Abzu Continues to Intersect Mineralized Gold Zones at Nangodi
February 09 2012 - 8:00AM
Marketwired
Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF)("Abzu") announced
today results from an additional ten (10) drill holes at its
Nangodi Gold Property in Ghana. Results continue to confirm the
presence of significant gold mineralization along the 1,200 metres
of the Nangodi system tested to date. The system remains open in
all directions. The next phase of drilling at Nangodi is scheduled
for Q2, 2012.
Results are highlighted by hole NGDD-23 which returned 112
metres grading 0.68 g/t gold (from 44.0 metres to 156.0 metres)
including 11.0 metres @ 1.92 g/t gold (between 77.0 and 88.0
metres) and 27 metres @ 1.26 g/t gold (between 44.0 and 71.0
metres).
Abzu's President, Dr. Paul Klipfel stated, "These results
confirm that our exploration at Nangodi is testing a significant
shear related gold system with many similarities to other
multimillion ounce deposits throughout West Africa. The Nangodi
system remains open at depth and beyond its currently defined 1.2
kilometre strike length offering significant exploration
potential."
----------------------------------------------------------------------------
Drill Hole From To Interval Grade
Number metres metres metres(i) g/t gold
----------------------------------------------------------------------------
NGRD_010 71.80 91.00 19.20 0.39
----------------------------------------------------------------------------
including 83.00 87.00 4.00 1.01
----------------------------------------------------------------------------
NGRD_013 92.00 99.00 7.00 0.61
----------------------------------------------------------------------------
including 133.00 134.00 1.00 2.48
----------------------------------------------------------------------------
NGDD_014 55.00 106.00 51.00 0.73
----------------------------------------------------------------------------
including 68.00 78.00 10.00 1.37
----------------------------------------------------------------------------
and 89.00 92.00 3.00 3.05
----------------------------------------------------------------------------
and 103.00 106.00 3.00 1.17
----------------------------------------------------------------------------
NGRC_020 results pending
----------------------------------------------------------------------------
NGDD_021 no significant intercepts
----------------------------------------------------------------------------
NGDD_022 2.00 5.00 3.00 1.27
----------------------------------------------------------------------------
28.00 36.00 8.00 0.73
----------------------------------------------------------------------------
42.00 44.00 2.00 0.825
----------------------------------------------------------------------------
60.00 80.00 20.00 0.59
----------------------------------------------------------------------------
69.00 73.00 4.00 1.12
----------------------------------------------------------------------------
including 108.00 111.00 3.00 1.94
----------------------------------------------------------------------------
NGDD_023 0.00 7.00 7.00 0.82
----------------------------------------------------------------------------
44.00 156.00 112.00 0.68
----------------------------------------------------------------------------
including 44.00 71.00 27.00 1.26
----------------------------------------------------------------------------
which includes 44.00 49.00 5.00 2.11
----------------------------------------------------------------------------
and 54.00 59.00 5.00 2.19
----------------------------------------------------------------------------
including 77.00 88.00 11.00 1.92
----------------------------------------------------------------------------
including 126.00 135.00 9.00 0.81
----------------------------------------------------------------------------
NGDD_024 18.00 69.00 51.00 0.57
----------------------------------------------------------------------------
including 18.00 25.00 7.00 1.62
----------------------------------------------------------------------------
and 64.00 69.00 5.00 0.97
----------------------------------------------------------------------------
NGDD_025 1.00 20.00 20.00 0.62
----------------------------------------------------------------------------
including 8.00 10.00 2.00 2.30
----------------------------------------------------------------------------
37.00 52.00 15.00 0.66
----------------------------------------------------------------------------
including 44.00 51.00 7.00 1.00
----------------------------------------------------------------------------
NGDD_026 62.50 63.90 1.40 0.94
----------------------------------------------------------------------------
91.00 117.00 26.00 0.39
----------------------------------------------------------------------------
including 108.00 117.00 9.00 0.84
----------------------------------------------------------------------------
NGDD_027 29.80 37.80 8.00 0.43
----------------------------------------------------------------------------
(i) Insufficient drilling has been completed to estimate true thickness at
this zone.
The results from Abzu's first phase of drilling at Nangodi have
outlined multiple parallel zones of gold mineralization including a
5 to 10 metre wide higher grade zone within broad areas of gold
mineralization consistent with targets that have potential for bulk
gold mining. Gold mineralization occurs in a broad,
steeply-northeast-dipping zone with multiple parallel subzones
which extend at least 600 metres northeast and 550 metres southwest
from the historic Nangodi mine. The host shear zone extends over
100 km and is traceable locally in outcrop and by artisanal
workings for over 4,000 metres.
Red Back Option Agreement
Abzu Gold has the right to earn 51% of Red Back's holding in all
10 concessions, including Nangodi, by incurring exploration
expenditure of a total of US$3,000,000 ($500,000 in year 1,
$1,000,000 in year 2, and $1,500,000 in year 3). The government of
Ghana retains a 10% interest in all concessions as per mining
legislation of Ghana. Once the US$3,000,000 option expenditures
have been incurred, Abzu and Red Back will form a joint venture
which Abzu will manage and to which both companies will contribute
proportionately to their interest.
To view "Figure 1. Map of the Nangodi Main project area showing
the interpreted extent of mineralization and location of Abzu's
current drill holes," please visit the following link:
http://media3.marketwire.com/docs/ABZU209.jpg.
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 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 for an approximate 2 kg sample. All
samples 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. In addition, ALS performs regular duplicate analyses
according to their own protocols for Quality Assurance and Quality
Control.
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.
About Abzu Gold Ltd. - www.abzugold.com
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 1,100 square kilometres
of highly sought after and productive gold belts.
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 604-638-3288qmai@abzugold.com www.abzugold.com
Abzu Gold (CE) (USOTC:ABZUF)
Historical Stock Chart
From Dec 2024 to Jan 2025
Abzu Gold (CE) (USOTC:ABZUF)
Historical Stock Chart
From Jan 2024 to Jan 2025
