African Gold Group, Inc. Updated Resources Estimate for Kobada Gold Project Surges to 2.3 Million Oz Au "Measured & Indicated" & 540,000 Oz Au "Inferred" Gold Grade Increases 10% to 0.87 g/t Au
Published : June 18, 2013
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Keywords :   Canada | Diamond | Gold | Gold Producer | Growth | Mali | Market |

TORONTO, ONTARIO--(Marketwired - June 18, 2013) - African Gold Group, Inc., (News - Market indicators) ("AGG" or the "Company") is pleased to announce the results of a NI 43-101 compliant updated resources estimate for AGG's Kobada gold project. The resources estimate is based on the analytical results of 108,074 samples derived from a total of 1,035 drill holes consisting of both reverse circulation ("RC") and Diamond drill holes ("DD"), at Kobada, Mali.

Highlights

  • 2,306,000 Oz Au Measured and Indicated resources (contained within 80.61 million tonnes at 0.87 g/t Au using a 0.3 g/t Au cutoff) derived from drilling on 25m x 25m centers over a total of 3,200 meters of strike length between sections 600S and 3,800S, representing an 88% increase in infill drilled strike length relative to the 1,700 meters of strike length reported in the 2011 Inferred resource estimate.
  • 542,000 Oz Au Inferred Resource (contained within 17.88 million tonnes at 0.94 g/t Au, using a 0.3 g/t Au cutoff), predominantly contained from within the Sulphide portion of Zone 1. Included, 186,000 Inferred ounces reported for the Foroko North Deposit (5.16 million tonnes at 1.13 g/t Au at a 0.3 g/t Au cutoff). Foroko North is a satellite deposit situated on a separate and distinct structure from Zone 1. It represents one of seven airborne geophysical targets generated by the 2010 airborne survey.
  • Average grade of 0.87 g/t Au reported in the updated resources estimate represents a 10% increase in grade as compared to the average grade of 0.79 g/t Au reported in the 2011 resource estimate that formed part of AGG's PEA. 
  • Further potential remains to significantly increase both the oxide and sulphide resources along strike and at depth for both Kobada, Zone 1 and Foroko North deposits and elsewhere on the 215 sq km concession where airborne geophysical and geochemical anomalies coincide with extensive areas of gold diggings.

AGG Director, Pierre Lalande states, "I have several reasons to be extremely pleased with the results of this updated resources estimate. For one, we have successfully migrated 100% of our 2011 Inferred resource into the Measured and Indicated category. In addition, infill drilling strike extensions to both the north and south of our 2011 resource has more than doubled the ounces we reported in 2011, all of which is contained within the Measured and Indicated category. Furthermore, we are reporting a 10% increase in our average grade, relative to our 2011 resource estimate."

"I am confident that our significant growth trajectory at Kobada remains intact and will continue as we move forward. I note the Kobada and Foroko North deposits remain open along strike and at depth. More specifically, approximately 55% or seven kilometers of the Kobada structural shear, containing coincident geophysical and geochemical anomalies, has yet to be drill tested. In addition, both geophysics and geochemistry indicate the potential for mineralized shears that lie parallel to the Zone 1 deposit and this distinct potential has yet to be drill tested. It is my professional opinion that further exploration initiatives hold the potential to at least double the size of the resources being reported at Kobada today," states Lalande.

"On a technical note, a characteristic of the Kobada deposit is the significant amount of coarse gold that is contained within the deposit and surrounding environment. The extent of artisanal gold diggings, our preliminary metallurgical studies and the comparative results derived from our QA/QC programs that form part of our drill campaigns, dating back to 2005, all highlight the large statistical "nugget effect." Lalande explains, "It is important to increase both the "sample support" (volume of material) and "aliquot" (amount of material actually analyzed) to counteract the "nugget effect" at Kobada. Since 2009, AGG commenced both a higher grid density of drilling with larger diameter holes and employed analytical procedures using larger amounts of material subjected to analysis (Leachwell on 2,000 g versus Fire Assay on 50 g). Our 2012 Feasibility Study drill program increased drill density to 25 meter centers from the 50 meter centers (reported in 2011). All drill analysis was based on 2,000 g Leachwell and it is this protocol combination that has resulted in AGG reporting a 10% increase in gold grade, relative to our 2011 resource estimate" continues Lalande.

In conclusion, "I have in excess of 30 years of working experience in West Africa and have participated in the development of numerous lateritic deposits, of which seven (7) are now in production, including Sadiola and Yatela, during my tenure as Chief Geologist for IAMGOLD Corporation. My experience has taught me that each of these seven deposits have demonstrated a range of small to significant "nugget effect". I can state with confidence that Kobada has a significant "nugget effect" and this is supported by all of the bulk metallurgical tests we have conducted to date. It remains my strong conviction that Kobada is destined to become a producing mine and I predict it will be a highly profitable, low cost, gravimetric operation," states AGG Director, Pierre Lalande, P.Geo.

June, 2013 Revised Resource Estimate For The Kobada Deposit, Mali, West Africa, Prepared By Bumigeme Inc.
Table 1
Zone 1, Oxide
 
Measured          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 66.91   0.73   1,569,956
0.3 49.89   0.90   1,436,074
0.5 30.85   1.21   1,198,853
           
Indicated          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 13.13   0.59   247,799
0.3 9.18   0.73   216,370
0.5 4.46   1.11   158,570
           
Measured + Indicated          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 80.04   0.71   1,817,755
0.3 59.07   0.87   1,652,444
0.5 35.31   1.20   1,357,423
           
Inferred          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 4.57   0.45   66,280
0.3 2.86   0.57   52,419
0.5 0.97   0.93   29,096
 
Table 2
Zone 1, Sulphide
 
Measured          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 12.51   0.74   299 100
0.3 9.28   0.92   273 600
0.5 5,58   1.27   228 100
           
           
Indicated          
Cut g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 16.29   0.79   412 500
0.3 12.26   0.97   380 600
0.5 7.24   1.37   318 900
           
Measured + Indicated          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 28.8   0.77   711 600
0.3 21.54   0.94   654 200
0.5 12.82   1,33   547 000
           
Inferred          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 13,49   0.77   332 100
0.3 9.86   0.96   303 300
0.5 5.26   1.46   246 700
 
Table 3
Foroko North
 
Inferred          
Cutoff g/t Tonnage Mt   Grade g/t   Au Ounce
0.2 7.09   0.89   202,160
0.3 5.16   1.13   186,585
0.5 2.90   1.69   157,681
Notes:
  1. CIM definitions were followed for Mineral Resources.
  2. The numbers may not add up due to rounding.
  3. There are no known risks that could materially affect potential development.

Mineral Resource Estimate Parameters And Methodology

A unitary block model type of evaluation is used for the evaluation.

The software used is Encom Discover 2011.

Parameter

  • Block: 10*10*10m
  • Interpolation method: IDW (Inverse distance weighting)
  • Search ellipse parameter: 80*80*20m (axes; Y. Z. X)
  • Ellipse orientation:
    • Azimuth: 20º
    • Inclination (plunge): 0º
    • Tilt (dip): 90º
  • Sample influence (power parameter): Gaussian over 20m.
  • Minimal block estimate assay sample: 1
  • Maximal block estimate assay samples: 16
  • Inferred sample spatial density 50 to 99 ppm (1 assay for 10 to 20 blocks)
  • Indicated sample spatial density 100 to 199 ppm (1 assay for 5 to 10 blocks)
  • Measured sample spatial density >200 ppm (1 assay for 1 to 5 blocks)
  • Density: 1.9 t/m3 for the oxide level and 2.2 t/m3 for the transition/sulphide level.

The Kobada gold project database used for this mineral resources estimate contains drill holes up to July 15, 2012.

The updated resources estimate was prepared by Mr. Jacques Marchand, P. Eng., under contract to Bumigeme Inc. Mr. Marchand is a "Qualified Person" ("QP") under the standards set forth in National Instrument 43-101.

Mr. Pierre Lalande, P. Geo, an AGG Director, is the Company's designated QP for the purposes of reviewing the content of this release. All parties have reviewed and approved their respective content of this press release.

African Gold Group, Inc., based in Toronto, Canada, is fully focused on transitioning from an exploration / development company into a gold producer. In conjunction with this objective, a full Feasibility Study is currently underway for AGG's Kobada, Mali gold project. The Company is projecting the Feasibility Study will be completed in Q3/2014, at which time, the Company will submit an application to obtain an Exploitation License to the appropriate Malian authorities.

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

Neither the 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.

African Gold Group, Inc.
Michael A. J. Nikiforuk
President, Director
(647) 288-0453
majn@africangoldgroup.com
www.africangoldgroup.com
Data and Statistics for these countries : Canada | Mali | All
Gold and Silver Prices for these countries : Canada | 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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