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African Gold Group Continues to Expand Resource Potential at Kobada Est


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Dec 15, 2021  •  29 minutes in the past  •  6 minute learn  • 

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TORONTO, Dec. 15, 2021 (GLOBE NEWSWIRE) — African Gold Group, Inc. (TSX-V: AGG, OTC: AGGFF, FRA: 3A61) (“ AGG ” or the “ Company ”) is happy to report outcomes from its trenching program on the Fié development at Kobada Gold Project (the “ Project ” or “ Kobada ”) in Southern Mali.

Highlights embrace:

  • Trenching program continues to broaden the footprint of the mineralized shear zones found on the property and additional confirms the similarity of the geological construction to the Kobada major shear zone and the Gosso shear zone
  • Trench 2: 80m lengthy, with good intersections inside 1m @ 2.27g/t and 1m @ 8.11g/t 
  • Trench 3: Trench crosscutting a number of E-W veins and veinlets
    • Many intersections inside 6m @ 1.39g/t adopted by one other 5m @ 1.19g/t with over 2.5g/t at a number of locations
  • Grab samples taken shut to trench 3 in historic artisanal mining zone at 3m depth with E-W quartz veinlets occurring into the sap
    • Samples following one another on about 5m huge pit at a mean of @ 2.79g/t
  • Additional constructive anomalies from trench 5 and 6 at Fie development requiring additional comply with up

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The Fié development is part of the Kobada Est exploration allow and varieties a part of the mixed 55km of shear zones, recognized throughout the three concessions from earlier geophysics, soil geochemistry and different regional exploration. The Kobada Est is part of a gaggle of permits positioned on the western flank of the Bougouni basin masking an space of 63,679 acres.

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The trenching program was accomplished in October 2021 with the intention of confirming the Fié development anomaly. Two trenches with a mixed size of 110m, and a mean depth of two.5m, with 0.5 to 1.5m in laterite and 0.5 to 1.0m within the saprolite. The mapping of the trenches confirmed many alternative slim veinlets with variable measurements (azimuth, dips, and so forth). The anomalous veins have been sub-vertical (75° to 90°) with basic orientation within the east-west route.

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Danny Callow, CEO of African Gold Group feedback : “The anomalies found across multiple trenches in the Kobada Est concession indicated our continued confidence in the upside potential of the overall African Gold Group portfolio. The progression of exploration into our adjacent concessions as part of our requirement to deliver commitments as part of our licenses continues to give us great confidence in the upside potential of the overall project.”

A photograph accompanying this announcement is on the market at https://www.globenewswire.com/NewsRoom/AttachmentNg/6d66191c-201e-4145-8722-b7468234a6e7

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The trenching program continues to broaden the footprint of the mineralized shear zones found on the property and additional confirms the similarity of the geological construction to the Kobada major shear zone and the Gosso shear zone. The trenching program has delivered constructive outcomes for the mineralization potential of the Kobada Est shear zone and can be adopted up with extra trenching and drilling to check the goal space in additional element.

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Photos accompanying this announcement can be found at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/9b1f6a38-a09d-4c20-b616-ac55d9742c72

https://www.globenewswire.com/NewsRoom/AttachmentNg/c1a39d7a-d97a-4dd1-b777-073c557200a5

https://www.globenewswire.com/NewsRoom/AttachmentNg/6cfe8667-6fcf-4545-9198-e358fe52e5a5

Exploration Next Steps

Following a powerful dedication from shareholders within the earlier personal placement elevate, the Company is budgeting extra funds to begin to drill out essentially the most potential shear zones in each the Faraba and Kobada Est exploration concessions.

Option Grant

Further to a press launch (as of August 4, 2021) saying the appointment of Douglas Jendry to the Board of Directors (the “ Board ”) of the Company, the Company has granted a complete of 500,000 inventory choices to Doug Jendry pursuant to the Company`s inventory choice plan. The inventory choices vest instantly and could also be exercised at a value of $0.14 per choice for a interval of 5 years from the date of grant. This grant of choices is topic to the approval of the TSX Venture Exchange.

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Qualified Person

The technical and scientific data on this press launch has been reviewed and accredited by Uwe Engelmann, BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No 400058/08, MGSSA, a director of Minxcon (Pty) Ltd. with respect to mineral assets, who’s a Qualified Person as outlined by National Instrument 43-101.

About African Gold Group

African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and improvement firm with a give attention to constructing Africa’s subsequent mid-tier gold producer. The Company has a extremely skilled board and administration workforce with a confirmed observe file within the African mining sector working mines from improvement by to manufacturing. AGG’s principal asset is the Kobada Project in southern Mali, which is in a sophisticated stage of improvement having accomplished the 2021 DFS and is concentrating on gold manufacturing of 100,000 oz every year. As nicely because the preliminary Kobada Gold Project, different exploration places have been recognized on the Kobada, Farada and Kobada Est concessions, providing potential for a rise in useful resource. For extra data relating to African Gold Group go to our web site at www.africangoldgroup.com.

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For extra data:

Cautionary statements

This press launch comprises “forward-looking information” throughout the which means of relevant Canadian securities laws. Forward-looking data consists of, however shouldn’t be restricted to, statements relating to, the Offering, manufacturing potential and economics of the Project, upside potential of the Project, drilling and exploration plans of the Company, and improvement timetable with respect the Project. Generally, forward-looking data may be recognized by way of forward-looking terminology comparable to “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such phrases and phrases or statements that sure actions, occasions or outcomes “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”.  Forward-looking data is topic to recognized and unknown dangers, uncertainties and different components that will trigger the precise outcomes, degree of exercise, efficiency or achievements of AGG to be materially completely different from these expressed or implied by such forward-looking data, together with however not restricted to: receipt of essential approvals for the Offering and the Kobada Gold Project; basic enterprise, financial, aggressive, political and social uncertainties; future costs of mineral costs; accidents, labour disputes and shortages; obtainable infrastructure and provides; the COVID-19 pandemic and different dangers of the mining business. Although AGG has tried to establish essential components that would trigger precise outcomes to differ materially from these contained in forward-looking data, there could also be different components that trigger outcomes not to be as anticipated, estimated or supposed. There may be no assurance that such data will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, readers mustn’t place undue reliance on forward-looking data. AGG doesn’t undertake to replace any forward-looking data, besides in accordance with relevant securities legal guidelines.

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This information launch doesn’t represent a suggestion to promote or a solicitation of a suggestion to purchase any of the securities within the United States. The securities haven’t been and won’t be registered underneath the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities legal guidelines and is probably not supplied or bought throughout the United States or to U.S. Persons except registered underneath the U.S. Securities Act and relevant state securities legal guidelines or an exemption from such registration is on the market.

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 RELEASE.

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