African Gold Group, Inc., is pleased to report the analytical results for 30 near surface (oxide) drill holes. All holes were collared approximately 300 to 600 meters east and up to 1.5 km south of the Kobada gold projects main “Zone 1” gold deposit. Four widely spaced fences were drilled at azimuth 290 degrees over a total of 840 meters of strike length. In addition, a single fence of six north directed holes were drilled at azimuth 17 degrees over approximately 330 meters of strike length to evaluate potential gold bearing east-west (E-W) striking tension gashes.
The newly discovered zone of gold mineralization has been aptly named, “The Termite Zone,” due to geochemical sampling and analysis of large termite mounds located within the region that returned anomalous values of gold that resulted in the establishment of the drill targets that are being reported in this release.
Near Surface (Oxide) Drill Highlights Include:
The assay results depicting the 30 near surface (oxide) step-out drill holes from within the newly discovered Termite Zone are listed in Table 1 below:
Dear Shareholders and Friends,
In a recent interview with Streetwise Reports, Marshall Auerback, corporate spokesperson for Toronto-based Pinetree Capital, commented on African Gold Group, Inc. Marshall is a so-called "hedge fund" strategist. He believes that deficit spending is not bound by anything other than inflation, which, he says, is of limited consequence right now. Marshall believes the U.S. government's main goal should be to reduce unemployment, and he predicts the gold price is likely to remain range-bound between $1,100 and $1,400 an ounce in 2011. However, his long-term outlook for precious metals remains rosy given that "casino capitalism" is setting the stage for a new bubble. In this exclusive interview with The Gold Report, Marshall reveals some of Pinetree Capital's precious metals holdings and explains why he fears for the global economy.
As Pinetree Capital's corporate spokesperson, Marshall Auerback is a member of Pinetree's board of directors and has some 28 years of global experience in financial markets worldwide. He plays a key role in the formulation and articulation of Pinetree's investment strategy. Currently, Mr. Auerback is a senior fellow at the Roosevelt Institute, a research associate for the Levy Institute and a fellow for the Economists for Peace and Security. Mr. Auerback graduated magna cum laude from Queen's University in 1981 and received a law degree from Corpus Christi College at Oxford University in 1983.
We thought you'd be interested in reading Marshall Auerback 's comments on African Gold Group, Inc. Scroll Down to see these comments.
We wish to bring your attention to an interview with Michael Nikiforuk by Thom Calandra of www.Stockhouse.com, from last week:
The CEO’s timing in West Africa is good. Several prospectors, including one upon which I have staked my Ticker Trax legacy, are printing significant gold intercepts in Ghana, Mali, Burkina Faso and elsewhere on that part of the African continent.
Yet Mr. Nikiforuk, based in Toronto, is just starting to receive investor kudos for rock at its Mali project -- rock that might be worth $85 a metric ton and perhaps more.
'With almost 20,000 meters of drilling under our belt, I am convinced the market will come around to our Kobada project,' he tells me. 'We have that conviction, all of us on the team.'
Now, I’ve heard that kind of talk before. I’ve been busted by bravado on more than one occasion in the past 25 years. Still, Mr. Nikiforuk is referred to me by several researchers and investors who share his zeal."
African Gold Group, Inc., is pleased to report the analytical results for 19 near surface (oxide) drill holes. Four holes comprise diamond drill holes, the balance of 15 holes were reverse circulation (RC) drill holes. Eleven of 19 holes were drilled into the hanging wall or foot wall, with the intent of defining the east-west lateral extent of the mineralized structural corridor that contains the Zone 1 deposit. Seven holes consisted of definition drilling and one hole was drilled at azimuth 195 degrees to test the east-west tension gashes. The infill drill holes reported in this release concludes the reporting of infill drill holes generated from the 2010 drill program.
Near Surface (Oxide) Drill Highlights Include:
RPA10-28: 34 m @ 0.93 g/t Au
The assay results depicting the 19 near surface (oxide) infill holes drilled within Zone 1 are listed in Table 1 below:
African Gold Group's 9-Year-Old Foray Into Africa - by Thom Calandra
ACCRA, GHANA -- I am several hours from seeing African Gold Group Inc.'s (TSX: V.AGG) Esaase-area land package, in the same district that put Keegan Resources Inc. (TSX: T.KGN) and (AMEX: KGN)on the investor map. You have the word on Kobada from our Monday Ticker Trax: a potential world-class mesothermal deposit in Mali. And I will fill out the details later today or Thursday in a separate report.
Right now, after three flights through three West Africa nations, I am here with PhD. geologist Kevin Downing of 9-YEAR-OLD African Gold Group. Kevin and President Michael Nikiforuk -- along with director and longtime West Africa prospector Pierre Lalande -- have shown me dirt, data, veins and orpaillage (gold pillagers) across 216 square kilometers of Mali ground. Some of the details on this 740,000-ounce Canada-compliant resource have never been shared with an outsider. And the first 22 holes of a 200-reverse circulation program are due in three weeks or lesst (after 170 holes that already proves much of the prospecting model that Mr. Lalande and Dr. Downing share in their zeal. Still, this is not the real-time subject of this brief note, spit out to you in 45 minutes before we head to Kumasi, and then Asankrangwa in Ghana. Call this insurance in case we get into Asankrangwa and the Internet lights are all out.
The Esaase District Asankrangwa covers 456 square kilometers across five contiguous concessions. As Ticker Trax subscribers know from almost two years ago, Dr. Dan McCoy of Keegan gave me the entire rundown on that company's far smaller concession well before the stock went into orbit. Now, Keegan is $500 million-plus with a fresh $185 Canadian in the bank (bought-deal). AGG, in pale comparison,strikes a lonely $80 million market cap. But that was before I visited Kobada ... and now, with our purchase alert on AGG as of Monday, the stakes are rising.
AGG Concessions Might Be Crown Jewel - by Thom Calahandra
MOSEASE, Ghana – Pictures truly are worth a king’s ransom of paragraphs in gold-dusted Ghana, where we have unearthed what we think is the next Marmato miracle.
Ticker Trax subscribers received our real-time report, and some of the following pictures, on Monday. Now, on site at African Gold Group Inc.’s (TSX: V.AGG, Stock Forum) Kobada Gold Project in Mali and presently, its Asankrangwa concession in Ghana, I can say: Michael Nikiforuk’s AGG was below fair value at 75 cents Canadian a share. That was when subscribers got the word earlier this week.
After three days of four-wheeling across Mali and Ghana, I have witnessed first-hand the presence of orpaillage gold pillagers at Koboda and a flock of galamsay Ghana alluvial miners adjacent to Keegan Resources Inc.’ (TSX: T.KGN, Stock Forum) and (AMEX: KGN, Stock Forum) pricey patch of Esaase real estate. (See photo here: two illegal miners at a makeshift shaft straddling the properties of Keegan Resources and African Gold Group – photo today February 17, 2011/Thom Calandra)
The Ghana property controlled by African Gold Group is several times the size of infamous Marmato in Colombia … and likely will spark political and popular uproar in Ghana, which is headed to a 2012 presidential election. Wealth comes at a price. “”You fall on these rocks, they are not forgiving,” says African Gold Group’s lead Ghanaian geologist Kwame Opoku as we navigate our way around the richest and most overrun gold concessions I have seen since Medoro’s Marmato in Colombia. (Please see our Ticker Trax password-protected archives and our free Stockhouse coverage for the entire Marmato saga.)
African Gold Group (AGG): Revelations may startle investors - by Thom Calandra
MOSEASE, Ghana – West Africa’s porphyry of gold is turning into the fold, figuratively and literally.
A Mali and Ghana team of two doctors of structural geology, each with specialties respectively in mapping and syngenetic oriented geology, along with a seasoned Canadian prospector, appear poised to make gold-deposit history in the coming year.
If I am correct, Derek McBride, Kevin Downing and Pierre Lalande will strike in spades the gold their employer, African Gold Group, has been pursuing in one way or another since 2002.
The headline grades, strike lengths and precisely plotted drill holes, some RC, others diamond and even others augur-rigged to punch economically through Mali duricrust, could come from Kobada in Mali. Or Foroko North in Mali. Or Asankrangwa in Ghana. Or even Mankranho, the northern extension of Newmont’s (NYSE: NEM, Stock Forum) massive Ahafo Project in Ghana.
We wish to bring your attention to David Pescod's Stocktalk Late Edition newsletter earlier this week, which prominently featured African Gold Group.
"... there’s not too many stocks doing well, even in the gold sector which is not too far away from old highs.
One stock that is hitting new highs though is African Gold [Group] which got some attention on Stockhouse with feature article by Tom Calandra, but I think it’s time we repeat the article we did with Jed Richardson, the former Sprott mining analyst and current VP of Amazon Mining (AMZ), director of Great Quest (GQ) - two of the biggest success stories on markets that last while and now performing a significant role with D’Arianne Resources (DAN).
African Gold Group, Inc., (“AGG” or the "Company”) is pleased to report that AGG’s 2011, ongoing exploration program, continues to advance its Kobada, Mali gold project. This multi-pronged exploration initiative currently consists of:
Step Out RC Drill Progress – North of Zone 1
At present, the Company is pleased to report that a total of 80 RC drill holes have been completed at Kobada, Mali. Drill samples representing a total of 67 step out RC drill holes have been shipped to ALS Chemex’s facilities in Burkina Faso for analysis using Leachwell on two (2) kilograms (kg) of pulp. (Leachwell is a bottle roll cyanidation procedure with the addition of a catalyst to speed up gold dissolution.)
AGG’s 2011 RC step out drill program commenced with the testing of four distinct regions along the perceived northern extension of the Zone 1 deposit. Each of the four northern regions that were drill tested consisted of a small pattern of RC drill holes that were collared on two lines spaced 50 meters apart. The RC holes on each of the respective two lines were offset, or staggered 20 meters, relative to the RC holes of the other line. The most northern zone that was drill tested is located approximately 2 km’s north of the mineralized envelope that contains the Zone 1, 43-101 resource, on sections 400N and 350N. A total of 27 RC step out holes were drilled in the four distinct northern regions of the Zone 1 deposit. AGG is working diligently to prepare all material in conjunction for the imminent release of these northern step out RC holes.
AGG anticipates additional step out RC drilling, during the 2011 campaign, to further test and expand the resource within the northern region of Zone 1.
African Gold Group, Inc., is pleased to report that its recently completed excavator trench program, at the Company’s Kobada, Mali gold project, has generated encouraging results within trenches that were excavated along what is perceived to be the southern extension of the Zone 1 deposit. In addition, the trenching has covered regions that are situated up to 1.25 km south east of the Zone 1 deposit, within the region of the newly discovered gold zone that AGG has dubbed the Termite Zone. Click here to view the announcement regarding the discovery of the Termite Zone
A total of 3,980 meters of trenching was completed in 8 trenches covering the perceived southern extensions of the Zone 1 deposit, as well as, the southern region of the Termite Zone. The gold intercepts within the trenches are depicted in Table 1 below: