African Gold Group Inc.

Published : April 02nd, 2008

Releases Initial 43-101 Mineral Resources Estimate for "Zone 1" Kobada, Mal

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Keywords :   Burkina Faso | Canada | Diamond | Ghana | Gold | K Street | Mali |


  Wednesday, April 02, 2008
African Gold Group, Inc. Releases Initial 43-101 Mineral Resources Estimate for "Zone 1" Kobada, Mali

  TORONTO, CANADA, APRIL 02, 2008 - African Gold Group, Inc., ("AGG" or the "Company") is pleased to announce that it has completed a National Instrument 43-101 compliant Mineral Resources estimate for "Zone 1" of its Kobada Gold Project located in Mali, West Africa.

The Mineral Resources estimate has been 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 has a large body of experience in such deposits, having been involved in the discovery of the Sadiola Mine (Mali) and having worked on many similar deposits in Ghana, Mali and Burkina Faso.

WGM estimates that "Zone 1" of the Kobada deposit, representing approximately 10% of the overall Kobada Trend, as presently outlined, contains an Inferred Mineral Resource 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

"We see many reasons to be extremely encouraged by this initial Mineral Resources estimate for "Zone 1" at Kobada. At the most elementary level of analysis, the Inferred Mineral Resources, as illustrated above, was generated from within approximately 10% of the 12 km anomalous Kobada Trend. Clearly, our work to date, as represented by this initial resources estimate, has not defined the scope of our Kobada Gold Project. Our "blue-sky" potential remains very significant. In fact, the deposit is viewed as open in all directions by both AGG and WGM. The model generated by WGM indicates that in many areas the flanks of the existing deposit ("Zone 1") are not presently constrained by drilling and therefore, additional resources are anticipated in such areas. Furthermore, a geo-statistical analysis of the data by WGM indicates that shallow in-fill drilling within the existing 50 meter drill grid will add resources above existing intersections. We are committed to building Kobada beyond the current foundation and have every confidence that we will achieve this objective as we move forward with our exploration and development programs," states AGG President, Michael A. Nikiforuk.

At present, AGG continues to compile assay results from its recently completed reconnaissance scale reverse circulation (RC) drill program that included 110 holes, totaling 9,851 meters over 5.5 kilometers of strike. As stated in the Company's press release dated March 17, 2008 the dissemination of the assay results of the drill program will be published in two separate press releases such that:
  • RC exploration holes drilled on 8 lines oriented N30�E, to the north and south of "Zone 1" and drilled on 400 to 800 meter spacing, covering approximately 5.5 kilometers of strike length will be released first. These RC holes are thought to represent the potential strike extension of Kobada "Zone 1" and the Company believes these drill holes should be reviewed within the context of the 43-101 resource estimate for "Zone 1" (see map link below).

  • RC exploration holes drilled on 7 lines, oriented North/South (N/S), in the newly discovered Foroko structure, located in the northern segment of the recently acquired, contiguous Foroko concession, will be subsequently released as a separate set of data, given the distinct setting of this structure, relative to Kobada, "Zone 1" (see the plan map depicting the location of the RC hole collars)
KOBADA - TECHNICAL REVIEW

The Kobada concession comprises 41 km2 of land located in the Kangaba region of Mali. It hosts a soil anomaly greater than 500 ppm arsenic that extends over 12 km of strike length and one kilometre of width that is coincident with extensive historical and current artisanal surface hard rock and placer gold mining activity. Work carried out by the BRGM, La Source and COMINOR (COGEMA) since the early 1980's has comprised surface geochemical and geophysical surveys and some 1,736 meters of AirCore drilling, 13,200 meters of RC drilling and 913.4 meters of Diamond drilling. The primary target within the 12 km of strike length has been a 1.2 kilometer zone of extensive artisanal hard rock gold mining activity referred to as "Zone 1".

AGG has most recently carried out Diamond drilling programs throughout "Zone 1" consisting of 6 holes (1,033 meters) in 2005 and 99 holes (23,741.7 meters) completed during 2006-07 on profiles with a sectional spacing of approximately 50 meters. Hole-to-hole spacings on section have averaged approximately 50 meters. All drill hole locations have been surveyed and are posted on AGG's website (http://www.africangoldgroup.com/s/Kobada.asp). The current resource estimate is supported by 18,491 individual assays from this Diamond drill hole database.

The current WGM resource estimate is based on drill hole intersections previously released by AGG and found in tables on the Company's website (http://www.africangoldgroup.com/s/Presentations.asp). WGM visited the Kobada site during December, 2007 and carried out an investigative program of structural mapping as a facet of its constructing the geological model needed to support the Mineral Resources estimate. WGM's check samples were analysed at ALS Chemex laboratory, located in Bamako, the capital of Mali. The WGM samples were subjected to a conventional fire assay procedure using a 50 g charge. Subsequent work by WGM on the samples included analyzing a +/- 150 g sub-sample by screened metallic fire assaying at the SGS laboratory located in Don Mills (Toronto), Canada. This check data has been independently reviewed by WGM and found to be within acceptable variances given the inherent presence of coarse free gold that is known to exist within the deposit.

In consultation with AGG, as well as its own geologists, WGM prepared a 3D geological model for "Zone 1" of the Kobada Gold Deposit and block modeled its Mineral Resources using Gemcom software. Three gold cut-off grades (0.3 g/t, 0.5 g/t and 1.0 g/t) were modeled to investigate the distribution of gold in the deposit and to allow subsequent studies concerning the potential sensitivity of Kobada to the gold price. Diamond drill core was generally sampled on a standard 1.5 m length and assays were composited to this length for geostatistical study. Due to the demonstrated presence of coarse gold in the zone (see news release Feb. 23, 2006), the modest nature of the higher grade population (6 samples exceeded 30 g Au/t with the highest value of 94 g Au/t), the resource estimate was prepared with and without assay capping. WGM used a search radius of 75 meters along strike, 50 meters down dip and 25 meters normal to the plane of the mineralization for the purpose of this initial modeling. A minimum of 2 samples and a maximum of 12 samples (max. 2 from any single hole) were used to assign block grade. Based on WGM's geostatistical evaluation of the assay database, grade continuity weakens when projected more than 25 meters from any control point. WGM used a 2.5 specific gravity factor for its estimate to convert cubic meters to tonnes.

The foregoing Mineral Resources estimates were prepared in accordance with the provisions of National Instrument 43-101 guidelines and the Canadian Institute of Mining and Metallurgy (CIM) standards and guidelines for the estimation of Mineral Resources and Mineral Reserves. Given the 50 meter sectional spacing and average hole-to-hole spacing relative to the short range grade continuity of less than 25 meters, WGM has classified the resources as Inferred. WGM has recommended in-fill drilling as a means of up-grading key areas of the current resources to an Indicated Resource category.

The Inferred Resources are contained within a series of steeply dipping shears and vein-zones that are north-northeast trending. A PowerPoint presentation showing drill hole sections and depicting the general location of gold-bearing zones is found on the AGG website. Gold mineralization is associated with narrow, irregular, high angle quartz veining and disseminated sulphides (arsenopyrite, pyrite and very rare chalcopyrite) in the wall rock and vein selvages.

The mineralized zone is currently outlined over a strike length of 1,200 meters and measures approximately 200 meters wide. It has been drilled to a maximum vertical depth of approximately 200 meters.

Preliminary Petrographic Review

WGM's initial petrographic study of Kobada samples identified native gold in polished thin sections in 5 out of 23 samples. The habit of gold is summarized as (1) inclusions within coarse, subhedral arsenopyrite; (2) grains in the nose of folded quartz veins; and (3) gold associated with supergene Fe-oxides in relatively late, oxidized quartz veinlets. Gold mineralization occurs within a later set of fractures/veinlets that cut broad, early veins at high angles. This work is of practical importance in that it can be used as a guide to future exploration.

Laboratory Analyses and Quality Control

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

The crusher is always cleaned between samples with barren quartz material (wash rock), and the pulverizing bowls are blown clean between every sample and cleaned with wash rock after each fifth sample.

In every group of 24 samples, ALS Chemex provides its internal quality control protocol through the use of (1) one duplicate pulped sample (from reject); (2) one duplicate pulp sample; (3) one industrial standard (reference) sample; and, (4) one blank sample. Due to the inherent problems of producing duplicate samples on site, AGG is not attempting to insert duplicates or other samples into its sample stream, preferring instead to re-analyze selected groups of samples at a later date. AGG internal check sampling has included the use of screened fire assaying to ascertain the reliability of it data. While variances have been detected, as might be expected with a nuggety gold deposit, there has not been sufficient variance to invalidate the project database. This has also been the conclusion arrived at by WGM based on its own check sampling program that used both conventional fire assaying as well as screened fire assaying.

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.

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.
 


 
Data and Statistics for these countries : Burkina Faso | Canada | Ghana | Mali | All
Gold and Silver Prices for these countries : Burkina Faso | Canada | Ghana | Mali | All

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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