TORONTO, April 30, 2020 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX.V:AGG)(OTCQX:AGGFF)(“AGG” or the “Company”) is pleased to announce exciting prospecting and rock sampling results from a new shear zone on its fully permitted Kobada Gold Project located in southern Mali. Highlights include rock sample results from the previously untested Gosso target (the “Gosso Target”), located 4 km to the East of the main Kobada Shear zone, where all prior exploration of the Company has been targeted at.
Highlights Include (Table 1):
- Gosso target is located in a previously undrilled area approximately 4 km East of the Main shear zone and strikes parallel
- Sample #207470 returned 1.10 g/t Au within a grab sample of 2.15 WtKg
- Sample #207471 returned 3.16 g/t Au within a grab sample of 3.02 WtKg
- Sample #207473 returned 4.60 g/t Au within a grab sample of 2.87 WtKg
- Sample #207475 returned 1.87 g/t Au within a grab sample of 2.89 WtKg
“We are very happy to report the potential for additional gold resources of this new shear zone. All prior drilling has been focused on the main Kobada Shear zone of which we only have tested 4 km along a total delineated strike of 16km,” says Dr. Andreas Rompel, Vice President Exploration of the Company. “This Gosso target adds mineralized strike kilometers to our already known Kobada Shear, and we intend to test it by drilling during the next phase of exploration drilling.”
Gosso Target is situated 4 km East of and parallel to the Kobada Main Shear zone. This shear zone extends for a length of at least 5 km with rock assays ranging from 0.5 to 4.60 g/t Au. The Gosso Target has been exposed by historical, artisanal mining to a depth of approximately 10 meters.
Mineralization at the Gosso Target appears to be similar in structure to the Kobada Main Shear zone located 4 km to the west and reinforces the prospect of multiple mineralized deposits on the Company’s regional-scale land package.
To date, only 4 km of the main shear zone at the Kobada Gold Project has been properly drill-tested, with the remaining 26 km of identified gold-bearing shear zones not yet tested. The rock sample results from the Gosso target confirm the Company’s view that the identified, yet untested gold-bearing shear zones on its property represent a significant opportunity for growing the resource at the Kobada Gold Project. The Company will embark on exploration drilling to test the Gosso Target along with the northern extension of the Kobada Main Shear zone.
Kobada Gold Project
The Kobada Gold Project is a fully licensed and permitted advanced development project located in the prolific Birimian Greenstone belt in Southern Mali. The Company is working towards delivering the definitive feasibility study (the “DFS”) in Q2 2020 as a part of the final process before the commencement of construction. Since 2019, the Company has completed a drilling campaign totaling 11,428 meters (m) withing the Kobada concession area.
Figure 1: Gosso Target with shear zone exposed displaying typical red and yellow coloration (Goethite, Limonite) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a76bf634-9118-454a-942d-858937e9b85b
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, Inc. (TSX.V:AGG)(OTCQX:AGGFF) 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.
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 Gold Project, the Kobada Main Shear and the Gosso Target, expectation of grade and resources at the Kobada Gold Project, the timeline for delivery of the DFS and the updated resource-reserve model, completion of metallurgical testwork, expectations for mineralization and location of extensions at the Kobada Gold Project and expected mining methods at the Kobada Gold Project, future drilling campaigns 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.
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