African Gold (AGG.V) stretches Nyankumasi mineralization
2006-01-11 12:55 ET - News Release
Mr. Michael Nikiforuk reports
AFRICAN GOLD GROUP, INC.: NYANKUMASI, GHANA: 4 KILOMETRE MINERALIZED STRIKE LENGTH IDENTIFIED; ALL GHANA AND MALI DRILL SAMPLES NOW IN CANADA FOR ANALYSIS
African Gold Group Inc.'s phase I exploration program at Nyankumasi, Ghana, has confirmed a gold mineralized strike length measuring approximately four kilometres, at the southernmost significant gold-in-soil anomaly known as the -- linear anomaly.
The Nyankumasi concession covers approximately 20 square kilometres and is situated in the northeastern section of the Ashanti gold belt, approximately 48 kilometres east of AngloGold Ashanti's Obuasi mine and approximately 30 kilometres south-southwest of Newmont Mining Corp.'s $500-million (U.S.) Akyem project, which is scheduled for production in the second half of 2008.
Past exploration work programs at Nyankumasi have consisted of a reconnaissance alluvial program, stream and outcrop sampling, geological mapping, sampling of historical workings, survey grid work, pitting, trenching, and reverse-circulation drilling.
To date, three significant gold-in-soil anomalies have been identified within the concession: The Northern, Central and Linear anomalies. Approximately 3,135 soil samples were collected with 107 of those results showing greater than 100 parts per billion gold with a peak value of 3,820 parts per billion gold.
The southern most gold-in-soil anomaly (the Linear anomaly) is a linear feature with dimensions of approximately 4,000 metres by 400 metres that trends in a northeast-southwest direction.
AGG's phase I exploration program, completed in the fourth quarter of 2005, targeted the Linear anomaly and consisted of:
* grid establishment (48.55 line kilometres);
* soil sampling (1,221 samples);
* ground magnetic surveying (44.55 line kilometres); and
* trenching (three new trenches -- 203 metres and 595 cubic metres, one old trench -- 42 metres, for a total of 302 samples).
TRENCH SUMMARY AND SIGNIFICANT RESULTS
HORIZONTAL CHANNEL SAMPLES
Trench From To Length Au
m m m gpt
NK-T1 0 8 8 0.49
incl 5 6 1 1.60
NK-T1 0 85 85 0.27
incl 31 56 25 0.49
or 48 52 4 1.21
NK-T2 0 55 55 0.24
incl 11 12 1 0.44
incl 16 17 1 0.64
incl 30 55 25 0.32
NK-T3 0 42 42 0.28
incl 4 6 2 0.42
incl 12 21 9 0.51
incl 39 41 2 0.45
NK-T4 No significant intercept
A threshold value of 33 parts per billion gold was determined to be the lower limit of anomalous conditions and values as high as 1,320 parts per billion gold were recorded. The soil sample program confirmed the presence of the east-west-trending Linear anomaly and also provided a better definition of the anomaly relative to previous sampling programs and results. The soil anomaly is confirmed by geophysics and geochemistry to be continuous along the entire four-kilometre strike length. However, two distinct zones were defined:
1. L140+00N to L163+00N, approximately 2,300 metres long, with widths from 50 to 350 metres. Values of up to 1,106 parts per billion were reported in this zone. The stretch from L149+00N to L161+00N is linear, strong and consistent, with widths between 100 metres and 250 metres. The best showing occurs on L150+00N from 49+75E to 50+75E, with a minimum value of 260 parts per billion and a maximum value of 1,106 parts per billion.
2. L169+00N to L176+00N, approximately 700 metres long and widths between 50 metres and 250 metres. This zone is slightly shifted to the north (local grid west) relative to the other anomaly. Values up to 312 parts per billion occur along this trend.
The ground magnetic survey provided some indication that suggests that these two zones are connected.
The Nyamkumasi concession is an attractive target worthy of further exploration. Elevated gold values in soils that overlie barren to very low-grade saprolite suggest that gold has been remobilized from a source which has been masked by the high rate of leaching and dispersion associated with tropical environments.
AGG director, Greg Hawkins, PGeo, states: "The region of the concession encompassed by the Linear anomaly clearly shows potential for a resource but current drill and trench coverage does not allow any interpretation of mineralization controls or depth extent into fresh bedrock. What is of great significance is both the continuous widths of greater than 0.25 gram per tonne gold over up to 85 metres, that indicate potential for considerable tonnage of pittable low-grade material and intercepts confirmed in deep saprolite of greater than 2.0 grams per tonne gold over 12.0 metres with high grades of up to 10.0 grams per tonne gold in more than one stacked zone. If the Tarkwaian turns out to be the host rock, as suspected and as demonstrated by the lack of arsenic in the soils, the more simple metallurgy is also a big plus. A provision for 5,000 metres of RC and diamond drilling is recommended to test mineralization in the primary rock and other targets based on IP and magnetic surveys."
Ghana and Mali drill program update
AGG is pleased to report that its two diamond drill programs, in both Ghana and Mali, were completed prior to the Christmas/New Year holiday season. Partial samples arrived in Canada prior to Christmas and the remaining samples have just arrived in Canada. Assay results from these two programs will be reported as soon as the company is in receipt of the laboratory analysis.
We seek Safe Harbor.
AI
