African Gold Group, Inc., is pleased to report that the high resolution airborne magnetic and radiometric survey that was flown in March, 2010 over AGG’s Kobada gold project, located in south-western Mali, has identified a total of seven (7) new prospective Target Areas for gold mineralization.
Three of the new Target Areas are located within proximity of the Zone 1 gold deposit and are identified in the attached map as the North K, South K and West K Targets. The Zone 1 deposit contains an Inferred Mineral Resource(s) estimate of 740,000 ounces of gold at a 0.3 g/t Au cut-off, as outlined in May, 2008, by Watts, Griffis and McOuat, an international consulting firm based in Toronto, Canada. Zone 1 currently measures 1.2 km of strike, representing approximately 10% of the overall (12 km) Kobada Trend.
The remaining four regional Target Areas are all located within the contiguous Acoma concession, measuring 153 sq km and representing the eastern extension of the Kobada gold project. Two of the four regional targets, the Chakabougou and Kobada S. E. Target Areas are classified as First Priority Regional Targets. The remaining two regional Target Areas, the Far East and Dalabakodiou targets are classified as Second Priority Regional Targets.
All seven (7) of the newly identified Target Areas exhibit geophysical characteristics that are similar to the mineralized structures contained within the Zone 1 deposit. All of the Target Areas are traversed by the favourable NNE and NE-SW mineralized faults. Six (6) of the Target Areas have coincident interpreted granitoid intrusions with evidence of hydrothermal alteration. All of the Target Areas have shown evidence of historical and/or current artisanal mining.
The airborne geophysical survey was carried out by Xcalibur Airborne Geophysics of South Africa, with quality control and subsequent interpretation of the survey results completed by Paterson, Grant & Watson Ltd., a geophysical consulting company based in Toronto, Canada.
The fixed-wing airborne survey was flown using very tight survey specifications of 50 m flight line spacing and 30 m ground clearance, facilitating a detailed interpretation of the underlying structure and geology and the selection of the prospective new Target Areas for economic gold mineralization.
KOBADA STEP-OUT DRILLING
The Company is pleased to report that the 2010 RC drill program included step-out drilling to test the newly identified North K and South K geophysical Target Areas. Drilling within the North K geophysical Target Area represents step-out holes that are located as much as 4 km north of the northern portion of Zone 1. Individual drill pads were prepared and holes were oriented in multiple directions to test for gold mineralization. Drilling within the South K geophysical Target Area consisted of 3 fences for 11 holes, drilled to the west and 1 line of 6 holes drilled to the north, to test mineralization within east/west tension gashes. The most southerly holes in the South K target area are located approximately 1 km south of the southern limit of Zone 1.
KOBADA GOLD PROJECT REVIEW
- The Company is pleased to report that, as of this date, a total of 19,933.9 meters (of predominantly RC drilling) has been completed during this phase of the 2010 work program, for a total of 171 drill holes, averaging 116.5 meters in down hole length. (The Kobada camp is currently closed due to the annual rainy season.)
- To date, AGG has reported the assay results for a total of 15 RC drill holes, cumulatively representing 1,908 meters of drilling, or 9.57% of the completed holes associated with the 2010 work program.
- All samples associated with the 171 drill holes completed in 2010 have been delivered to the facilities of ALS Chemex, in Bamako, Mali. All samples are subsequently exported to ALS, Burkina Faso for 2 kg Leachwell analysis.
- AGG is currently in receipt of assay results from 11 additional RC drill holes but the results received to date do not represent complete RC drill holes. Assay results will be reported upon receipt of the results that are required to complete the respective remaining RC drill holes.
ASANKRANGWA, GHANA UPDATE
AGG is pleased to report that Paterson, Grant & Watson Ltd., advise that their interpretation of the survey results generated from the May, 2010 helicopter airborne geophysical survey of the Company’s 456 sq km Asankrangwa Holdings, located in Ghana, West Africa, is nearing completion and that a favourable report should be anticipated in early September, 2010. 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. At present, the Company is in receipt of proposals to Joint Venture the development of this highly prospective ground. The Company has not elected to pursue any Joint Venture proposal(s), as of this date.
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 www.sedar.com or at
AFRICAN GOLD GROUP INC.
151 Yonge St.