African Gold Group, Inc., is pleased to report the analytical results for seven Reverse Circulation ("RC") drill holes from the ongoing drill program at the Company's Kobada, Mali gold project.
|RPA10-048A:||74m @ 2.32 g/t Au includes 10 m of 13.81 g/t Au (hole ended in mineralization)|
|RPA10-050:||31 m @ 3.04 g/t Au|
|RPA10-051A:||24 m @ 1.08 g/t Au (hole ended in mineralization)|
|RPA10-051B:||31 m @ 1.94 g/t Au|
|RPA10-051B:||17 m @ 2.07 g/t Au|
|RPA10-051B||12 m @ 2.65 g/t Au|
|RPA10-060:||71 m @ 0.56 g/t Au (hole ended in mineralization)|
Hole identification commencing with "RPA" indicate holes that were recommended to be drilled by the Company's consultant, Scott Wilson Roscoe Postle Associates ("RPA"). A total of 68 RPA holes were designated to be drilled within the upper oxide profile of "Zone 1" of the Kobada deposit and all 68 RPA drill holes have been completed. Drill holes with a hole identification ending with "A", "B" or "C" were not proposed by RPA but represent holes that were drilled off the same platform, in different directions, to test the abundance of gold veins having different strikes and dips within "Zone 1".
The assay results representing the seven RC holes being reported in this press release are listed in Table 1 below:
Mali is a landlocked nation in West Africa. It lies between latitudes 10° and 25°N, and longitudes 13°W and 5°E. At 1,242,248 square kilometres (479,635 sq mi), Mali is the world's 24th-largest country and is comparable in size to South Africa or Angola. Most of the country lies in the southern Sahara Desert which produces an extremely hot, dust-laden Sudanian Savanna zone.
The Kobada Project is an advanced gold project located approximately 125km south south west of Bamako, the capital city of Mali.
Southern and western Mali is politically stable and home to a number of gold producers. These include Randgold Resources Loulo and Morilla Mines, Resolute Mining's Syama Mine and Anglogold Ashanti/IAMGold's Sadiola Mine.
Mali, is the third largest gold producer in Africa.
The Kobada Exploration Concession comprises a 215km2 land package, adjacent the Niger River. AGG aquired the property in 2005 from COGEMA, a subsidiary of Bureau de Recherches Geologiques et Minieres ("BRGM"), the Geology Survey of France. The property originaly consisted of four separate concessions, that were amalgamated under “Arrete No 2012-2338/MCMI-SG” on August 9th, 2012.
The Kobada Gold Project lies on the western limb of the Man Shield. The Man Shield consists of Birimian Greenstone Belts and Proterozoic granites. It is host to a number of significant gold deposits including:
All of these existing mines are located in Birimian Greenstone Belts similar to Kobada.
The Kobada Project represents a significant opportunity for resource growth, and the Company believes that the resource target may well be in excess of 5 Moz, although significant additional work, in the form of resource drilling, is required to achieve this.
The Company’s strategy is to establish an operating gold mine on the current resource, and grow the resource by funding drilling from operational cash flows.
The primary target is outcropping or shallow oxide ore types down to a maximum depth of 25m.
There is significant opportunity to establish these shallow resources along the main Kobada Shear Zone, bit there is also significant opportunity on the splays and parallel shear zones that occur elsewhere on the 215km2 lease holding.
Mine designs have been completed for the Mineral Resource detailed in the PEA. Three discrete pits were designed after optimisation using Whittle Software: South, Central and North Pits.
The parameters used in pit design include:
The inventory establish within these pit designs was estimated to be 24 million tonnes at 1.01 g/t Au and contained gold of 779,000 ounces.
The waste to ore strip ratio was estimated to be 1.9 to 1, with a total volume of waste estimated to be 69Mt.