TORONTO, March 02, 2020 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is excited to report additional exceptional drill results in the northern extension of the main shear zone (Figure 1) from its Kobada Gold project in southern Mali.

Highlights Include (Table 1):

• High grade intersection on the northern extension of the Kobada Main Shear Zone outside of known mineralization
• Drill hole KB19_P2_14 returned 0.81g/t Au over 16.1 metres (m) and 3.38g/t Au over 2.20m
• Drill hole KB19_P2_15 returned 1.83g/t Au over 4.8m
• Drill hole KB19_P2_16 returned 4.59g/t over 1.20m
• Drill hole KB19_P2_17 returned 28g/t Au over 1.5m
• Drill hole KB19_P2_18 returned 2.70g/t Au over 1m
• Drill hole KB19_P2_19 returned 1.12g/t Au over 52.40m, including 6.47g/t Au over 2m

Following on from the previously reported drill holes of Phase 2, the next batch of assay results received from SGS laboratory in Bamako continue to demonstrate the large extent of the mineralization along strike and down dip along the highly prolific and auriferous Kobada shear zone.

• Drill holes 14 through to 18 are part of the Section Line 9 and drill hole 19 is part of Section Line 10 (Figure 3).
• Figures 2 and 3 show that the drill holes are stepping out of the existing main shear zone testing the width of the mineralised zone and progressing further northwards.
• The company is targeting only oxides that extend to an average depth of 150m.
• Some of the drill holes are drilled further below into the sulphides to determine the transition zone between oxides and sulphides mineralization.

“We are very happy to have completed our Phase 2 drilling campaign along our highly prolific Kobada Shear Zone,” says Dr. Andreas Rompel, Vice President Exploration. “We are pleased with the early high-grade results and are in keen anticipation of further high-grade intersections as the assay results are returned. The structural model has been confirmed over and over again, allowing us to drill the Kobada shear with high confidence, as well as other highly prospective targeted shear zones, as of yet untested.”

The outstanding results to date confirm management’s belief that the resource at the Kobada Gold Project is larger and of greater thicknesses than suggested in the 2016 Feasibility Study, and clearly highlights the strong upside potential given the results are materially above the current resource grade.

The planned Phase 3 drilling campaign will progress further northwards as we still receive high grade results from the Kobada Shear. To date, the Company has not discovered the northern end of mineralization. Furthermore, AGG intends to step away from the Kobada Shear to test the neighbouring and parallel striking Gosso Shear, which has been exposed by shallow artisanal mining.

Figure 1: Kobada exploration targets with Phase 1 and Phase 2 section lines is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a27d3d0f-33df-460a-b45b-fd9c81c1d671

Table 1: Highlights

Figure 2: Section showing the drill holes KB19_P2_14, 5 and 17 (blue) intersecting the mineralized Kobada Shear Zone (orange and red) is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/94cebd60-052a-40df-bff3-a6f6feeb8151

Figure 3: Drill hole locations and section lines in the central, southern and northern part of the Kobada Main Shear Zone is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b9c49251-fd4a-4f8e-b357-42051675c17b

Stock Option Grant

The Company has granted a total of 1,200,000 stock options to certain consultants of the Company pursuant to the Company’s stock option plan. Half of the stock options vest immediately and the remainder vest on the first anniversary of the grant. Each stock option may be exercised at a price of $0.20 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSX Venture Exchange.

Qualified Persons

The scientific and technical information contained in this press release has been reviewed, prepared and approved by Dr. Andreas Rompel, PhD, Pr. Sci. Nat. (400274/04), FSAIMM, Vice President Exploration of AGG, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and by Mr. Uwe Engelmann (BSc (Zoo. & Bot.), BSc Hons (Geol.), Pr.Sci.Nat. No. 400058/08, MGSSA), a director of Minxcon (Pty) Ltd and a member of the South African Council for Natural Scientific Professions.

About African Gold Group

African Gold Group is a Canadian listed exploration and development company on the TSX Venture Exchange (TSX-V: AGG) with its focus on developing a gold platform in West Africa. Its principal asset is the Kobada Project in southern Mali. For more information regarding African Gold Group visit our website at www.africangoldgroup.com.

For further information please contact:

Daniyal Baizak
VP Corporate Development
(416) 861 2966

Forward-Looking Statements

This press release contains "forward looking information" within the meaning of applicable Canadian securities legislation. Forward looking information includes, but is not limited to, management’s, the Company’s development and exploration plans for the Kobada Gold Project, expectation of grade and resources at the Kobada Gold Project, the timeline for delivery of the DFS , completion of metallurgical testwork, progress of the Phase 3 drilling campaign and the updated resource-reserve model, expectations for mineralization and location of extensions at the Kobada Gold Project and expected mining methods at the Kobada Gold Project,  and other statements with respect to the future plans or intentions of the Company. Generally, forward looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", “aims”, "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of exploration activities; regulatory risks; risks inherent in foreign operations; and other risks of the mining industry. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE 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.

Table 2: Assay results from the main mineralized zone (reported length measured along the holes)

Cumulative Mineralization Widths

Significant Intersections (Above 1 g/t)