Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF) ("Abzu") is pleased
to announce the latest results from all or parts of twelve (12)
drill holes at its Nangodi Property in Ghana where a twenty seven
(27) hole initial drill program has recently been completed.
Results confirm the presence of a significant gold bearing shear
system hosting multiple zones of gold mineralization over a strike
distance of at least 1,200 metres. Intercept highlights include
44.5 metres @ 1.99 g/t gold (45 metres to 89.5 meters hole
NGDD_003) and 69.5 metres @ 0.41 g/t gold (70.5 metres to 140
metres, hole NGRD_005). Results confirm the continuity of the gold
mineralization between historic drill holes and expand on the
initial promising results reported by Abzu (see NR_11_13; November
10, 2011) from Nangodi. Abzu awaits additional results from
remaining drill holes.
Abzu's President, Dr. Paul Klipfel, stated, "With gold
mineralized intercepts now spanning over 1,200 metres, and the
system remaining open in all directions, the scale of the Nangodi
gold system is becoming clear as is the scale of the opportunity
for Abzu. We are already developing plans for an aggressive phase 2
drill program while we await additional encouragement from the
balance of the outstanding holes at Nangodi."
With these new results Abzu has extended the Nangodi gold system
for up to 630 metres northeast of the historic shaft (NGRD_011, 16
metres @ 1.61 g/t gold) and 400 metres to the southeast (NGRD_19
pre-collar, 7 metres @ 0.74 g/t gold). Surface outcrop and galamsey
workings indicate that gold mineralization within this major shear
system may extend for over 4,000 metres providing Abzu with the
potential to significantly expand on the resource potential at
Nangodi.
The Nangodi Main gold system centers on a historic gold mine and
is only 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. and the first to be drill
tested by Abzu.
Mineralization at Nangodi Main consists of gold in
quartz-carbonate +/- arsenopyrite +/- tourmaline stockwork and
veins associated with numerous 3 - 10 metre wide carbonaceous shear
zones within and adjacent to quartz porphyry rock. These
mineralized shears are part of an extensive regional shear zone
with strike length in excess of 100 kilometres (Figure 2).
Gold-bearing intercepts are accompanied by carbonate, sericite, and
chlorite alteration. 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.
To view Figure 1, please visit the following link:
http://media3.marketwire.com/docs/abs-1201-fig-1.pdf.
Table 1
Highlights of Drill Holes
----------------------------------------------------------------------------
Hole Number
(portion of hole currently From To Interval Grade
available) (m) (m) (m)(i) (g/t Au)
----------------------------------------------------------------------------
NGDD_001(ii)
----------------------------------------------------------------------------
0 20 20 0.46
----------------------------------------------------------------------------
33 54.7 21.7 0.56
----------------------------------------------------------------------------
75 119 44 1.91
----------------------------------------------------------------------------
includes 104 119 15 4.75
----------------------------------------------------------------------------
NGRD_001A
----------------------------------------------------------------------------
5 15 10 0.37
----------------------------------------------------------------------------
34 107 73 1.15
----------------------------------------------------------------------------
Includes 44 48 4 7.9
----------------------------------------------------------------------------
96.3 107 10.7 3.06
----------------------------------------------------------------------------
NGRD_002
----------------------------------------------------------------------------
12 16 4 0.94
----------------------------------------------------------------------------
48 51 3 1.24
----------------------------------------------------------------------------
NGDD_003
----------------------------------------------------------------------------
45 89.5 44.5 1.99
----------------------------------------------------------------------------
includes 47 78.5 33.5 2.39
----------------------------------------------------------------------------
NGDD_004
----------------------------------------------------------------------------
48.5 72.5 24 2.25
----------------------------------------------------------------------------
includes 53.9 68.5 14.6 3.32
----------------------------------------------------------------------------
77.5 100.5 23 0.32
----------------------------------------------------------------------------
NGRD_005
----------------------------------------------------------------------------
38 40 2 0.67
----------------------------------------------------------------------------
70.5 140 69.5 0.41
----------------------------------------------------------------------------
includes 109 114 5 2.55
----------------------------------------------------------------------------
109 131 22 0.94
----------------------------------------------------------------------------
NGRC_006
RC only to 50m
----------------------------------------------------------------------------
0 22 22 0.82
----------------------------------------------------------------------------
includes 10 12 2 2.04
----------------------------------------------------------------------------
includes 16 19 3 1.93
----------------------------------------------------------------------------
41 46 5 1.22
----------------------------------------------------------------------------
NGRD_007
----------------------------------------------------------------------------
7 17 10 0.39
----------------------------------------------------------------------------
50.5 56 5.5 0.46
----------------------------------------------------------------------------
125 127 2 0.32
----------------------------------------------------------------------------
NGRD_008
RC only to 50m
----------------------------------------------------------------------------
6 11 5 0.48
----------------------------------------------------------------------------
NGRD_009
----------------------------------------------------------------------------
1 20 19 0.40
----------------------------------------------------------------------------
includes 16 19 3 1.38
----------------------------------------------------------------------------
NGRD_011
RC only to 51
----------------------------------------------------------------------------
28 44 16 1.61
----------------------------------------------------------------------------
includes 37 42 5 2.28
----------------------------------------------------------------------------
54 56 2 0.93
----------------------------------------------------------------------------
NGRD_012
----------------------------------------------------------------------------
100 166 66 1.53
----------------------------------------------------------------------------
includes 100 115 15 4.65
----------------------------------------------------------------------------
105 108 3 17.93
----------------------------------------------------------------------------
106 107 1 41.6
----------------------------------------------------------------------------
119 131 12 1.0
----------------------------------------------------------------------------
157 160 3 1.23
----------------------------------------------------------------------------
NGRD_015
----------------------------------------------------------------------------
70 134 64 0.64
----------------------------------------------------------------------------
includes 80 90 10 2.39
----------------------------------------------------------------------------
includes 75 90 15 1.72
----------------------------------------------------------------------------
NGRC_016
RC only to 50m
----------------------------------------------------------------------------
28 34 6 0.57
----------------------------------------------------------------------------
NGRD_017 partial results only
----------------------------------------------------------------------------
79.8 83.8 4 0.71
----------------------------------------------------------------------------
NGRD_018
----------------------------------------------------------------------------
59 60.9 1.9 0.38
----------------------------------------------------------------------------
85 89 4 0.25
----------------------------------------------------------------------------
120 140 20 0.4
----------------------------------------------------------------------------
includes 120.8 123 2.2 1.46
----------------------------------------------------------------------------
148 150.2(iii) 2.2 0.59
----------------------------------------------------------------------------
NGRC_019
RC only to 46m
----------------------------------------------------------------------------
31 38 7 0.74
----------------------------------------------------------------------------
includes 32 35 3 1.20
----------------------------------------------------------------------------
(i) Insufficient drilling has been completed to estimate true thickness at
this zone.
(ii) Italics in light blue and light yellow highlight indicates previously
reported results.
(iii) Hole NGRD_018 ended in mineralization.
The Nangodi Main and other targets within the Nangodi and
Yameriga concessions 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 (Figure 2).
To view Figure 2, please visit the following link:
http://media3.marketwire.com/docs/abs-1201-fig-2.pdf.
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.
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.
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.comwww.abzugold.com
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