Gold: $1802/oz
TSX-V: AGG
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Press Releases

African Gold Group Intersects High-Grade Gold at Kobada Gold Project with 46.10 g/t Au and 32.70 g/t Au

Toronto, Canada – December 8, 2020 – African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to provide an update on the ongoing drilling campaign at its flagship Kobada Gold Project in Southern Mali. To date, the Company has only drilled approximately 8% of the identified shear zones on the property, and this current drilling campaign is targeting highly prospective extensions to strike length, and conversion of inferred oxides to measured and indicated ounces. Most recent high-grade drilling results continue to show far deeper than expected extensions of the oxide orebody at depth as well as additional mineralised zones outside of the known ore zones. 

Highlights:

Danny Callow, Chief Executive Officer of AGG commented:

“With every hole that we drill in our infill drilling programme, we are seeing positive results that support our thesis for expanding the resource, both in terms of depth extensions and grade. We are very happy with the progress being made and expect to continue to see good results as we near year-end.”

Overview of Drilling Programme

Drill rigs have been operating since early September 2020, and despite heavy rains, the Company has made very good progress in its exploration drilling programme. To date, 3,640 m have been drilled, of which 1,960 m were reverse circulation drilling (“RC”) and 1,680 m were diamond drilling (“DD”). The assay results from the infill drilling campaign on the Kobada main shear zone have confirmed that to date, large portions of the geological model and the anticipated grade of the inferred oxide mineral resource correlate positively with the 1.34 g/t mean grade currently used in the existing inferred resource estimate. In addition, the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies has been repeatedly intersected at deeper levels than anticipated. These results are conducive to adding more volume at depth to the inferred mineral resource in the oxides.

The drilling campaign to upgrade a portion of the inferred oxide mineral resources is part of a three-phase drilling campaign. The objective of the current drilling campaign is to upgrade the Inferred oxide resource to a higher confidence category, test the northern extension of the Kobada shear beyond the last known occurrence in the northern parts of the Kobada concession and the initial drill-testing of the neighbouring Gosso shear zone (see press release dated October 20, 2020). It comprises an initial 6,720 m at a split of 70% RC holes (4,704 m) and 30% DD holes (2,016 m).

Figure 1: Plan view of drilling campaign at Kobada. Solid lines represent holes drilled to date.

Figure 2: Drill hole KB20_PH4A_12 and 14, confirming mineralisation close to surface and an additional newly discovered mineralised zone.

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 2020 DFS and is targeting gold production of 100,000 oz per annum by Q2 2022. 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.

Qualified Person

The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat. (400274/04), FSAIMM, Vice President Exploration of AGG, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and by Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions.

For more information:

Danny Callow

President and Chief Executive Officer

+(27) 76 411 3803

Danny.Callow@africangoldgroup.com

 

Scott Eldridge

Non-Executive Chairman of the Board

(604) 722-5381

Scott.Eldridge@africangoldgroup.com

 

Daniyal Baizak 

VP Corporate Development

(647) 835-9617

Daniyal.Baizak@africangoldgroup.com

 

Camarco (Financial PR)

Gordon Poole

Nick Hennis

+44 (0) 20 3757 4997

AfricanGoldGroup@camarco.co.uk

Cautionary statements

This press release contains “forward‑looking information” within the meaning of applicable Canadian securities legislation. Forward‑looking information includes, but is not limited to, statements regarding, the Company’s drilling and exploration programmes, expectations of increase in resources or reserves at the Kobada Gold Project, timeline for delivery of future mineral resource estimates and extensions of orebody depth and length. Generally, forward‑looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.  Forward‑looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward‑looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER 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.

Table 1: Assay results from the mineralized zone

    Mineralized Zone Includes
BHID Ore Body From To Composite Length (m) Composite Grade (g/t) From To Includes (m) Includes (g/t)
KB20_PH4A_12 Kobada Main Shear 93.00 102.00 9.00 0.33 94.00 95.00 1.00 1.18
KB20_PH4A_12   111.00 154.50 43.50 1.09 111.00 112.00 1.00 4.64
KB20_PH4A_12           114.00 115.00 1.00 9.10
KB20_PH4A_12           136.00 137.00 1.00 1.47
KB20_PH4A_12           137.00 138.00 1.00 9.93
KB20_PH4A_12           141.00 142.00 1.00 1.48
KB20_PH4A_12           143.00 144.00 1.00 1.38
KB20_PH4A_12           146.00 147.00 1.00 9.39
KB20_PH4A_12           150.00 151.50 1.50 1.73
KB20_PH4A_12   169.50 174.50 5.00 0.43 172.50 173.50 1.00 1.39
KB20_PH4A_12   190.00 192.80 2.80 0.46        
KB20_PH4A_13   74.20 82.00 7.80 0.20        
KB20_PH4A_13   94.65 107.20 12.55 0.87 97.00 98.50 1.50 4.58
KB20_PH4A_13           104.50 105.50 1.00 2.83
KB20_PH4A_13   118.00 123.50 5.50 0.35        
KB20_PH4A_13   129.00 132.60 3.60 0.53 129.00 130.00 1.00 1.29
KB20_PH4A_13   142.50 144.00 1.50 0.76        
KB20_PH4A_14   53.00 70.00 17.00 1.16 53.00 54.00 1.00 2.82
KB20_PH4A_14           58.00 59.00 1.00 9.07
KB20_PH4A_14           69.00 70.00 1.00 6.22
KB20_PH4A_16   12.00 15.00 3.00 0.63 12.00 13.00 1.00 1.25
KB20_PH4A_16   31.00 42.00 11.00 0.57 41.00 42.00 1.00 4.37
KB20_PH4A_16   64.00 81.00 17.00 4.86 69.00 70.00 1.00 46.10
KB20_PH4A_16           70.00 71.00 1.00 32.70
KB20_PH4A_16   162.00 165.00 3.00 0.90 162.78 163.70 0.92 2.31

Cumulative Mineralization Widths

BHID Cumulative Mineralization Width (m) Mean Grade (g/t)
KB20_PH4A_12 60.30 0.89
KB20_PH4A_13 30.95 0.57
KB20_PH4A_14 24.00 0.97
KB20_PH4A_16 34.00 2.75

Significant Intersections (above 1 g/t Au)

BHID From To Intersection Length (m) Au_Final (g/t)
KB20_PH4A_12 94.00 95.00 1.00 1.18
KB20_PH4A_12 111.00 112.00 1.00 4.64
KB20_PH4A_12 114.00 115.00 1.00 9.10
KB20_PH4A_12 136.00 137.00 1.00 1.47
KB20_PH4A_12 137.00 138.00 1.00 9.93
KB20_PH4A_12 141.00 142.00 1.00 1.48
KB20_PH4A_12 143.00 144.00 1.00 1.38
KB20_PH4A_12 146.00 147.00 1.00 9.39
KB20_PH4A_12 150.00 151.50 1.50 1.73
KB20_PH4A_12 172.50 173.50 1.00 1.39
KB20_PH4A_13 97.00 98.50 1.50 4.58
KB20_PH4A_13 104.50 105.50 1.00 2.83
KB20_PH4A_13 129.00 130.00 1.00 1.29
KB20_PH4A_14 53.00 54.00 1.00 2.82
KB20_PH4A_14 58.00 59.00 1.00 9.07
KB20_PH4A_14 69.00 70.00 1.00 6.22
KB20_PH4A_16 12.00 13.00 1.00 1.25
KB20_PH4A_16 41.00 42.00 1.00 4.37
KB20_PH4A_16 69.00 70.00 1.00 46.10
KB20_PH4A_16 70.00 71.00 1.00 32.70
KB20_PH4A_16 162.78 163.70 0.92 2.31

 

 

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