REPEAT -- African Gold Group Increases Vertical Depth of Oxide Ore Body, Intersects 18.5 g/t Au and 8.41 g/t Au at the Kobada Gold Project on In-Fill Drilling Programme

 
  •   African Gold Group would like to invite shareholders and the general public to join AGG management team for a live webinar to discuss ongoing drilling program.  
  •  
  •   The investor webinar will take place on Wednesday, November 25   th   at   10   :00 am (EST). Online registration and participation details may be found at the following link:  
  •  
  • https://zoom.us/webinar/register/WN_o-Lo3uHcRd2Y2YCqekJ6BA
  •  

African Gold Group, Inc. (TSX-V: AGG) (" AGG " or the " Company ") is pleased to announce updated results from its Phase 4 in-fill drilling campaign targeting conversion of Inferred oxides into Measured and Indicated Resources. Most recent drilling results continue to show extensions of the oxide orebody at depth, far deeper than expected with numerous high-grade gold intersections. Ongoing drilling continues to test strike, depth and plunge extensions of the mineralized system.

 

  Highlights  

 
  • The drill program has extended the depth of the oxide-sulphide boundary from 120 m to 190 m at the northern extensions of the main shear zone.
  •  
  • The boundary between the oxidised lithologies and the unaltered (sulphide) lithologies being repeatedly intersected at deeper levels are conducive to adding more volume to the Inferred Mineral Resource.
  •  
  • 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 dated June 17, 2020 (the " 2020 DFS ") will be incorporated in the next mineral resource estimate update on track for Q1 2021.
  •  
  • Phase 4 drilling programme is ahead of target with some significant grade intersections identified in the oxide orebody.
  •  
  • Drilling continues along the main shear zone (Phase 4), the Gosso target (Phase 3), and the northern extension of the main Kobada shear zone (Phase 5) as part of the 10,000 m drilling programme announced in September (see press release dated September 14, 2020).
  •  

  Drilling highlights   include (Table 1):  

 
  •   1   .04   g/t Au over   37   .0 m from   47   .0 m   to   84   .0 m   (Drill hole KB20_PH4A_   11   )  
    • Including 8.41 g/t Au over 1.0 m, 6.41 g/t Au over 1.0 m and 7.85 g/t Au over 1.0 m
    •  
  •  
  •   2.81 g/t Au over 7.0 m from 102.0 m to 109.0 m (Drill hole KB20_PH4A_11)  
    • Including 18.50 g/t Au over 1.0 m
    •  
  •  
  •   1.   39   g/t Au over   9   .0 m from   33   .0 m to   42   .0 m (Drill hole KB20_PH4A_   10   )  
    • Including 5.78 g/t Au over 1.0 m
    •  
  •  

  Andy   Rompel   ,   Vice President Exploration   of African Gold Group commented:  

 

  "I am very pleased to   report   that these drill results   have exceeded our expectations   and the saprolite zone of the oxidised resource is larger than anticipated. We have drilled soft mineralised lithologies at unexpected depth and can push the boundary between soft and hard rock further   down   .   This   will consequently add volume to our already known resource. We will continue to pursue this occurrence further northward   s where we intend to confirm the mineralisation along the Kobada shear and its northern extension. We see great potential along this and our neighbouring shear zone along the Gosso target, which has only recently been proven auriferous on surface as well as at depth."  

 

  Overview of drilling programme  

 

Drill rigs have been operating since early September 2020, and despite heavy rains, the Company has made very good progress in its exploration drilling programme. To date, 3,051 m have been drilled, of which 1,690 m were Reverse Circulation drilling (RC) and 1,361 m were Diamond drilling (DD). The assay results from the infill drilling campaign on the Kobada Main shear zone have confirmed that to date, large portions of the geological model and the anticipated grade of the Inferred oxide Mineral Resource correlate positively with the 1.34 g/t mean grade currently used in the existing Inferred Resource estimate. In addition, the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies has been repeatedly intersected at deeper levels than anticipated. These results are conducive to adding more volume at depth to the Inferred Mineral Resource in the oxides.

 

The campaign to upgrade a portion of the Inferred oxide Mineral Resources is part of a three-phase drilling campaign. The objective of the drilling campaign is to upgrade the Inferred oxide resource to a higher confidence category, test the northern extension of the Kobada shear beyond the last known occurrence in the northern parts of the Kobada concession and the initial drill-testing of the neighbouring Gosso shear zone (see press release dated October 20, 2020). It comprises an initial 6,720 m at a split of 70% RC holes (4,704 m) and 30% DD holes (2,016 m).

 

Figure 1: Plan view of drilling campaign at Kobada. Solid lines represent holes drilled to date: https://www.globenewswire.com/NewsRoom/AttachmentNg/33adf2e1-7c09-4aa7-a755-d1119bc36bcd  

 

Figure 2: Drill hole KB20_PH4A_11, confirming mineralisation close to surface and an additional newly discovered mineralised zone: https://www.globenewswire.com/NewsRoom/AttachmentNg/31d08b93-2db8-4dda-89c1-960816b819fc  

 

  About African Gold Group  

 

  African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa's next mid-tier gold producer. The Company has a highly experienced   b   oard and management team with a proven track record in the African mining sector operating mines from development through to production. AGG's principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed   the 2020 DFS   and   is targeting gold production of 100,000 oz per annum by Q2 2022. As well as the initial   Kobada Gold P   roject, other exploration locations have been identified on the Kobada   , Farada and Kobada Est concessions   , offering potential for an increase   in   resource. For more information regarding African Gold Group visit our website at    www.africangoldgroup.com    .  

 

  Q   ualified Person  

 

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.

 

  For more information:  

 

Danny Callow
President and Chief Executive Officer
+(27) 76 411 3803
Danny.Callow@africangoldgroup.com  

 

Scott Eldridge
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)
Gordon Poole
Nick Hennis
+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 Phase 3 drilling program, expectations of increase in resources or reserves at the Kobada Gold Project, timeline for delivery of future mineral resource estimates and extensions of orebody depth and length . 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", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements 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 AGG to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages 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 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 1: Assay results from the mineralized zone  

 
                                                                                                                                                                                                                                
    Mineralized Zone    Includes  
  BHID    Ore
Body
 
  From    To    Composite
Length (m)
 
  Composite
Grade (g/t)
 
  From    To    Includes
(m)
 
  Includes
(g/t)
 
KB20_PH4A_10 Kobada Main Shear 33.00 42.00 9.00 1.39 33.00 34.00 1.00 1.78
KB20_PH4A_10       34.00 35.00 1.00 1.89
KB20_PH4A_10       35.00 36.00 1.00 5.78
KB20_PH4A_10   52.00 53.00 1.00 2.37     
KB20_PH4A_10   72.00 81.00 9.00 0.28 72.00 73.00 1.00 1.03
KB20_PH4A_10   95.00 124.00 29.00 0.46 98.00 99.00 1.00 1.70
KB20_PH4A_10       99.00 100.00 1.00 1.01
KB20_PH4A_10       101.00 102.00 1.00 1.13
KB20_PH4A_10       119.00 120.00 1.00 1.04
KB20_PH4A_11   47.00 84.00 37.00 1.04 49.00 50.00 1.00 2.63
KB20_PH4A_11       55.00 56.00 1.00 8.41
KB20_PH4A_11       56.00 57.00 1.00 6.41
KB20_PH4A_11       67.00 68.00 1.00 7.85
KB20_PH4A_11       70.00 71.00 1.00 1.43
KB20_PH4A_11       72.00 73.00 1.00 1.20
KB20_PH4A_11       73.00 74.00 1.00 2.08
KB20_PH4A_11       83.00 84.00 1.00 1.52
KB20_PH4A_11   102.00 109.00 7.00 2.81 102.00 103.00 1.00 18.50
KB20_PH4A_11   117.00 134.00 17.00 0.46 120.00 121.00 1.00 2.99
KB20_PH4A_11       133.00 134.00 1.00 1.75
KB20_PH4A_11   141.00 143.00 2.00 0.44     
 

  Cumulative Mineralization Widths  

 
         
  BHID    Cumulative
Mineralization Width
(m)
 
  Mean Grade
(g/t)
 
KB20_PH4A_10 48.00 0.64
KB20_PH4A_11 63.00 1.06
 

  Significant   Intersections (   above   1 g/t Au)  

 
                                                                                                    
  BHID    From    To    Intersection
Length (m)
 
  Au_Final   (g/t)  
KB20_PH4A_10 33.00 34.00 1.00 1.78
KB20_PH4A_10 34.00 35.00 1.00 1.89
KB20_PH4A_10 35.00 36.00 1.00 5.78
KB20_PH4A_10 72.00 73.00 1.00 1.03
KB20_PH4A_10 98.00 99.00 1.00 1.70
KB20_PH4A_10 99.00 100.00 1.00 1.01
KB20_PH4A_10 101.00 102.00 1.00 1.13
KB20_PH4A_10 119.00 120.00 1.00 1.04
KB20_PH4A_11 49.00 50.00 1.00 2.63
KB20_PH4A_11 55.00 56.00 1.00 8.41
KB20_PH4A_11 56.00 57.00 1.00 6.41
KB20_PH4A_11 67.00 68.00 1.00 7.85
KB20_PH4A_11 70.00 71.00 1.00 1.43
KB20_PH4A_11 72.00 73.00 1.00 1.20
KB20_PH4A_11 73.00 74.00 1.00 2.08
KB20_PH4A_11 83.00 84.00 1.00 1.52
KB20_PH4A_11 102.00 103.00 1.00 18.50
KB20_PH4A_11 120.00 121.00 1.00 2.99
KB20_PH4A_11 133.00 134.00 1.00 1.75
 

 

 

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