Initial drill results from Abzu Gold‘s (ABS-V, ABZUF-O) 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 included 73 metres grading 1.15 grams gold; 44 metres grading 1.91 grams gold and 66 metres grading 1.53 grams gold.
Drilling also hit a high-grade zone 1 to 15 metres wide with values up to 41.6 grams gold over 1 metre and 4.65 grams gold over 15 metres.
Such positive assays contributed to outlining gold mineralization over true widths of roughly 50 metres and to a depth of 180 metres. Mineralization remains open in all directions.
The results, the company says, both confirm and extend a gold mineralized system at the project which was home to an underground mine in the 1930s. Historical records indicate that the mine milled ore at an average head-grade of roughly 26 grams gold per tonne.
Exploration work at the project didn’t pick back up 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, however, when gold prices plummeted in the late 90s.
Nangodi sits on the Bole-Nangodi Gold belt, in northern Ghana, roughly 50-km southwest of Endeavour Mining’s (EDV-T) Youga Mine. Youga, however, lies on the Burkina Faso side of the border between the two countries.
The central focus of Abzu is currently the Nangodi Main zone. That zone, along with other targets, align along a regional shear zone that continues to the northeast across the border into Burkina Faso.
Gold mineralization at Nangodi Main occurs in a steeply northwest-dipping tabular zone associated with shearing within felsic rock and at the 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 roughly 4,039 metres.
The results from Nangodi in the north dovetail nicely with results from late October at 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 retuning 4.7 grams gold over 20 metres at a vertical depth of just 20 metres.
Abzu currently hold 16 concessions in Ghana that cover 1,100 sq. km of land. Ten of those concessions are currently majority held by Kinross Gold (K-T, KGC-N) but Abzu has the right to earn a 51% of stake by spending US$3 million on exploration over 3 years.
Once that threshold is met the companies will form a joint venture which Abzu will
manage. The government of Ghana retains a 10% interest in all mining projects.
In Toronto on Nov. 11 Abzu shares were up 7% or 3¢ to 48¢ on 24,000 shares traded.