Initial drill results from Abzu Gold‘s (ABS-V) Nangodi project in Ghana show that the Bole-Nangodi gold belt in the north of the country still has plenty of gold to give.
Highlight intercepts from the first phase of drilling include 73 metres grading 1.15 grams gold, 44 metres at 1.91 grams gold and 66 metres at 1.53 grams gold.
Drilling also hit a high-grade zone ranging from 1 metre to 15 metres wide, with values up to 41.6 grams gold over 1 metre and 4.65 grams gold over 15 metres.
The positive assays outlined gold mineralization over true widths of 50 metres and to a depth of 180 metres.
Mineralization remains open in all directions.
The company says the results confirm and extend a gold mineralized system at the project that was home to an underground mine in the 1930s.
Historical records indicate that the mine milled ore at an average head grade of 26 grams gold per tonne.
Exploration work at the project didn’t pick up again until the mid-1990s, when Africwest outlined gold mineralization along a 1.2-km strike length with true widths up to 60 metres.
The company left the project when gold prices plummeted in the late 90s.
Nangodi sits on the Bole-Nangodi gold belt in northern Ghana, 50 km southwest of Endeavour Mining‘s (EDV-T) Youga mine. Youga lies on the Burkina Faso side of the border between the two countries.
Abzu’s central focus is on the Nangodi Main zone. The zone aligns with other targets along a regional shear zone that continues to the northeast and crosses the border into Burkina Faso.
Gold mineralization at Nangodi Main occurs in a steeply northwest-dipping tabular zone associated with felsic rock shearing, and at shear contact with surrounding sedimentary rocks.
The mineralization is in stockwork and veins in a sheared quartz-porphyry rock – a style of mineralization that the company says is similar to other shear-zone-hosted gold deposits in Ghana, especially those on the western margin of the Ashanti belt.
Abzu has finished drilling 27 reverse-circulation (RC) and diamond core drill holes for 4,039 metres.
The results from Nangodi in the north dovetail nicely with late October results from its Asafo project in the south. Asafo lies on Ghana’s Kibi belt, and it was there that the company made a new discovery, with a hole that returned 4.7 grams gold over 20 metres at a vertical depth of just 20 metres.
Abzu holds 16 concessions in Ghana that cover 1,100 sq. km of land. Ten of those concessions are majority-held by Kinross Gold (K-T, KGC-N), but Abzu has the right to earn a 51% stake by spending US$3 million on exploration over three years.
Once that threshold is met, the companies will form a joint venture that Abzu will manage. The government of Ghana retains a 10% interest in all mining projects.
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