weathered sequence of strongly foliated meta-sediments intruded by a sheared quartz feldspar porphyry (56.7m - 115m) and a felsic intrusive (135m - 139m). The best result from this hole was 11.0m at 0.91g/t gold from 48.0m including 3.0m at 2.67g/t gold from 56.0m.

NEXT STEPS: RC drilling is being planned to evaluate trench results and to test targets following the conclusion of the wet season around October/November 2022.


ę S&P Capital IQ 2022
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Financials
Sales 2021 - - -
Net income 2021 -2,53 M -1,80 M -1,80 M
Net cash 2021 3,47 M 2,46 M 2,46 M
P/E ratio 2021 -6,88x
Yield 2021 -
Capitalization 14,0 M 9,93 M 9,90 M
EV / Sales 2020 -
EV / Sales 2021 -
Nbr of Employees -
Free-Float 62,7%
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Managers and Directors
Phillip Gallagher Managing Director & Director
Evan Alexander George Cranston Non-Executive Chairman
Tolga Kumova Non-Executive Director
Mathew OĺHara Non-Executive Director
Peter Kym Williams Non-Executive Director
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