Abzu Intersects Multiple Broad Zones of Shear-Zone Hosted Gold Mineralization at Its Nangodi Project - System Remains Open for Expansion
25.06.2013 | Marketwire
Highlights Include 67 Metres at 1.19 Grams Per Tonne Gold & 10 Metres at 3 Grams Per Tonne GoldVANCOUVER, 06/25/13 - Abzu Gold Ltd. (TSX VENTURE: ABS) ("Abzu" or the "Company") is pleased to announce the latest drill results from its advanced stage Nangodi Project, Ghana, West Africa where drilling has intersected broad zones of regional shear-zone hosted gold mineralization which remain open for expansion.
The results continue to define and expand the gold endowed system with gold mineralization now identified over 1300 metres of strike by up to 70 metres width and to depths ranging from the surface to 180 metres. The system remains open for expansion along strike and at depth and is only one of several priority targets identified to date on the large property package.
The results will form the basis for an initial 43-101 compliant resource estimate and will enable Abzu's strategic alliance partners, Kinross Gold Corporation and Stonehouse Construction, to complete more detailed engineering studies, which contingent upon results, are designed to potentially bring the project to production in a compressed timeframe.
Highlights from the latest results are as follows:
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Hole ID From (m) To (m) Interval (m) Grade (g/t)
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NGDD_37A 0.0 62.0 62.0 0.95
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including 13.0 17.0 4.0 6.45
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including 20.0 22.5 2.5 3.89
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NGRD_038 55.4 133.0 77.6 0.48
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NGRD_042 61.0 96.0 35(ii) 1.40
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NGDD_044 17 84 67 1.19
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including 38 52 14 2.49
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NGRD_047 178.0 188.0 10.0 3.00
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including 181.0 184.0 3.0 8.66
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NGRD_049 129.0 181.0 52.0 0.92
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NGRD_054 109.2 146.2 37.0 1.00
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NGDD_057 0.0 21.0 21.0 0.94
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NGDD_058 7.0 16.0 9.0 1.46
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NGDD_059 89.0 107.0 18.0 1.17
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NGDD_060 4.5 15.0 10.5 0.96
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NGRD_063 153.0 166.0 13.0 0.73
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NGDD_066 0.0 11.0 11.0 1.10
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NGRC_069 0 63 63 0.87
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NGDD_070 35.5 57.5 22 1.31
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NGDD_071 43 70 27 0.87
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(ii) metre 78-79 missing due to drilling through mined void.
DETAIL
The company has completed its Phase 2 drilling program at Nangodi and received results for all 50 (6,627m) diamond core and Reverse Circulation (RC) holes drilled (Figure 1). The drill program was designed to support width and grade interpretations from previous drilling and provide key information for resource estimation of mineralization at Nangodi.
Tabulation of all gold intercepts from all holes is available on the company's website www.abzugold.com
In detail the drill holes intersected quartz-carbonate+/-albite+/-minor sulfide veins and stockwork in quartz-feldspar-porphyry rock and surrounding sedimentary rocks in steeply dipping mineralized zones 20 to 70m (true widths) wide. Mineralization consists of gold in multi-gram zones several metres wide within broader zones of lower grade mineralization. Gold mineralization is strongest in host rocks adjacent to a major shear zone and related splays. The shear zone is traceable for many kilometres at the surface within the concession and hosts the Youga greater than 1 Moz deposit 25km to the northeast in Burkina Faso.
Paul Klipfel, P. Geo of Abzu, said, "With these results, the company can now move forward with its maiden resource estimation for Nangodi mineralization. We are very pleased that they enhance and support the width and grade interpretations from previous drilling."
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.
To view Figure 1 please visit the following link:
http://media3.marketwire.com/docs/abs625i.pdf
QUALIFIED PERSON AND QUALITY CONTROL/QUALITY ASSURANCE
Professional geologist (AIPG cert. # 10821) Dr. Paul Klipfel, 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 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.
David J. Price
President and CEO
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.
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.
Contacts:
Abzu Gold Ltd.
David J. Price, President and CEO
604-398-5381
www.abzugold.com