Looking to add to a recently tallied resource estimate for its Kobada project in Mali African Gold Group (AGG-V) released more drill results, which it says, may point to mineralization extending well beyond the outlined zone.
Toronto-based African Gold says is interpreting the holes as intersecting a potential strike extension, to the north and south of Zone 1.
The program was highlighted by:
- Hole KBRC7-5 — 9 metres grading 25.8 grams gold per tonne.
- Hole KBRC7-6 — 14 meters grading 3.66 grams gold per tonne.
- Hole KBRC7-8 — 18 metres grading 1.78 grams gold per tonne.
- Hole KBRC7-15 — 22 meters grading 1.48 grams gold per tonne.
Assay results came from 71 reverse circulation holes drilled on 9 lines covering a total of 5.5 km of strike length with drilling done on 400 metre to 800 metre sectional spacing.
The company is interpreting gold mineralization intercepted in the section closest to Zone 1 as a possible extension of the zone. Zone 1 was the area outlined in its resource estimate.
Mineralization was also hit upon 800 meters to the north of that section, but it is too early to tell, African Gold says, whether or not that intersection represents a further extension of the zone.
According to African Gold, Zone 1 represents roughly 10% of the overall Kobada geochemical trend and is open in all directions.
On Apr. 2 the company released its first National Instrument 43-101 compliant resource estimate for the zone. It put inferred resources at 8.5 million tonnes grading 1.99 grams gold for 543,000 ounces with a 0.5 grams gold per tonne cut-off grade.
At a cut-off grade of 1 gram per tonne the numbers change to 5.6 million tonnes grading 3.02 grams gold for 540,933 total ounces.
On the same day that the latest drill results were released the company also announced the hiring of a new chief financial officer in the person of Jaimie MacPherson. MacPherson comes to African Gold from Moore Stephens Cooper Molyneux, where he was an audit manager focusing on auditing Canadian junior public mining companies.
African Gold has a total of five exploration projects in its portfolio. All of them are in West Africa with three in Ghana and two in Mali, West Africa.
In Toronto on Apr. 9 its shares fell a penny to 99 on just 100 shares traded.
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