Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF) -
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Highlights Include: 73 m @ 1.15 g/t Gold
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44 m @ 1.91 g/t Gold
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66 m @ 1.53 g/t Gold
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Abzu Gold Ltd. ("Abzu") is pleased to announce that initial
drill results confirm the presence of and extend a broad gold
mineralized system on the Company's Nangodi Project, Bole-Nangodi
Gold Belt, in northern Ghana (Figure 1). Multiple higher-grade gold
intercepts occur and define a high-grade gold zone varying from 1
to 15 metres wide with values ranging up to 41.6 g/t gold (1.3
oz/t).
Mineralization remains open in all directions including
depth.
Intercepts include 73 metres @ 1.15 g/t gold (NGDD-1A) and 66
metres @ 1.53 g/t gold (NGRD-12) and outline gold mineralization
over true widths of approximately 50 metres and to a vertical depth
of 180 metres (Table 1). In addition, this drilling demonstrates
the presence of a high-grade zone 1 to 15 m wide with values up to
41.6 g/t gold over 1 metre and 4.65 g/t gold over 15 metres in
NGRD-012 at 106 to 107 metres and 100 to 115 metres depth,
respectively.
Abzu has completed 27 Reverse Circulation (RC) and diamond core
drill holes (Figure 2) totaling 4,039 metres in its phase 1 drill
program. Results for the initial four holes on Section 49975 are
shown in Figure 3. Additional results are pending and will be
released upon receipt. The gold mineralized system remains open in
all directions.
Table 1
Highlights of Drill Holes for Section 49975
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Hole From To Interval Grade
Number (m) (m) (m)(i) (g/t Au)
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NGDD_001
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0 20 20 0.46
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33 54.7 21.7 0.56
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75 119 44 1.91
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includes 104 119 15 4.75
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NGRD_001A
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5 15 10 0.37
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34 107 73 1.15
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includes 44 48 4 7.9
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96.3 107 10.7 3.06
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NGRD_002
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12 16 4 0.94
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48 51 3 1.24
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NGDD_004
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48.5 72.5 24 2.25
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includes 53.9 68.5 14.6 3.32
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77.5 100.5 23 0.32
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NGRD_012
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100 166 66 1.53
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includes 100 115 15 4.65
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105 108 3 17.93
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106 107 1 41.6
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119 131 12 1.0
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157 160 3 1.23
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(i) Insufficient drilling has been completed to estimate true thickness at
this zone.
The Nangodi Project centers on a historic gold mine and results
are from just one of several targets on the large, 142 km2, Nangodi
concession (Figure 1). Nangodi is one of ten concessions currently
under option agreement with Red Back Mining Ghana Ltd., a wholly
owned subsidiary of Kinross Gold Corp. under the terms as indicated
in Abzu press release 11-07 from June 29, 2011.
To view Figure 1 click on:
http://media3.marketwire.com/docs/abs1.jpg
Abzu's President, Dr. Paul Klipfel, stated, "Not only do today's
results confirm the impressive results from historic work at
Nangodi, they also open the door for continued expansion of this
sizeable gold mineralized system. In addition, the newly identified
high-grade zone presents the Company with an exciting opportunity
of finding more gold ounces in a smaller area."
To view Figure 2 click on:
http://media3.marketwire.com/docs/abs2.jpg
To view Figure 3 click on:
http://media3.marketwire.com/docs/abs3.jpg
Mineralization at Nangodi Main consists of gold in stockwork and
veins in a sheared quartz porphyry rock. Gold-bearing intercepts
are associated with quartz-carbonate +/- arsenopyrite +/-
tourmaline veins accompanied by carbonate, sericite, and chlorite
alteration. Gold mineralization is associated with a 3 - 10 metre
wide carbonaceous shear zone and adjacent quartz +/- feldspar
porphyry intrusive. This style of mineralization is similar to
other shear zone-hosted gold deposits throughout Ghana,
particularly those along the western margin of the Ashanti
Belt.
The Nangodi Main and other targets align along a major shear
zone identified by past explorers. The Youga Mine just across the
border in Burkina Faso, lies along this shear zone.
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.
About Abzu
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.
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 sufficiently 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.
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.comwww.abzugold.com
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