African Gold Group, Inc. Northern Step Out Hole Intercepts 70 Meters of 1.83 g/t Au & 45 Meters of 1.79 g/t Au, Hole Ends in ...
20 Marzo 2012 - 7:00AM
Marketwired Canada
African Gold Group, Inc., ("AGG" or the "Company") (TSX VENUTRE:AGG) is pleased
to report the analytical results for eight, near surface (oxide), reverse
circulation (RC), step-out drill holes from the Company's Kobada, Mali gold
project. All eight holes represent northern step out holes that were collared up
to 200 meters north of AGG's current, 43-101, Zone 1, inferred resource.
Near Surface (Oxide) Drill Highlights From Northern Step-Out Holes Include:
KBRC12-006: 70 m @ 1.83 g/t Au & 45 m @ 1.79 g/t Au, ended in mineralization
KBRC12-003: 27 m @ 0.47 g/t Au & 84 m @ 1.26 g/t Au, ended in mineralization
KBRC12-004: 21 m @ 1.07 g/t & 9 m @ 1.80 Au
KBRC12-005: 21 m @ 1.15 g/t Au
The assay results detailing the 8 near surface, (oxide) northern step-out RC
holes that were collared up to 200 meters north of the Zone 1 resource are
listed in Table 1 below:
TABLE 1
----------------------------------------------------------------------------
Section Hole ID From To L Au EOH AZIMUTH Hole objective
(m) (m) (m) (g/t) (m) (Deg.TN)
----------------------------------------------------------------------------
1000S KBRC12-001 5 20 15 0.98 117 200 Test Zone 1 North
extension
----------------------------------------------------------------------------
950S KBRC12-002 10 17 7 1.60 111 200 Test Zone 1 North
extension
34 37 3 0.30
58 61 3 1.01
70 73 3 0.45
92 95 3 0.85 Hole end in
mineralization
----------------------------------------------------------------------------
950S KBRC12-003 9 29 20 0.55 129 200 Test Zone 1 North
extension
45 129 84 1.26 Hole end in
mineralization
----------------------------------------------------------------------------
950S KBRC12-004 0 21 21 1.07 105 200 Test Zone 1 North
extension
34 37 3 0.31
50 59 9 1.80
----------------------------------------------------------------------------
900S KBRC12-005 11 16 5 1.09 129 200 Test Zone 1 North
extension
31 52 21 1.15
including 42 43 1 13.37
82 85 3 0.41
93 108 15 0.33
115 122 7 1.25
----------------------------------------------------------------------------
900S KBRC12-006 16 86 70 1.83 141 200 Test Zone 1 North
extension
including 17 18 1 15.50
96 141 45 1.79
including 139 141 2 15.56
including 140 141 1 18.58 Hole end in
mineralization
----------------------------------------------------------------------------
900S KBRC12-007 2 15 13 0.64 129 200 Test Zone 1 North
extension
40 45 5 0.37
54 72 18 0.76
91 104 13 0.35
116 120 4 0.52
----------------------------------------------------------------------------
900S KBRC12-008 3 14 11 0.89 123 200 Test Zone 1 North
extension
66 71 5 0.73
106 109 3 0.30
----------------------------------------------------------------------------
1) Significant drilled intercepts have a minimum length of 3m at 0.3 g/t
or the product "Length X Grade" greater than 0.9 g.m/t. Intercepts
are drilled lengths and may not be true width within a structure
dipping 70 degrees to 80 degrees
2) Up to 7 m of horizontal "waste" included within mineralized intercept
AGG's management is most encouraged with today's drill results as they represent
the continuation of significant drill intercepts encountered within the near
surface, oxidized profile of the deposit. More specifically, AGG reported near
surface drill results for six RC drill holes that were collared up to 100 meters
north of the Zone 1, 43-101 resource in a press release dated November 15, 2011.
Highlight drill intercepts from the first set of northern step out holes,
collared up to 100 meters north of the Zone 1, 43-101 resource, reported
November 15, 2011 included:
KBRC11-189: 112 m @ 2.14 g/t Au, incl, 1 m @ 90.19 g/t Au, ended in
mineralization
KBRC11-192: 88 m @ 1.66 g/t Au, incl 2 m @ 25.60 g/t Au
KBRC11-191: 55 m @ 0.79 g/t Au, incl 1 m @ 15.06 g/t Au
KBRC11-190: 42 m @ 0.96 g/t Au, incl 1 m @ 12.42 g/t Au
KBRC11-193: 12 m @ 0.89 g/t Au, ended in mineralization
"We continue to remain focused on development of the near surface oxidized
resource at our Kobada gold project. Today's results clearly show the continuing
presence of robust gold mineralization extending as far as 200 meters north of
our current Zone 1 resource, where highlight hole KBRC12-003, collared directly
on strike from KBRC11-189, intercepted 70 meters at 1.83 g/t Au and 45 meters at
1.79 g/t Au. Both of these holes ended in mineralization," states AGG Vice
President, Exploration, Dr. Kevin Downing.
"In addition to demonstrating a strike extension of at least 200 meters north,
the holes released here define a mineralized corridor that exceeds 100 meters in
lateral width that is associated with an oxidation depth in the magnitude of 100
vertical meters. The mineralization contained within these northern step out
holes is well distributed down several of the holes, and is as strong as any
gold mineralization encountered in the Zone 1 resource to date."
"We are very optimistic that mineralization of this strength will continue as
our drill program extends further north, along strike," announces Downing. "In
this region of our Zone 1 deposit, we are observing that the depth of drilling
that is required to encounter fresh rock continues to be in excess of 140m down
hole. As a result, we expect that our northern step out holes will have a very
positive impact on our 2012 revised resource estimate," concludes Downing.
To view the map associated with this press release, please visit the following
link: http://media3.marketwire.com/docs/AfricaGoldMap.pdf.
Kobada Review
On July 14, 2011 AGG announced the results of a positive NI 43-101 Preliminary
Economic Assessment (the "PEA" or the "Study") that evaluates the potential of
an open pit, bulk mining model, utilizing a gravity recovery process plant, at
the Company's Kobada (Mali) gold project. The PEA incorporates and includes
drill data up to the end of December, 2010. There is no drill data from the 2011
campaign included in the PEA. More specifically, the PEA does not incorporate
drill data for the northern extension holes that hold potential to extend Zone 1
up to 2 kilometers north of the Zone 1 deposit, in addition, the PEA does not
incorporate the 2011 southern holes that hold potential to extend Zone 1 up to
1.55 kilometers south of the Zone 1 deposit, nor does the Study include any
potential from the newly discovered Foroko North deposit, the newly discovered
Termite Zone or the recently announced Gosso discovery zone, the latter three
discovery zones being separate and distinct structures from Zone 1.
Project Economics - Base Case
The PEA estimates an after-tax Net Present Value (NPV) of US$216.9 million from
commencement of construction and an after-tax Internal Rate of Return (IRR) of
90.57% using a base case of US$1,100 per ounce of gold and a discount rate of
5%.
The Kobada project base case is for processing 20,000 tonnes per day for a total
of 7,000,000 tonnes per year in a gravity process plant that is projected to
recover 87.9% of the gold contained in 41,750,000 tonnes of lateritic material
assaying 0.64 g/t Au, for average annual production of 126,600 ounces of gold
for the first five years of operation. The average annual operating cost is
calculated to be US$8.27/t for the first five years of operation with a CAPEX of
US$122,500,000. The project produces gold at the direct cost of US$470.90 per
ounce. The Study demonstrates that the Kobada gold project is economically
optimized by adopting bulk mining versus selective mining. The direct
implications of bulk mining are demonstrated in a substantial increase in
tonnage and recoverable gold but with an associated decrease in the average gold
grade. Please visit www.africangoldgroup.com to review the entire content of
AGG's July 13, 2011 press release announcing the results of the positive
Preliminary Economic Assessment.
Sampling - QA/QC Program
RC cuttings are recovered at the bottom outlet of the RC rig cyclone into 50-kg
capacity poly-weave bags to recover the cuttings from each 1 meter of drill
penetration. Each one meter sample weighs an average of approximately 19 to 23
kg. Each sample is passed through a 3-tier Jones Riffler (1 to 8 split), the
samples are riffled twice to obtain from 3 to 5 kg of cuttings which are put in
a numbered sample bag. Each bag is sealed and picked up on site by ALS Chemex
Laboratories for delivery to its Burkina Faso facilities. The remaining 14 to 18
kg of cuttings (field rejects) are stored in camp under tarps to protect the
bags against the elements.
Original samples are analyzed using Leachwell on 2 kg of pulp. Leachwell is a
bottle roll cyanidation procedure with the addition of a catalyst to speed up
gold dissolution. A QA/QC program is in place and includes: blank (1 in 20
samples), duplicates (1 in 20), standards (1 in 20), external lab checks (1 in
30) and two different analytical procedures checks (1 in 100).
Under the guidelines of National Instrument 43-101, the qualified person for the
Kobada Gold Project is Mr. Pierre Lalande, P. Geo. Mr. Lalande is a member of
the Association of Professional Geoscientists of Ontario and has reviewed and
approved the contents of this news release.
African Gold Group, Inc., based in Toronto, Canada, is engaged in the
identification, acquisition and exploration of prospective gold projects that
are situated along significant gold trends within West Africa. To date, the
Company controls a total of eleven gold concessions that are consolidated in
four distinct stand-alone exploration projects. Three of these projects are
located in Ghana and one project (Kobada) is located in Mali, West Africa.
Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The preliminary assessment includes inferred mineral
resources that are considered too speculative geologically to have the economic
considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the preliminary assessment will
be realized.
Additional Information is available on the Company's website at
www.africangoldgroup.com and on www.sedar.com and through the Company's offices
at: Sun Life Financial Tower, Suite 2518, 150 King St. West, Toronto, Canada M5H
1J9.
On Behalf of the Board:
Michael A. J. Nikiforuk
President, Director
African Gold (TSXV:AGG)
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