African Gold Group Inc (CVE:AGG) (OTCMKTS:AGGFF) (FRA:3A61) Thursday said its latest batch of drill results from the Kobada Gold Project in Mali have “exceeded expectations,” as recent infill drilling has “both confirmed grade and extended oxides to greater depths” that should allow the company to upgrade a large portion of its Inferred Resources into the Measured & Indicated category.
Its latest drill results included 1.44 grams per tonne (g/t) gold over 68.0 metres (m) from 90.0m to 158.0m, as well as 11.44 g/t gold over 2.0m from 26.0m to 28.0m.
African Gold Group CEO said in a statement: “I am very pleased to report that these drilling results were better than we expected, further vindicating our decision to re-start drilling at Kobada earlier than planned. The high-grade nature of the holes, as well as the unexpected depth at which we encountered gold, are all positive indicators in the size and quality of the Kobada Project as we move closer towards development.
"We have always believed in the significant exploration upside potential at Kobada, and together with the recent results from the Gosso target, which defined 750m of new strike length of similar mineralised structure and grade, we believe this is just the tip of the iceberg in our three-phase drilling programme.”
He added: “Our short-term objective is to upgrade the Kobada main shear zone reserve to over 1 million ounces and we believe that we are well on track to do this. In addition, we have the opportunity to explore highly prospective nearby shear zone extensions to further increase the potential to upgrade the resource and drilling is ongoing in these areas.”
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The company said drilling is continuing in the main shear zone, as well as at the Gosso target and the northern extension of the main Kobada shear zone as part of the 10,000m drill program announced in September 2020. About 2380.5m have been drilled to date.
It added that it is ahead of target with some “significant intersections” identified in the oxide orebody and believes there is potential to add more volume to the Inferred Mineral Resource in oxides with the boundary between the oxidised lithologies and the unaltered (sulphide) lithologies being repeatedly intersected at deeper levels.
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