TORONTO, Dec. 10, 2019 - African Gold Group Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce exceptional high-grade intersections at Kobada Gold Project. Results to date have returned better than expected grades in the central shear zone and support the Company’s belief that there is upside potential at the Kobada Gold project.
Highlights Include (Table 1):
- 5.34 g/t Au from 157.0 to 163.0 m; including 29.7 g.t Au from 158.0 to 159.05 m in hole KP19_P1_12
- 2.81 g/t Au from 0.0 to 1.0 m in hole KB19_P1_10
- 1.47 g/t Au from 8.0 to 9.0 m in hole KB19_P1_10
- 12.60 g/t Au from 172.0 to 173.0 m in hole KB19_P1_11
- 2.02 g/t Au from 37.0 to 38.0 m in hole KB19_P1_11
- 1.97 g/t Au from 88.0 to 89.4 m in hole KB19_P1_11
“The additional high-grade intersections are raising our confidence in the Kobada Gold Project”, says Dr. Andreas Rompel, Vice President Exploration. “We are very excited with the results from the Phase 1 drilling program as it provides us with confirmation of a likely larger and higher grade deposit.”
The outstanding results to date confirm management’s belief that the deposit at the Kobada gold project is larger, with greater thicknesses than suggested in the 2016 Feasibility Study.
The Phase 1 drilling campaign, which focused on confirming and upgrading the confidence level of the resource, clearly indicates a strong correlation to the geological model in the 2016 Feasibility Study. In addition, better than expected drilling results and an updated understanding of the structural geology and mineralization model of the the deposit will further reinforce the updated resource model due in January 2020.
The Phase 2 drilling campaign has commenced, progressing to the north, and aims to extend the resource northward. Continuing mineralization north of the central zone is expected to further confirm our view that the Kobada project is larger than previously suggested.
Table 1: Highlights
| | | Mineralised Zone | Includes |
| BHID | Ore Body | From | To | Composite
Length (m) | Composite
Grade (g/t) | From | To | Includes
(m) | Includes
(g/t) |
| KB19_P1_10 | Main Shear South | 0.00 | 9.00 | 9.00 | 0.58 | 0.00 | 1.00 | 1.00 | 2.81 |
| | Main Shear South | | | | | 8.00 | 9.00 | 1.00 | 1.47 |
| | Main Shear South | 37.00 | 39.00 | 2.00 | 0.72 | 37.00 | 38.00 | 1.00 | 1.12 |
| KB19_P1_11 | Main Shear South | 37.00 | 66.00 | 29.00 | 0.30 | 37.00 | 38.00 | 1.00 | 2.02 |
| | Main Shear South | | | | | 56.00 | 56.70 | 0.70 | 1.21 |
| | Main Shear South | | | | | 60.90 | 62.15 | 1.25 | 1.20 |
| | Main Shear South | 84.00 | 95.00 | 11.00 | 0.33 | 88.00 | 89.40 | 1.40 | 1.97 |
| KB19_P1_12 | Main Shear South | 157.00 | 163.00 | 6.00 | 5.34 | 158.00 | 159.05 | 1.05 | 29.70 |
Figure 1: Kobada exploration targets.
https://www.globenewswire.com/NewsRoom/AttachmentNg/d2a3ecc6-06dc-4200-87f6-af626476ee38
Figure 2: Drill hole locations in the central part of the Kobada Main Shear Zone. Lines 1 to 13 have been completed.
https://www.globenewswire.com/NewsRoom/AttachmentNg/aae2a1ce-f112-43f8-b626-3d1b1e5865b1
Qualified Persons
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 ("NI 43-101") 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.
About African Gold Group
African Gold Group is a Canadian listed exploration and development company on the TSX Venture Exchange (TSX-V: AGG) with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
For further information please contact:
Stan Bharti
President and Chief Executive Officer
(416) 861 2267
Forward-Looking 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, management’s, the Company’s development and exploration plans for the Kobada project, expectation of grade and resources at the Kobada gold project, the rate of drilling during the Phase 1 and 2 drilling program at the Kobada gold project, expectation of drill results at the Kobada project, the timeline for the completion of the Phase 1 and Phase 2 drilling program, the definitive feasibility study and the updated resource model, expectations for mineralization and location of extensions at the Kobada gold project and expected mining methods at the Kobada gold project, and other statements with respect to the future plans or intentions of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", “aims”, "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Table 2: Assay results from the southern main mineralized zone (reported length measured along the holes):
Mineralization Zones
| | | Mineralised Zone | Includes |
| BHID | Ore Body | From | To | Composite
Length (m) | Composite
Grade (g/t) | From | To | Includes
(m) | Includes
(g/t) |
| KB19_P1_10 | Main Shear South | 0.00 | 9.00 | 9.00 | 0.58 | 0.00 | 1.00 | 1.00 | 2.81 |
| | Main Shear South | | | | | 8.00 | 9.00 | 1.00 | 1.47 |
| | Main Shear South | 37.00 | 39.00 | 2.00 | 0.72 | 37.00 | 38.00 | 1.00 | 1.12 |
| KB19_P1_11 | Main Shear South | 37.00 | 66.00 | 29.00 | 0.30 | 37.00 | 38.00 | 1.00 | 2.02 |
| | Main Shear South | | | | | 56.00 | 56.70 | 0.70 | 1.21 |
| | Main Shear South | | | | | 60.90 | 62.15 | 1.25 | 1.20 |
| | Main Shear South | 84.00 | 95.00 | 11.00 | 0.33 | 88.00 | 89.40 | 1.40 | 1.97 |
| KB19_P1_12 | Main Shear South | 157.00 | 163.00 | 6.00 | 5.34 | 158.00 | 159.05 | 1.05 | 29.70 |
Cumulative Mineralization Widths
| BHID | Cumulative Mineralisation Width (m) | Mean Grade (g/t) |
| KB19_P1_12 | 29.25 | 1.29 |
Significant Intersections (Above 1 g/t)
| BHID | From | To | Intersection Length (m) | Au_Final (g/t) |
| KB19_P1_10 | 0.00 | 1.00 | 1.00 | 2.81 |
| KB19_P1_10 | 8.00 | 9.00 | 1.00 | 1.47 |
| KB19_P1_10 | 37.00 | 38.00 | 1.00 | 1.12 |
| KB19_P1_11 | 37.00 | 38.00 | 1.00 | 2.02 |
| KB19_P1_11 | 56.00 | 56.70 | 0.70 | 1.21 |
| KB19_P1_11 | 60.90 | 62.15 | 1.25 | 1.20 |
| KB19_P1_11 | 88.00 | 89.40 | 1.40 | 1.97 |
| KB19_P1_11 | 128.00 | 129.00 | 1.00 | 1.46 |
| KB19_P1_12 | 158.00 | 159.05 | 1.05 | 29.70 |
