Abzu Gold Intersects 4.72 g/t Gold Over 20 Metres in First Drill Program at Asafo Project, Ghana
20.10.2011 | Marketwire
VANCOUVER, 10/20/11 - Abzu Gold Ltd. (TSX VENTURE: ABS)(OTCQX: ABZUF) ('Abzu') is pleased to announce the discovery of a new mineralized zone on its 100% owned Asafo concession located along the eastern margin of the Kibi Belt, Ghana (Figure 1). The new discovery is centered on drill hole ASDD08 which returned 4.72 g/t gold over 20.00 metres at a vertical depth of only 28 metres (Table 1).The Asafo Phase 1 drill program tested portions of an extensive (1 x 3 kilometre) gold in soil geochemical anomaly coincident with favorable lithologies/structures as well as magnetic and VTEM geophysical anomalies (Figure 2). Drill holes completed during the current program were spaced approximately 200 metres apart and returned numerous, multi-meter intervals of anomalous gold mineralization including 0.39 g/t gold over 72.30 metres (from 45.70 metres to 118.00 metres; ASDD04; Table 1) with local higher grade intercepts ranging from greater than 5.00 g/t gold up to 62.20 g/t gold over 1.1 metres in ASDD08 at 42.40 metres.
Gold-bearing intercepts are associated with quartz-carbonate +/- arsenopyrite +/- tourmaline veins accompanied by carbonate, sericite, and chlorite alteration. Gold mineralization is hosted by felsic and diorite dikes that intrude sheared phyllite and siltstone country rocks. The setting of the new Asafo discovery is similar to other shear zone-hosted gold deposits throughout Ghana, particularly those along the western margin of the Ashanti Belt.
Anomalous gold mineralization has now been intersected over a strike distance of 1,100 metres and across widths of 100 to 300 metres. These holes test approximately 30% of the gold in soil anomaly, with over 1,500 metres of the anomaly to the southwest and 500 metres to the northeast remaining to be tested in Target 1.
Dr. Paul Klipfel, Abzu's President said, 'These results are very encouraging as they indicate the presence of a large gold mineralizing system at Asafo. In addition, the presence of high-grade intercepts within the system points the way to the potential of the project. Geologically the mineralization resembles that associated with other large, shear-hosted mines in Ghana including Obuasi, Prestea, and other Ashanti Belt shear zone-hosted deposits. We look forward to further drill testing of this area.'
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/abs1020a.jpg
Asafo Project
The Asafo Project lies along the eastern margin of the Kibi Belt approximately 5 kilometres from the historic Kibi Mine and the famous Kibi alluvial gold fields. Abzu has identified three target areas (Figure 2) based on magnetic and VTEM geophysical work, in conjunction with gold in historic surface samples and shallow drilling performed by Newmont Mining Corp. in 2002-2003. Drill results for the first target are the subject of this news release.
A second target, consisting of a 6 kilometre by 0.5 kilometre gold in soil anomaly, is coincident with a strong structure oblique to the trend of the Belt. The third target consists of a 2 kilometre x 2 kilometre gold in soil anomaly coincident with the margins of an intrusive body, a setting analogous to Newmont's Ahafo deposit in the Sefwi Belt. Concentric structures around the intrusion and their intersection with Belt-margin structures are inferred to provide ideal fluid pathways for mineralization.
Table 1
Highlights of Drilling to Date at Asafo
First 10 Diamond Drill Holes
----------------------------------------------------------------------------
Hole From To Metres Gold g/t
----------------------------------------------------------------------------
ASDD01 1.00 3.00 2.00 1.29
----------------------------------------------------------------------------
95.50 115.50 20.00 0.67
----------------------------------------------------------------------------
contains 95.50 106.50 11.00 0.97
----------------------------------------------------------------------------
148.50 168.50 20.00 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD02 151.20 152.20 1.00 4.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD03 98.50 110.50 12.00 0.85
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD04 45.70 118.00 72.30 0.39
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD05 0.00 30.00 30.00 0.60
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD06 No Significant Intercept
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD07 66.90 70.30 3.40 0.60
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD08 0.00 3.50 3.50 1.28
----------------------------------------------------------------------------
36.50 56.50 20.00 4.72
----------------------------------------------------------------------------
contains 37.50 45.50 8.00 10.29
----------------------------------------------------------------------------
including 42.40 44.50 2.10 36.65
----------------------------------------------------------------------------
And including 42.40 43.50 1.10 62.20
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD09 0.00 16.50 16.50 0.15
----------------------------------------------------------------------------
58.00 68.00 10.00 0.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD10 2.50 4.50 2.00 1.65
----------------------------------------------------------------------------
To view Figure 2 please click on the following link:
http://media3.marketwire.com/docs/abs1020b.jpg
Abzu currently has field operations in progress on four projects in Ghana; Golden Reef - Mpatasie, U and N, Asafo, and Nangodi. The Company is currently waiting for assay results for its Phase 1 Golden Reef drill program (14 holes, 2568.7 metres) completed in July, 2011.
To view Figure 3 please click on the following link:
http://media3.marketwire.com/docs/abs1020c.jpg
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 successful exploration and operating in Ghana. The Company currently has title to, or is in option agreement with Red Back Mining Ghana Ltd. on, 16 concessions throughout the country. These holdings constitute a strategic land position on over 1,100 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 Asafo, Mpatasie, Golden Reef, and U and N 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 Asafo samples are from diamond drill core which is sawed and half-core samples bagged, closed and sealed at the Company's core facility where they are kept secure until delivered to the ALS laboratory in Kumasi, Ghana for gold fire assay. 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 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. Dr. Klipfel is not independent of the Company as he is an officer and shareholder. Dr. Klipfel has supervised the drill program, examined the mineralized intercepts reported here-in, reviewed the QAQC data from the project and approved the content of this release.
Mr. Georgi Magaranov, a consulting economic geologist employed by ET Geoart, is a Qualified Person as defined by National Instrument 43-101, has been jointly responsible with Dr. Klipfel for design and supervision onsite of the work program, including the QAQC 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.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.
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