viewAbzu Gold Ltd

Abzu Gold extends Nangodi gold system with 1.99 g/t gold intersection


Abzu Gold (CVE:ABS) said Thursday it extended the main gold system on its Nangodi property in Ghana to about 1,200 metres, following the intersection of 1.99 grams per tonne (g/t) gold from 12 of the 27 holes it recently completed there.

The results from these twelve holes confirm the presence of a gold-bearing system, which hosts several zones of gold mineralization over a 1,200-metre strike distance, Abzu said.

Significant results include 1.99 g/t gold over 44.5 metres, including 33.5 metres at 2.39 g/t gold, in NGDD_003. Meanwhile, NGRD_005 intersected 69.5 metres at 0.41 g/t gold, including 2.55 g/t gold over five metres.

Abzu's President, Dr. Paul Klipfel said: "With gold mineralized intercepts now spanning over 1,200 metres, and the system remaining open in all directions, the scale of the Nangodi gold system is becoming clear as is the scale of the opportunity for Abzu.

"We are already developing plans for an aggressive phase 2 drill program while we await additional encouragement from the balance of the outstanding holes at Nangodi."

The results have extended the system for up to 630 metres to the northeast of the historic shaft on the Nangodi property - where NGRD_011 intersected 1.61 g/t gold over 16 metres. It also extended the gold system 400 metres to the southeast, where NGRC_019 hit seven metres at 0.74 g/t gold.

Abzu said that surface outcrop and galamsey workings indicate the mineralization may extend for over 4,000 metres.

This main gold system centres on a historic gold mine, and is only one of several targets on the 142-square kilometre Nangodi concession.

Nangodi, in turn, is one of ten concessions under option from Red Back Mining Ghana, a wholly owned subsidiary of Kinross Gold. It is the first to be drill tested by Abzu.

Abzu may earn a 51 percent interest in all ten concessions, including Nangodi, by incurring a total of $3.0 million in exploration expenditures. As per mining legislations, the government of Ghana will retain a ten percent interest in all concessions.

On The TSX-Venture, Abzu share prices rose 21.21 percent to $0.40, as of 3.15 pm EDT.

Quick facts: Abzu Gold Ltd

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