African Gold Group Inc (CVE:AGG) (OTCMKTS:AGGFF) (FRA:3A61) reported more high-grade gold results from the ongoing drill campaign at its flagship Kobada Gold Project in Mali, which included 46.10 grams per tonne (g/t) gold over 1.0 metre (m) and 4.86 g/t gold over 17.0m from a depth of 64.0m to 81.0m.
The company said the results continue to show far deeper than expected extensions of the oxide orebody at depth, as well as additional mineralized zones outside of the known ore zones. It added that the current drill campaign is targeting highly prospective extensions to strike length, and conversion of Inferred oxides to Measured & Indicated ounces.
African Gold Group CEO Danny Callow said in a statement: “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.”
READ: African Gold Group has its sights on gold production while expanding the Kobada project resource
The company noted that the recently-discovered gold mineralization, in addition to the results reported from outside the mineral resource estimate released this year, will be incorporated in the next mineral resource estimate update targeted for 1Q 2021.
African Gold Group’s current 10,000m drill program, which began in early September 2020, has completed 3,640m to date but that it has drilled just 8% of the identified shear zones on the property.
The company said the drill program has extended the depth of the oxide-sulphide boundary by about 60% from 110m to 180m at the northern extensions of the main shear zone, adding that the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies are being intersected consistently at deeper levels, which African Gold Group believes is conducive to adding more volume to the Inferred mineral resource.
African Gold Group noted that drilling continues along the main shear zone (Phase 4), the Gosso target (Phase 3), and the northern extension of the main Kobada shear zone (Phase 5).
African Gold Group is on track to become Africa’s next mid-tier gold producer, with the company targeting production of 100,000 gold ounces per year from its Kobada Gold Project in Mali, West Africa, by 2Q 2022.
Contact Sean at sean@proactiveinvestors.com
