African Gold Group Inc.

Published : March 20th, 2012

March 20/2012

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Keywords :   Burkina Faso | Canada | Ghana | Gold | Growth | Mali | Recovery |
 
African Gold Group

 

Northern Step Out Hole Intercepts 70 Meters Of 1.83 g/t Au & 45 Meters Of 1.79 g/t Au, Hole Ends In Mineralization

ROBUST GROWTH CONTINUES AT ZONE 1 NORTH - KOBADA, MALI

TORONTO, CANADA, March 20, 2012 - African Gold Group, Inc., ("AGG" or the "Company") 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

Click Here to view the Northern Step Outs PR1 1100S to 900S

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 (m) To (m) Length (m) AU (g/t) EOH (m) AZIMUTH  (Deg. TN) Hole Objective
1000S KBRC 12-001 5 20 15 0.98 117 200 Test Zone 1 North extension
950S KBRC 12-002 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 Ended in mineralization
950S KBRC 12-003 9 29 20 0.55 129 200 Test Zone 1 North extension
    45 129 84 1.26     Hole Ended in mineralization
950S KBRC 12-004 0 21 21 1.07     Test Zone 1 North extension
    34 37 3 0.31      
    50 59 9 1.80      
900S KBRC 12-005 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 KBRC 12-006 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 Ended in mineralization
900S KBRC 12-007 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 KBRC 12-008. 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: 12m @ 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.

 

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

FOR FURTHER INFORMATION PLEASE CONTACT:

African Gold Group, Inc.
Michael A. J. Nikiforuk
(647) 288-0453
majn@africangoldgroup.com


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release

 

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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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Financings of African Gold Group Inc.
3/18/2015Announces Closing of Private Placement
3/11/2015Announces Private Placement
9/5/2013Announces the Closing of $1,500,000 Private Placement Offeri...
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Project news of African Gold Group Inc.
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4/2/2008Releases Initial 43-101 Mineral Resources Estimate for "Zone...
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Corporate news of African Gold Group Inc.
1/6/2016African Gold Group, Inc. Announces Sale of Ghanian Assets fo...
10/28/2015African Gold Group, Inc. Announces Metalurgical Test Work Co...
9/3/2015African Gold Group Announces Closing of Private Placement
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7/8/2015African Gold Group, Inc. Announces Election of Mr. Georges C...
2/6/2015African Gold Group to Participate in "Doing Business in Mali...
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11/25/2014African Gold Group, Inc.: Updated Preliminary Economic Asses...
10/29/2014Kobada Metallurgy Test Work Confirms 85.2% Gold Recovery for...
10/28/2014African Gold Group Unaware of Any Material Change
9/4/2014AGG Appoints David Brown as Company Chairman
7/29/2014African Gold Group Updates on Kobada Feasibility Study
7/23/2014African Gold Group Inc. Completes 2014 Kobada Field Season-B...
7/17/2014African Gold Group, Inc., Appoints Misha Collins Feasibility...
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6/19/2014African Gold Group, Inc.: Bulk Sampling Results Identifies S...
5/22/2014African Gold Group Closes Over-Subscribed Non-Brokered Priva...
4/29/2014African Gold Group Strengthens Mine Development Team With th...
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10/22/2013(Kobada), Engineering Team Mobilizes to Commence Metallurgical Test ...
7/8/2013Annual and Special Shareholder Meeting
6/20/2013letter Press Release June 18 2013
6/18/2013(Kobada)Updated Resources Estimate for Kobada Gold Project Surges to...
5/29/2013KBRC12-160 Intercepts 75 Meters of 3.06 g/t Au; KBRC12-201 I...
5/29/2013KBRC12-160 Intercepts 75 Meters of 3.06 g/t Au; KBRC12-201 I...
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10/10/2012(Mankranho)Announces Sale of Mankranho, Ghana Concession for US$4,000,0...
5/1/2012May 01/2012
3/29/2012March 29/2012
3/20/2012March 20/2012
11/29/2011Nov 30/11
10/26/2011Featured In The Financial Post,
10/25/2011Oct 25/11
9/14/2011Sept 14/11
8/25/2011Featured In The Financial Post, Mining News
7/13/2011July 13/11
7/13/2011Positive Preliminary Economic Assessment Generates $216.9 Mi...
6/1/2011June 01/11
6/1/2011Southern Step Out Hole Intercepts 96 Meters of 1.35 g/t Au f...
4/5/2011April 05/11
3/29/2011March 29/11
3/22/2011March 22/ 11
3/22/201167 RC Drill Holes Shipped to Lab; 3,980 m of Trench Results ...
3/16/2011Re-Adopts Shareholder Rights Plan
4/29/2008 included in The Gold Newsletter, April 2008 Edition
4/16/2008Trenching Returns 84 Meters Of 3.0 G Au/T, Including 36 Mete...
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