Abzu Gold Commences 12,000m Drilling Program, Golden Reef Project-Asankrangwa Belt, Ghana
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/11 -- Abzu Gold Ltd. (TSX VENTURE: ABS)(OTCQX: ABZUF) ('Abzu') is pleased to report that it has commenced Phase 1 drilling on its Golden Reef concession, Asankrangwa Gold Belt, Ghana (Figure 1). The Company has scheduled up to 12,000m of combined Reverse Circulation (RC) and Diamond Core drilling for its Phase 1 program, the primary focus of which, is to test the depth extent of gold identified in surface samples on the Golden Reef, Mpatasie, U and N, and Asafo concessions.
Drill holes will test for gold in quartz-carbonate veins beneath soil anomalies that are coincident with interpreted northeast- or northwest-trending structures (Figures 2 and 3). These targeted vein systems are anticipated to be analogous to those discovered by Keegan Resources at their Esaase deposit to the northeast and PMI Gold Corp.'s Obotan Project to the southwest. Fences of drill holes will be drilled toward the southeast and northwest across the regional structures at -55 degrees for an average depth of 150m.
Figure 1. Location of Abzu concessions along the Asankrangwa Gold Belt: http://media3.marketwire.com/docs/0621abs.jpg
Dr. Paul Klipfel, Abzu's President said, 'We are very excited to begin drill testing these targets, as they are part of a large, strong soil anomaly system that coincides with a series of northeast-trending structures. Elsewhere in Ghana, similar northeast-trending structures host multimillion ounce gold deposits which are the target of our exploration program.'
Approximately 25 Priority 1 drill holes (about one third of the Phase 1 program) are planned for the Golden Reef and Mpatasie concessions and are currently in progress. These drill holes will test for subsurface gold along structures with coincident soil anomalies within the 5 km x 3 km Golden Reef West soil anomaly identified by Abzu in previously announced work (Figure 2; see NR11-05, May 31, 2011). Pending positive results, further follow-up holes (Figure 3) will be drilled to test the extent of other gold-bearing surface samples.
Abzu has contracted Geodrill Ghana Ltd., a well-respected drilling company that has worked in Ghana since 1998 to provide drilling services. Current drilling is with a diamond core rig. Other drilling will be with a multi-purpose rig capable of drilling both RC and diamond core holes or a combination of the two so that some holes can begin with RC drilling and be completed with a diamond core 'tail'.
Figure 2. Golden Reef location map showing previously announced soil geochemical anomaly and location of Figure 3: http://media3.marketwire.com/docs/0621abs1.jpg
Figure 3. Proposed drill holes will test the depth extent of surface soil anomalies where they are coincident with interpreted structures: http://media3.marketwire.com/docs/0621abs2.jpg
Project Highlights
The Golden Reef and Mpatasie concessions, along with the nearby U and N concession to the north, lie along key structural trends within the Asankrangwa Gold Belt. These individual structural trends host gold-bearing quartz vein systems which release gold into the surface environment upon weathering. This gold is intensely prospected and extracted from local gravels by artisanal miners. The success of these miners speaks strongly about the amount of gold which is derived from this area.
Abzu has an extensive and strategic land position in the Asankrangwa Gold Belt, a structural zone 8-10 km wide in the center of the Kumasi Basin with numerous shears that host gold vein systems. Past production from these vein systems is in the order of 1 Moz Au. Recently, Keegan Resources Inc. has announced a resource approximately 8 km northwest along strike from Abzu's U and N concessions (Figure 1). PMI Gold Corp. is developing resources at its Obotan Project which lies approximately 8 km southwest of the Mpatasie-Golden Reef concessions (Figure 1).
Abzu has embarked on an aggressive strategy to explore the Mpatasie and Golden Reef properties through a combination of soil and trench sampling and an aerial VTEM - magnetic - radiometric geophysical survey (completed; final results pending). A trenching program is currently in progress with three crews active.
Abzu plans further surface programs for its other concessions in the Asankrangwa, Ashanti and Kibi Belts.
About Abzu
Abzu is a gold exploration and development company working in Ghana, Africa's 2nd largest gold producer and host to some of the world's largest gold deposits. Ghana has strong land title laws and is one of the world's most mining-friendly jurisdictions. Abzu has invested several years developing local and national relationships, key to its strategic land position on over 360 square kilometres of highly sought after and productive gold belts.
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 the work program at Mpatasie, Golden Reef, and Asafo 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. Sample bags are closed and sealed at the sample site and kept secure in the care of field crews until delivered to the ALS laboratory in Kumasi, Ghana for gold fire assay and ICP multi-element analyses. ALS Chemex's quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025:1999. Analytical accuracy and precision are monitored by inclusion of field duplicates (1:50) and reference standards (1:20) into the sample stream. Dr. Klipfel is not independent of the Company as he is an officer and shareholder.
Dr. Klipfel has a PhD in economic geology and more than 33 years of relevant experience as a mineral exploration geologist. He is a Certified Professional Geologist (CPG 10821) by the American Institute of Professional Geologists.
Mr. Georgi Magaranov, a consulting economic geologist employed by ET Geoart, is a Qualified Person as defined by National Instrument 43-101, has also been responsible for design and onsite supervision of the work program, including the QA/QC program. Mr. Magaranov has over 17 years of exploration experience working for AngloAmerican plc, Rio Tinto Exploration, and other companies in a range of geographic locations in Africa, Asia, Europe, and South America for gold, copper and other types of mineral deposits.
On behalf of the board of directors of
ABZU GOLD LTD.
Allan Serwa, Chief Executive officer
This news release contains certain forward-looking statements, and such statements involve risks and uncertainties. The results or events predicted may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results, or any other occurrence.
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.
Quentin Mai
Manager, Corporate Communications
604-638-3288
qmai@abzugold.com
www.abzugold.com