African Gold Group Inc.

Published : April 09th, 2008

Intercepts 9 Meters Of 25.8 G Au/T
Mineralization Identified Over 5.5 K

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  Wednesday, April 09, 2008
African Gold Group, Inc. Intercepts 9 Meters Of 25.8 G Au/T
Mineralization Identified Over 5.5 Km Of Strike At Kobada, Mali


 
TORONTO, CANADA, APRIL 09, 2008 -- African Gold Group, Inc., ("AGG" or the "Company") is pleased to report the assay results for 71 reverse circulation ("RC") step-out drill holes, drilled on 9 lines covering a total of 5.5 kilometers of strike length at Kobada, Mali. These holes were drilled on a N30ºE orientation and are hypothesized to represent the potential strike extension, to the north and south of "Zone 1".

STEP-OUT RC DRILL HIGHLIGHTS
  • KBRC7-5: 9 meters grading 25.8 g Au/t, including 1 meter of 228 g Au/t
  • KBRC7-6: 14 meters grading 3.66 g Au/t, including 9 meters of 4.61 g Au/t
  • KBRC7-8: 18 meters grading 1.78 g Au/t, including 7 meters of 3.59 g Au/t (ended in mineralization).
  • KBRC7-15: 22 meters grading 1.48 g Au/t, including 10 meters of 1.98 g Au/t
RESULTS AND ANALYSIS

For coherence, the results from the 71 RC drill holes have been organized according to the section the hole was drilled on as opposed to numerical order and are depicted in Table 1 below. All of the RC holes were drilled to a depth of approximately 90 meters (down the hole) at an angle of -55º and an azimuth of 290º. Please see the attached map for the collar locations and the respective section the holes were drilled on.

Please click to see the map

The ALS Chemex Laboratory in Bamako is used as the analytical facility for the Kobada Project. Reverse circulation (RC) samples were dried and crushed in their totality. A 500 gram split of the crushed sample, nominally at 3 mm was then pulverized to approximately 90% passing 75 µm (200 mesh). The coarse material was retained as crusher reject and stored in its original numbered sample bag. Approximately 200 grams of the pulp was retained in a sample packet. A 50 gram sample from the packet was analysed for gold by conventional fire assay with an instrumental AAS finish.

TABLE 1: ASSAY RESULTS FOR RC STEP-OUT HOLES -- KOBADA, MALI
Significant Intersections On Sections Drilled

SECTION

HOLE

INTERVAL

Length

Au (g/t)

From

To

L 3400 S

KBRC07-108

85

88

3m

9.17

L 3400 S

KBRC07-109

0

4

4m

1.88

L 3400 S

KBRC07-110

24

25

1m

2.47

L 3400 S

KBRC07-107

 

 

 

No significant intercept

L 1200 S

KBRC07-1

15

18

3m

1.01

L 1200 S

KBRC07-2

6

7

1m

1.15

L 1200 S

KBRC07-3

17

25

8m

1.30

 

incl.

 

1m

4.70

L 1200 S

KBRC07-3

37

41

4m

1.07

L 1200 S

KBRC07-3

59

60

1m

1.29

L 1200 S

KBRC07-4

42

48

6m

1.97

 

incl.

42

43

1m

7.66

 

and

46

48

2m

1.82

L 1200 S

KBRC07-4

62

63

1m

1.30

L 1200 S

KBRC07-5

2

3

1m

4.93

L 1200 S

KBRC07-5

16

24

9m

25.8

 

incl.

16

17

1m

228.00

 

and

20

24

4m

0.82

L 1200 S

KBRC07-6

14

28

14m

3.66

 

incl.

19

28

9m

4.61

L 1200 S

KBRC07-6

50

62

12m

0.71

 

incl.

50

54

4m

1.07

 

and

60

62

2m

1.80

L 1200 S

KBRC07-7

9

36

27m

1.05

 

incl.

12

15

3m

2.78

 

and

27

35

8m

1.76

L 1200 S

KBRC07-7

64

66

2m

7.76

L 1200 S

KBRC07-7

80

81

1m

13.85

L 1200 S

KBRC07-8

7

12

5m

2.61

 

incl.

 

 

1m

10.15

L 1200 S

KBRC07-8

19

20

1m

1.69

L 1200 S

KBRC07-8

27

36

9m

0.96

 

incl.

27

30

3m

1.75

 

and

24

36

2m

1.47

L 1200 S

KBRC07-8

42

52

10m

1.09

 

incl.

42

44

2m

3.25

 

and

51

52

1m

1.69

L 1200 S

KBRC07-8

61

63

2m

1.14

L 1200 S

KBRC07-8

72

90

18m

1.78

 

incl.

77

78

1m

3.59

 

and

80

87

7m

3.59

L 1200 S

KBRC07-9

12

13

1m

5.31

L 1200 S

KBRC07-10

4

9

5m

0.76

 

incl.

4

5

1m

1.06

 

and

8

9

1m

2.27

L 400 S

KBRC07-11

11

12

1m

7.41

 

KBRC07-12-13

 

 

 

No significant intercept

L 400 S

KBRC07-14

41

42

1m

1.33

L 400 S

KBRC07-15

5

13

8m

5.08

 

incl.

5

11

6m

6.65

L 400 S

KBRC07-15

23

45

22m

1.48

 

incl.

23

30

7m

2.10

 

and

35

45

10m

1.98

L 400 S

KBRC07-15

57

60

3m

1.24

L 400 S

KBRC07-16

 

 

 

No significant intercept

L 400 S

KBRC07-17

10

11

1m

2.01

L 400 S

KBRC07-17

59

60

1m

1.27

L 400 S

KBRC07-17

76

77

1m

1.58

 

KBRC07-18

 

 

 

No significant intercept

L 400 S

KBRC07-19

54

55

1m

2.38

 

KBRC07-20-23

 

 

 

No significant intercept

L 00

KBRC07-24

6

8

1m

1.30

L 00 

KBRC07-25-26

 

 

 

No significant intercept

L 400 N

KBRC07-27-28

 

 

 

No significant intercept

L 400 N

KBRC07-29

11

12

1m

1.44

 

KBRC07-29

23

25

2m

0.48

 

KBRC07-29

48

50

2m

0.98

L 400 N

KBRC07-30

37

38

1m

1.77

 

KBRC07-30

55

57

2m

6.86

 

KBRC07-30

64

68

4m

1.11

L 400 N

KBRC07-31

 

 

 

No significant intercept

L 400 N

KBRC07-32

7

8

1m

1.58

L 400 N

KBRC07-33-36

 

 

 

No significant intercept

L 400 N

KBRC07-37

5

6

1m

1.36

L 400 N

KBRC07-38

55

59

4m

5.00

 

incl.

56

59

3m

6.47

L 400 N

KBRC07-38

27

28

1m

0.56

L 400 N

KBRC07-38

55

60

5m

4.04

L 400 N

KBRC07-39-40

 

 

 

No significant intercept

L 400 N

KBRC07-41

3

4

1m

1.6

L 400 N

KBRC07-41

69

71

2m

1.34

L 400 N

KBRC07-42-43

 

 

 

No significant intercept

L 1000 N

KBRC07-44-47

 

 

 

No significant intercept

L 1000 N

KBRC07-48

55

57

2m

2.96

L 1400 N

KBRC07-49-53

 

 

 

No significant intercept

L 1400 N

KBRC07-54

62

63

1m

 

L 1400 N

KBRC07-54

85

86

1m

8.99

L 1400 N

KBRC07-55

 

 

 

No significant intercept

L 2000 N

KBRC07-56

68

71

3m

0.56

L 2000 N

KBRC07-57-60

 

 

 

No significant intercept

L 2000 N

KBRC07-61

17

23

6m

1.52

L 2000 N

KBRC07-61

30

33

3m

0.61

L 2000 N

KBRC07-61

39

48

9m

0.28

L 2000 N

KBRC07-61

51

53

2m

0.35

L 2000 N

KBRC07-62-63

 

 

 

No significant intercept

L 2150 N

KBRC07-102

 

 

 

No significant intercept

L 2150 N

KBRC07-103

21

22

1m

0.58

L 2150 N

KBRC07-104

8

14

6m

0.46

L 2150 N

KBRC07-104

25

45

20m

1.62

L 2150 N

KBRC07-105

78

83

5m

0.53

L 2150 N

KBRC07-106

85

86

1m

1.37


"We are most encouraged that this program of reconnaissance reverse circulation drilling, on a 400 meter to 800 meter sectional spacing, has identified gold mineralization over 5.5 km of strike length at Kobada, Mali. In particular, we note the very strong degree of gold mineralization intercepted on section L 1200 S. It is reasonable, at this point in time, to perceive this zone of mineralization as the potential extension of "Zone 1". Furthermore, we note the presence of strong mineralization 800 meters to the north of L 1200 S on section L 400 S but will refrain from any conjecture regarding the spatial relationship of this mineralization, at this point in time. The purpose of this program was to intercept extensions or repetitions of Kobada's productive structure to the north and south of "Zone 1" in as cost-effective a manner as possible. We are of the opinion that we have succeeded in demonstrating the pervasive and extensive nature of gold mineralization at Kobada and remain confident that we will build significantly on the recently announced Mineral Resources Estimate for "Zone 1", which represents approximately 10% of the 12 km anomalous Kobada Trend, states AGG Chairman, Ben Adoo, C. Eng.

In a press release dated April 02, 2008, the Company released the initial 43-101 Mineral Resources estimate for Kobada, Mali, which was completed by Watts, Griffis and McOuat Limited of Toronto ("WGM"), a well respected international consulting firm which has filled the role of AGG's independent consultant since December, 2007. WGM estimates that "Zone 1" of the Kobada deposit, representing approximately 10% of the overall Kobada geochemical trend contains an Inferred Mineral Resource, as presently outlined, of between 450,000 ounces of gold and 740,000 ounces of gold as follows:

Inferred Mineral Resources -- "Zone 1" -- Kobada Project, Mali

Cut-off Grade
( g Au/t )

Tonnage
( x 1,000 )

No Assay Cutting

Assays Cut to 10 g Au/t

Avg. Grade
(g Au/t )

Contained Ounces

Avg. Grade
(g Au/t )

Contained Ounces

0.3

18,381

1.25

738,080

1.11

657,386

0.5

8,482

1.99

542,804

1.72

470,461

1.0

5,569

3.02

540,933

2.53

452,320



This news release has been reviewed and approved by Al Workman, P.Geo. (Ontario), Vice-President of Watts, Griffis and McOuat Limited. The geotechnical portion of this press release has been reviewed and approved by AGG Chairman, Ben Adoo, C. Eng., a Qualified Person.

CORPORATE UPDATE

African Gold Group, Inc. is pleased to announce that Mr. Jaimie MacPherson has been appointed Chief Financial Officer of the Company, subject to regulatory approval. Mr. MacPherson is a Chartered Accountant and is the former Chief Financial Officer of a private equity group located in Hamilton, Bermuda. Upon his return to Canada, he was an audit manager at Moore Stephens Cooper Molyneux, where he specialized in audits of Canadian junior public mining companies. Mr. MacPherson will be responsible for the accounting, financial management and corporate compliance of the Company.

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 twelve gold concessions that are consolidated in five distinct standalone exploration projects, of which three projects are located in Ghana and the remaining two are located in Mali, West Africa.

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: BCE Place, Canada Trust Tower, 27th Floor, 161 Bay Street, Toronto, Canada M5J 2S1

On Behalf of the Board:
Michael A. J. Nikiforuk
President, Director

FOR FURTHER INFORMATION PLEASE CONTACT:
African Gold Group, Inc.
Michael A. J. Nikiforuk
(416) 572-2225
info@africangoldgroup.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
 


 

African Gold Group Inc.

EXPLORATION STAGE
CODE : AGG.V
ISIN : CA00829A1066
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African Gold Group is a gold exploration company based in Canada.

African Gold Group holds various exploration projects in Ghana.

Its main exploration properties are BAGOE - EAST, BAGOE - WEST and KOBADA in Mali and NYANKUMASI, MANKRANHO and ASANKRANGWA in Ghana.

African Gold Group is listed in Canada and in United States of America. Its market capitalisation is CA$ 48.9 millions as of today (US$ 39.1 millions, € 34.3 millions).

Its stock quote reached its highest recent level on April 02, 2004 at CA$ 3.40, and its lowest recent point on April 12, 2019 at CA$ 0.01.

African Gold Group has 326 100 000 shares outstanding.

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