Abzu Announces Maiden NI 43-101 Technical Report and Mineral Resource Estimate on the Nangodi Gold Project
February 21 2014 - 1:21PM
Marketwired
Abzu Announces Maiden NI 43-101 Technical Report and Mineral
Resource Estimate on the Nangodi Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 21, 2014) - Abzu
Gold Ltd. ("Abzu" or the "Company") (TSX-VENTURE:ABS) is pleased to
announce the completion of its maiden National Instrument (NI)
43-101 Technical Report and Mineral Resource Estimate on the
Nangodi Gold Project located in the Upper East Region of Northern
Ghana.
Bob Baxter, CEO of Abzu, commented: "We are very pleased to
announce our maiden resource estimate on our Nangodi Gold Project
in Ghana. The mineralisation is open along strike and at depth.
There are a number of other gold targets on the Nangodi concession
and the adjacent Yameriga concession. Abzu believes its land and
resources hold significant strategic value."
Nangodi NI 43-101 Technical Report and Mineral Resource Estimate
Highlights:
- An NI 43-101 compliant Technical Report and Mineral Resource
Estimate has been independently prepared by Mark J Pryor B.Sc
(Hons.), FGS,FSEG,Pr.Sci.Nat., and T. Carew. P.Geo, Reserva
International.
- The report is dated February 20, 2014 and is entitled "The
Nangodi Gold Project located in the Upper East Region of Northern
Ghana 42°40'W, 10°48'N."
- A cut off date of August 2013 was used for the database giving
a total of 116 drill holes (37 - AfricWest and 79 - Abzu) and 14
trenches.
- 'Reserva' completed a Mineral Resource estimate for the Nangodi
project with an assay cut-off of 0.50g/t Au. The modelling and
resource estimate was undertaken using Geovia GEMS V6.3 with a
12.0g/t Au capping level, two (2) metre composites and Ordinary
Kriging to estimate block grades.
- The resource has not been constrained within an optimised pit
shell.
- The Measured and Indicated resource estimate totals 4.13Mtonnes
@ 0.96g/t Au.
- The Inferred resource estimate totals 3.16 Mtonnes @ 0.88 g/t
Au.
|
Summary of Mineral Resources |
Nangodi Gold Project |
|
Class |
Oxide |
Transition |
Un-oxidized |
Total |
|
Tons (x1000) |
AU (g/t) |
Tons (x1000) |
AU (g/t) |
Tons (x1000) |
AU (g/t) |
Tons (x1000) |
AU (g/t) |
AU (Oz) Contained |
Measured |
70 |
1.44 |
20 |
0.98 |
130 |
1.51 |
220 |
1.44 |
10,200 |
Indicated |
710 |
0.97 |
250 |
0.83 |
2,950 |
0.93 |
3910 |
0.93 |
117,000 |
Total M&I |
780 |
1.02 |
270 |
0.87 |
3,080 |
0.95 |
4,130 |
0.96 |
127,200 |
Inferred |
120 |
0.87 |
70 |
0.67 |
2970 |
0.89 |
3160 |
0.88 |
89,400 |
* The nominal cut-off grade of 0.5 g/t is based on a long term
gold price of US$1,400/Troy Ounce, and a processing cost and
recovery of US$20/t and 90% respectively, based on more recent
metallurgical test work |
Reccomendations contained within the NI 43-101 Technical Report
and Mineral Resource Estimate include that exploration continues at
the Nangodi project with a phased approach based on the
following:
- Further metallurgical testwork to include a possible bulk
sample and/or large diameter whole core in order to establish
comminution parameters and eventual plant design.
- Infill drilling to allow Inferred Resources to be classified
into the M & I Resource category.
- Scoping Study to examine the project economics.
Strong CSR liaison to ensure that there is agreement with the
on-going exploration and potential future mining
A total budget of US$2.6M is proposed in order to meet the
recommendations proposed in the Nangodi NI 43-101 Technical Report
and Mineral Resource Estimate. In particular to complete a scoping
study stage to allow the economics of the project to be verified In
addition the metallurgical including comminution testwork will
assist in confirming the process route and recoveries as well as
ascertaining the grain size distribution of the gold and clarifying
the issues with the 'nugget effect'.
Nangodi Discovery Potential:
The Nangodi concession is 76.7 km2 in size and although the
majority of drilling has been focussed on the Nangodi prospect
significant upside remains to be tested along strike and at depth.
A number of targets have been identified in the Nangodi and
Yameriga concessions that have additional exploration
potential.
Abzu follows an industry standard quality assurance/quality
control (QA/QC) programme, which consists of regular submission of
blanks, duplicates and standards for its soil, rock chip and drill
chip/core sampling and meets industry standard practices.
Qualified Person
Bob Baxter, FAusIMM., Abzu's President and Chief Executive
Officer and a qualified person as defined by National Instrument
43-101, has reviewed the scientific and technical information that
forms the basis for this news release. Mr. Baxter is not
independent of the Company as he is an officer and a director of
the Company.
On behalf of the board of directors of ABZU GOLD LTD.
Bob Baxter, President & 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
Statement Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward looking information" within the
meaning of the British Columbia Securities Act and the Alberta
Securities Act. Generally, the words "expect", "intend",
"estimate", "will" and similar expressions identify forward-looking
information. By their very nature, forward-looking statements are
subject to known and unknown risks and uncertainties that may cause
our actual results, performance or achievements, or that of our
industry, to differ materially from those expressed or implied in
any of our forward looking information. Statements in this press
release regarding Abzu's business or proposed business, which are
not historical facts, are forward-looking information that involve
risks and uncertainties, such as estimates and statements that
describe Abzu's future plans, objectives or goals, including words
to the effect that Abzu or management expects a stated condition or
result to occur. Since forward-looking statements address events
and conditions, by their very nature, they involve inherent risks
and uncertainties. Actual results in each case could differ
materially from those currently anticipated in such statements.
Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they
are made. All of the Company's Canadian public disclosure filings
may be accessed via www.sedar.com and readers are urged to review
these materials, including the technical reports filed with respect
to the Company's mineral properties. The foregoing commentary is
based on the beliefs, expectations and opinions of management on
the date the statements are made. The Company disclaims any
intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
Abzu Gold Ltd.Bob BaxterCEO & President(604) 638-3288(604)
398-5387info@abzugold.com