Abzu Gold Ltd. Announces Additional Positive Drill Results for Nangodi
04.04.2013 | Marketwire
Including 21 Metres at 2.46 Grams Per Tonne Gold and 39 Metres of 1.18 Grams Per Tonne GoldVANCOUVER, 04/04/13 - Abzu Gold Ltd. ("Abzu" or the "Company") (TSX VENTURE: ABS) is pleased to announce additional drill results from its current drilling program at Nangodi, Ghana.
The company has now drilled nearly 5,000 metres of combined diamond-RC and will be completing the final holes of this program in the coming week. Highlight results from ten holes are now available and are posted in the table below. Drill holes continue to intersect quartz-carbonate+/-albite+/-minor sulfides in quartz-feldspar-porphyry rock and surrounding sedimentary rocks in target zones. Mineralization is strongest where host rocks are intersected by a major shear zone and related splays. The gold-endowed shear zone is traceable for many kilometres at the surface within the concession; the strike continuation of which 25km to the northeast hosts the Youga deposit in Burkina Faso.
Highlight results include:
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Hole ID From (m) To (m) Interval (m) Grade (g/t) Au
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NGDD_006 59.0 68.0 9.0 0.50
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NGRD_028 17.0 20.0 3.0 0.96
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36.0 38.0 2.0 0.59
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42.0 45.0 3.0 0.79
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NGRD_029 2.0 5.0 3.0 0.73
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13.0 15.0 3.0 0.81
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25.0 28.0 3.0 0.40
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77.0 78.0 1.0 7.63
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NGRD_031 53.4 92.6 39.2 1.16
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including 59.7 62.7 3.0 2.81
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including 72.6 91.6 20.0 1.43
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103.6 106.6 3.0 0.51
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139.6 143.6 4.0 0.75
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NGRD_032 70.0 97.0 27.0 0.60
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NGRD_033 2.0 4.0 2.0 1.53
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125.0 162.0 37.0 0.82
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including 125.0 134.0 9.0 1.70
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including 138.0 139.0 1.0 3.09
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including 144.0 146.0 2.0 3.39
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173.0 192.0 19.0 0.32
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NGRD_034 80.0 88.0 8.0 0.37
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132.0 141.0 9.0 1.12
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including 135.0 141.0 6.0 1.53
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145.0 166.0 21.0 2.46
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including 165.0 166.0 1.0 47.10
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182.0 189.0 7.0 0.43
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194.0 197.0 3.0 0.90
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NGRD_035 121.0 135.0 14.0 0.57
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including 127.0 135.0 8.0 0.85
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143.0 144.0 1.0 5.82
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NGRD_036 74.0 113.0 39.0 1.18
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including 93.0 100.0 7.0 5.26
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including 95.4 96.5 1.1 18.95
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125.0 134.0 9.0 0.36
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155.0 157.0 2.0 0.64
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NGRD_037 0.0 101.0 101.0 0.52
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including 24.0 37.0 13.0 1.92
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including 28.0 36.0 8.0 2.45
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Paul Klipfel, P. Geo and President of Abzu, said, "We are very pleased with these results as they continue to enhance and support the width and grade interpretations from previous drilling. Our drill program has been a tremendous success in terms of intersecting veined rock as well as completing holes in a timely manner and on budget. The data from these holes will provide the foundation for a resource model to be completed in Q2, 2013."
The current drill program is designed to provide drill hole spacing that supports resource estimation, as well as demonstrate continuity along strike and down dip of gold mineralization. Abzu's geologic staff together with consultants are modeling gold mineralization at Nangodi and its extent beyond areas of historic production from the 1930's vintage Nangodi mine. It is anticipated that historic drill results from AfricWest 1997 RC drilling (see previous press releases including March 4, 2013), Abzu results from the 2011-2012 exploration program and this year's drilling program will provide the basis for a Q2, 2013 resource estimate. As Abzu receives additional assay data, the Company will release a map to give better context to the drill results announced this year.
Tim McCutcheon, CEO, commented; "With the current drilling program winding down and the remaining samples prepared and sent to the laboratory, Abzu is now compiling data for a maiden resource number for Nangodi. We currently have about $1MM cash and are comfortable with how the Company is positioned as it enters the next stage of project development."
Qualified Person and Quality Control/Quality Assurance
Professional geologist (AIPG cert. # 10821) Dr. Paul Klipfel, President and a Qualified Person as defined by National Instrument 43-101, has designed, planned, and supervised jointly with Ms. Roisin Goodman Abzu's exploration manager, the drilling and work program at Nangodi and is responsible for all aspects of the work, including the quality control/quality assurance program. Samples are collected systematically and in a consistent manner. All Nangodi samples from diamond drill core are sawed and half-core samples bagged, closed and sealed at the company's core facility. RC samples are collected at the drill rig by a geologist who is a Qualified Person or is under the supervision of a Qualified Person. Samples are then transported to the company's facility in Bolgatanga where they are split sufficiently for an approximate 2 kg sample. All samples are kept secure until delivered to the ALS laboratory in Kumasi, Ghana for gold fire assay.
Dr. Klipfel did not supervise the AfricWest drill program at Nangodi nor the subsequent laboratory tests. However, there is no reason to believe that the results are not accurate. Dr. Klipfel has approved the content of this release.
Dr. Klipfel has a PhD in economic geology and more than 35 years of relevant experience as a mineral exploration geologist. He is a Certified Professional Geologist (CPG 10821) by the American Institute of Professional Geologists. Dr. Klipfel is not independent of the Company as he is an officer and shareholder. Dr. Klipfel has approved the content of this release.
Ms. Goodman is a Qualified Person and is independent of Abzu as defined by National Instrument 43-101. Ms. Goodman has 25 years' experience as an exploration geologist, and previously worked since 1991 with SLR/CSA Group. She is a Chartered Geologist under the Institute of Geologists in Ireland (IGI) and the European Federation of Geologists (EFG) and a qualified person as defined by National Instrument 43-101. She has diverse experience in mineral and mining project management, due diligence, and exploration project valuations for AIM and Canadian 43-101 compliance in Europe and Africa.
On behalf of the board of directors of Abzu Gold Ltd.
Tim McCutcheon
Chief Executive Officer
Cautionary Statements
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include those risks set out in Abzu's public documents filed on SEDAR at www.sedar.com. Although Abzu believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Abzu disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in any jurisdiction; nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons absent registration or an applicable exemption from registration requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.
Contacts:
Abzu Gold Ltd.
Tim McCutcheon, Chief Executive Officer
604-638-3288