AGG Continues to Expand Resource Potential at Kobada Est TORONTO, Dec. 15, 2021 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61) (“AGG” or the “Company”) is pleased to report results from its trenching program on the Fi trend at Kobada Gold Project (the “Project” or “Kobada”) in Southern Mali.
Highlights include:
- Trenching program continues to expand the footprint of the mineralized shear zones discovered on the property and further confirms the similarity of the geological structure to the Kobada main shear zone and the Gosso shear zone
- Trench 2: 80m long, with good intersections within 1m @ 2.27g/t and 1m @ 8.11g/t
- Trench 3: Trench crosscutting several E-W veins and veinlets
- Many intersections within 6m @ 1.39g/t followed by another 5m @ 1.19g/t with over 2.5g/t at several places
- Grab samples taken close to trench 3 in historical artisanal mining zone at 3m depth with E-W quartz veinlets occurring into the sap
- Samples following each other on about 5m wide pit at an average of @ 2.79g/t
- Additional positive anomalies from trench 5 and 6 at Fie trend requiring further follow up
The Fi trend is a part of the Kobada Est exploration permit and forms part of the combined 55km of shear zones, identified across the three concessions from previous geophysics, soil geochemistry and other regional exploration. The Kobada Est is a part of a group of permits located on the western flank of the Bougouni basin covering an area of 63,679 acres.
The trenching program was completed in October 2021 with the aim of confirming the Fi trend anomaly. Two trenches with a combined length of 110m, and an average depth of 2.5m, with 0.5 to 1.5m in laterite and 0.5 to 1.0m in the saprolite. The mapping of the trenches showed many different narrow veinlets with variable measurements (azimuth, dips, etc). The anomalous veins were sub-vertical (75° to 90°) with general orientation in the east-west direction.
Danny Callow, CEO of African Gold Group comments: “The anomalies found across multiple trenches in the Kobada Est concession indicated our continued confidence in the upside potential of the overall African Gold Group portfolio. The progression of exploration into our adjacent concessions as part of our requirement to deliver commitments as part of our licenses continues to give us great confidence in the upside potential of the overall project.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6d66191c-201e-4145-8722-b7468234a6e7
The trenching program continues to expand the footprint of the mineralized shear zones discovered on the property and further confirms the similarity of the geological structure to the Kobada main shear zone and the Gosso shear zone. The trenching program has delivered positive results for the mineralization potential of the Kobada Est shear zone and will be followed up with additional trenching and drilling to test the target area in more detail.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b1f6a38-a09d-4c20-b616-ac55d9742c72
https://www.globenewswire.com/NewsRoom/AttachmentNg/c1a39d7a-d97a-4dd1-b777-073c557200a5
https://www.globenewswire.com/NewsRoom/AttachmentNg/6cfe8667-6fcf-4545-9198-e358fe52e5a5
Exploration Next Steps
Following a strong commitment from shareholders in the previous private placement raise, the Company is budgeting additional funds to start to drill out the most prospective shear zones in both the Faraba and Kobada Est exploration concessions.
Option Grant
Further to a press release (as of August 4, 2021) announcing the appointment of Douglas Jendry to the Board of Directors (the “Board”) of the Company, the Company has granted a total of 500,000 stock options to Doug Jendry pursuant to the Company`s stock option plan. The stock options vest immediately and may be exercised at a price of $0.14 per option for a period of 5 years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange.
Qualified Person
The technical and scientific information in this press release has been reviewed and approved by Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No 400058/08, MGSSA, a director of Minxcon (Pty) Ltd. with respect to mineral resources, who is a Qualified Person as defined by National Instrument 43-101.
About African Gold Group
African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2021 DFS and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.
For more information: