African Gold Group ups M&I gold resource by 44% at Kobada
The company said that an updated estimate delivered a 44% increase in the measured and indicated mineral resource to 1.71 million Au ounces, as well as a 26% increase in the inferred mineral resource to 1.43 million Au ounces.
The company added that there is significant additional upside in the inferred mineral resource, and that the revised Kobada definitive feasibility study expected by the end of September 2021.
CEO Danny Callow commented, "With very little additional drilling on the Phase 4A drill programme, we have proven the continued significant upside in our Kobada asset. These results are substantially better than those in the July 2020 Definitive Feasibility Study, and we are very excited to see this continued growth in measured and indicated resources."
"We have always stated that there is significant upside in Kobada, and with more than 50 km of shear zones still untested with the drill bit, we believe we are sitting on a substantial world class resource," added Callow.
African Gold Group is an exploration and development company with a focus on building Africa's next mid-tier gold producer. The company's principal asset is the Kobada project in southern Mali, which is in an advanced stage of development having completed the 2020 Definitive Feasibility Study and is targeting gold production of 100,000 oz per annum.