African Gold Group Inc.

Published : April 08th, 2010

To Commence Airborne Survey Of Asankrangwa Holdings -- Contiguous And On Strike With Keegan's Esaase

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Keywords :   Canada | Diamond | Ghana | Gold | Gold Mines | K Street | Mali | South Africa |


  Thursday, April 08, 2010
African Gold Group, Inc., To Commence Airborne Survey Of Asankrangwa Holdings -- Contiguous And On Strike With Keegan's Esaase Deposit

 
TORONTO, CANADA, April 08, 2010 - African Gold Group, Inc., ("AGG" or the "Company") is pleased to report that it has entered into a contractual agreement with New Resolution Geophysics ("NRG") of South Africa to conduct an airborne magnetic and radiometric survey of AGG's 456 sq km Asankrangwa Holdings, located on strike and contiguous with Keegan Resource's Esaase gold deposit.

In addition, AGG has also contracted NRG to fly an airborne survey of the Company's 20 sq km Nyankumasi concession, located approximately 30 km south-southwest of Newmont Mining's 6.3 million ounce Akyem project.

The two distinct projects will consist of high resolution helicopter borne magnetic and radiometric surveys. A total of approximately 11,000 line kilometers will be flown with an AS350 helicopter which will utilize a horizontal boom mounting to separate magnetic sensors that will allow for measurement of the horizontal gradient of the magnetic field. Incorporating the magnetic gradient in gridding algorithms provides significant improvement in delineating line parallel features, spatial positioning of off-line anomalies and overall resolution of the magnetic data. The AS350 platform will be flown at low survey heights of not greater than 30 vertical meters from surface. Magnetic and radiometric data will benefit significantly from the lower survey height. Full spectral processing of all collected data will be an integral part of the exercise.

The objective of the program will be to identify structural targets, on a regional scale, that will be followed up with regional geochemistry, ultimately culminating in the identification of drill targets.

AGG's consolidated Asankrangwa land holdings comprise 5 contiguous concessions (Assuowunu, Twedee, Moseaso, Manso Nkwanta and Manso Atwere) that collectively encompass 456.2 sq. km of ground, representing 94% of the active exploration ground contained within the Northern Asankrangwa gold belt. A gold-in-soil anomaly that measures 24 kilometers in strike length, oriented in a north-east / south-west (NE/SW) direction, is contained within AGG's consolidated boundaries. This linear anomaly is perceived to run parallel to the major structural target(s) currently being drilled by Keegan Resources at its 28 sq. km Esaase concession.

Please activate the link to view a regional map that depicts AGG's Asankrangwa Holdings and proximity to Keegan's Esaase gold deposit. http://www.africangoldgroup.com/i/pdf/2007-10-25_NRM.pdf

AGG has retained Paterson, Grant & Watson Limited ("PGW"), headquartered in Toronto, Canada, as project manager of the airborne geophysical survey. PGW has been furnishing technical excellence in the planning, supervision, processing and interpretation of a wide variety of geophysical surveys, since 1973.

Historical Regional Work -- Pre-Dating AGG Ownership

The area encompassing the northern Asankrangwa gold belt has a significant history of exploration as well as gold mining. Historical activity within close proximity to AGG's (456.2 sq km) 5 contiguous concessions is summarized below (please refer to the above regional map link for a regional perspective):
  • Immediately to the west and draining from the contiguous Assuowunu concession, Bonte Gold Mines produced approximately 500,000 ounces of alluvial gold, (from the Esaase and Jennie concessions), between 1992 to 2002.

  • The Esaase concession is now controlled by Keegan Resources. Keegan just reported a positive preliminary economic assessment for the Esaase Deposit detailing an Indicated Mineral Resource of 2.28 million ounces of gold (58.0 million tonnes grading 1.2 g/t gold at a cut-off grade of 0.4 g/t) and Inferred Mineral Resource of 1.65 million ounces of gold (41.7 million tonnes grading 1.2 g/t gold at the same cut-off grade).

  • Immediately to the south of AGG's Manso Nkwanta concession, Resolute Resources mined approximately 30 million tonnes of ore grading 2.0 g/t Au from a number of pits at Nkran Hill, Adubiaso, Akwasiso and Abore.

  • To the immediate north of AGG's holdings, at Mpesetia, AngloGold Ashanti produced approximately 100,000 ounces of gold from open pit operations.

  • All of the above sources of gold are believed to be structurally controlled and these structures are known to extend onto AGG's holdings.

  • Previous operators, in the mid to late 1990's, carried out extensive preliminary exploration by way of regional geochemistry and geology, geophysics and trenching, producing a number of, as yet untested anomalies.
AGG Historical Work Program Highlights: 2004 -- 2008
  • In a press release dated November 22, 2004 AGG announced Trench results at its centrally located Moseaso concession where intercepts measuring 32 Metres of 1.79 g/t Au & 31 Metres of 2.02 g/t Gold were reported. (see regional map for perspective):

  • In a press release dated January 20, 2005 AGG reported results from a 2,155 meter Diamond drill program that comprised 12 holes drilled from 6 pads over 380 meters of strike length, at Moseaso. Drill highlights included:
           Interval (m)
--------------------------------------------------------
Hole      From             To            Length    Gold              
                                                  (g/t)
--------------------------------------------------------
MA04-01   9.45          23.80             14.35    0.96
and 	 71.50          76.00              4.50    2.62

MA04-02   4.88          10.97              6.09    1.19
and	 23.17          27.74              4.57    2.40

MA04-05  63.65         115.10             51.45    0.74
incl	102.00         109.10              7.10    2.20

MA04-08  77.00          86.50              9.50    1.18
and	 97.50         110.85             13.35    2.16

MA04-11 101.50         106.00              4.50    4.12
  • On April 17, 2007 AGG announced that the Company's surface exploration program at its Assuowunu concession has identified three main gold-in-soil anomalies that trend into the contiguous Esaase concession, controlled by Keegan Resources Inc. (Please activate the link to the map that depicts the surveyed region.) http://www.africangoldgroup.com/i/maps/NR_Tropical_b.jpg

  • On October 25, 2007 AGG announced the acquisition of the coveted Manso Atwere concession. The 7.2 sq km Manso Atwere concession represents the southern extent of AGG's Asankrangwa footprint. This region is the subject of extensive ongoing artisanal mining activities. Local miners have excavated a pit that now measures in excess of 200 meters in length, 30-40 meters in width and 30-35 meters in depth. Please activate the link to view a photo of the artisanal pit. http://www.africangoldgroup.com/i/photos/2007-10-25_NRP..jpg

  • On November 07, 2007 AGG announced the assay results from 52 channel samples that spanned 104 meters of an exposed footwall within an excavated artisanal pit at its Manso Atwere concession. Samples taken from this exercise were prepared and analyzed by SGS Laboratory located at Bibiani, Ghana. Channel sample results are depicted in Table 1 below:
TABLE 1  CHANNEL SAMPLE ANALYSIS
===========================================================
          Interval with            Grade (g/t)Au and
Anomaly   sample numbers           width of mineralization
===========================================================
   1      J1001-J1004 ( 0 - 8m)    1.14 g/t over 8m
-----------------------------------------------------------
   2      J1016-J1027 (30 - 52m)   2.36 g/t over 22m
-----------------------------------------------------------
   3      J1047-J1052 (88 - 100m)  2.73 g/t over 12m
  • In addition, (at Manso Atwere), two grab samples were collected from the artisanal miner's stock pile of ore, that was ready to be crushed and washed that returned assay values of 10.2 g/t Au for sample J1059 and 20.9 g/t Au for sample J1060. (see link to attached photo depicting stockpile, crusher and sluice: http://www.africangoldgroup.com/i/photos/2007-11-07_NRP1.jpg).

  • On April 16, 2008 - African Gold Group, Inc., reported assay results for five trenches, located within the immediate proximity of the excavated artisanal mining pit at AGG's Manso Atwere concession. The five trenches total 1,628 meters in aggregate length and average 3 meters in depth. All trenches were sampled on two meter spacing.

  • Trench highlight: GYTR02 assayed 84 metes at 3.00 g/t Au., including 36 meters at 6.28 g/t Au.

  • Reconnaissance Diamond drilling (2008) highlights included:

    Manso Atwere: 18 meters grading 1.65 g/t Au

    Including: 9 meters grading 3.52 g/t Au

    Assuowunu: 7 meters grading 2.34 g/t Au

"There is a growing conviction amongst AGG's team that our 456.2 sq km Asankrangwa Holdings represents significant potential for our Company and our shareholders. We hold the dominant land position in the region and are bordered by historical sites of production to the north, south and west of our footprint. Current exploration and development by Keegan and others continues to demonstrate the growing importance of the region," states AGG President, Michael A. Nikiforuk.

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 : Canada | Ghana | Mali | South Africa | All
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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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