African Gold Ltd Initiates Diamond Drilling at Didievi Gold Project
AFRICAN GOLD LTD. (A1G) Share Update August 2024 Tuesday 27th
African Gold Ltd Begins Diamond Drilling at Didievi Gold Project
African Gold Ltd (ASX: A1G) has commenced a diamond drilling program at the Didievi Gold Project in Cote d'Ivoire, aiming to expand and upgrade their maiden gold resource.
Instant Summary:
- Diamond drilling program underway at Didievi Gold Project, Cote d'Ivoire.
- Targeting expansion and upgrade of 452,000oz gold resource at Blaffo Guetto Prospect.
- Previous intercepts include high-grade results such as 10.0m at 123.7g/t gold.
- Well-funded exploration programs following $2.1 million capital raising.
Drilling Program Details
African Gold Ltd has announced the commencement of a diamond drilling program at the Didievi Gold Project in Cote d'Ivoire. The drilling is focused on the Blaffo Guetto Prospect, where the company aims to expand and upgrade the recently announced maiden inferred gold resource of 4.93 million tonnes for 452,000 ounces of gold at a grade of 2.9 grams per tonne (g/t) using a 1.0 g/t gold cut-off.
The drilling program follows up on previous high-grade shallow intercepts at the Blaffo Guetto Prospect, including:
- 10.0 meters at 123.7 g/t of gold from 66 meters, including 2 meters at 613.1 g/t gold.
- 83.3 meters at 3.3 g/t of gold from 166.9 meters, including 18.0 meters at 12 g/t gold.
- 17.4 meters at 17.34 g/t of gold from 244 meters, including 1.0 meter at 216.1 g/t gold.
- 80.0 meters at 3.0 g/t of gold from 0 meters, including 23.0 meters at 9.5 g/t gold.
- 43.0 meters at 4.3 g/t of gold from 57 meters, including 17.0 meters at 9.5 g/t gold.
- 69.0 meters at 2.9 g/t of gold from 31 meters, including 37.0 meters at 4.9 g/t gold.
- 37.0 meters at 7.7 g/t of gold from 42 meters, including 24 meters at 11.0 g/t gold.
Funding and Progress
Following a successful $2.1 million capital raising, African Gold Ltd is well-funded to continue its exploration programs. The company has also completed a top-up placement to raise an additional $936,416 through the issue of 46,820,800 shares at $0.02 each. An upcoming shareholder meeting will seek approval for the issue of a further 20,000,000 shares to raise an additional $400,000.
Managing Director Phillip Gallagher expressed satisfaction with the progress, stating, 'The diamond drilling program on Blaffo Guetto is underway with good progress made over the last few days. This drilling program has been designed to follow up the high-grade results previously reported, with the primary goal being to expand and upgrade the categorization of the recently announced maiden inferred resource of 452,000 ounces at 2.9 g/t gold at the Blaffo Guetto deposit on the Didievi Project.'
The company's announcement was authorized for release by the Board of African Gold Ltd.
The commencement of the diamond drilling program is a positive development for African Gold Ltd. The potential expansion and upgrade of the gold resource at the Blaffo Guetto Prospect could significantly enhance the company's asset base and future production potential. This news is likely to boost investor confidence and positively impact the company's stock price.
Investor Reaction:
Analysts are likely to view this development favorably, given the high-grade intercepts previously reported at the Blaffo Guetto Prospect. The successful capital raising and well-funded exploration programs further strengthen the company's position. However, investors will be keenly watching the results of the drilling program to assess the potential increase in the gold resource.
Conclusion:
Investors should keep a close eye on the progress of the diamond drilling program at the Didievi Gold Project. The potential expansion and upgrade of the gold resource could offer significant upside for African Gold Ltd. Stay tuned for further updates and consider the potential long-term benefits of this promising exploration project.