Abzu Gold Ltd. (TSX VENTURE:ABS)(OTCQX:ABZUF) ("Abzu") is pleased
to announce the discovery of a new mineralized zone on its 100%
owned Asafo concession located along the eastern margin of the Kibi
Belt, Ghana (Figure 1). The new discovery is centered on drill hole
ASDD08 which returned 4.72 g/t gold over 20.00 metres at a vertical
depth of only 28 metres (Table 1).
The Asafo Phase 1 drill program tested portions of an extensive
(1 x 3 kilometre) gold in soil geochemical anomaly coincident with
favorable lithologies/structures as well as magnetic and VTEM
geophysical anomalies (Figure 2). Drill holes completed during the
current program were spaced approximately 200 metres apart and
returned numerous, multi-meter intervals of anomalous gold
mineralization including 0.39 g/t gold over 72.30 metres (from
45.70 metres to 118.00 metres; ASDD04; Table 1) with local higher
grade intercepts ranging from greater than 5.00 g/t gold up to
62.20 g/t gold over 1.1 metres in ASDD08 at 42.40 metres.
Gold-bearing intercepts are associated with quartz-carbonate +/-
arsenopyrite +/- tourmaline veins accompanied by carbonate,
sericite, and chlorite alteration. Gold mineralization is hosted by
felsic and diorite dikes that intrude sheared phyllite and
siltstone country rocks. The setting of the new Asafo discovery is
similar to other shear zone-hosted gold deposits throughout Ghana,
particularly those along the western margin of the Ashanti
Belt.
Anomalous gold mineralization has now been intersected over a
strike distance of 1,100 metres and across widths of 100 to 300
metres. These holes test approximately 30% of the gold in soil
anomaly, with over 1,500 metres of the anomaly to the southwest and
500 metres to the northeast remaining to be tested in Target 1.
Dr. Paul Klipfel, Abzu's President said, "These results are very
encouraging as they indicate the presence of a large gold
mineralizing system at Asafo. In addition, the presence of
high-grade intercepts within the system points the way to the
potential of the project. Geologically the mineralization resembles
that associated with other large, shear-hosted mines in Ghana
including Obuasi, Prestea, and other Ashanti Belt shear zone-hosted
deposits. We look forward to further drill testing of this
area."
To view Figure 1 please click on the following link:
http://media3.marketwire.com/docs/abs1020a.jpg
Asafo Project
The Asafo Project lies along the eastern margin of the Kibi Belt
approximately 5 kilometres from the historic Kibi Mine and the
famous Kibi alluvial gold fields. Abzu has identified three target
areas (Figure 2) based on magnetic and VTEM geophysical work, in
conjunction with gold in historic surface samples and shallow
drilling performed by Newmont Mining Corp. in 2002-2003. Drill
results for the first target are the subject of this news
release.
A second target, consisting of a 6 kilometre by 0.5 kilometre
gold in soil anomaly, is coincident with a strong structure oblique
to the trend of the Belt. The third target consists of a 2
kilometre x 2 kilometre gold in soil anomaly coincident with the
margins of an intrusive body, a setting analogous to Newmont's
Ahafo deposit in the Sefwi Belt. Concentric structures around the
intrusion and their intersection with Belt-margin structures are
inferred to provide ideal fluid pathways for mineralization.
Table 1
Highlights of Drilling to Date at Asafo
First 10 Diamond Drill Holes
----------------------------------------------------------------------------
Hole From To Metres Gold g/t
----------------------------------------------------------------------------
ASDD01 1.00 3.00 2.00 1.29
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95.50 115.50 20.00 0.67
----------------------------------------------------------------------------
contains 95.50 106.50 11.00 0.97
----------------------------------------------------------------------------
148.50 168.50 20.00 0.41
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD02 151.20 152.20 1.00 4.08
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD03 98.50 110.50 12.00 0.85
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD04 45.70 118.00 72.30 0.39
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD05 0.00 30.00 30.00 0.60
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD06 No Significant Intercept
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD07 66.90 70.30 3.40 0.60
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD08 0.00 3.50 3.50 1.28
----------------------------------------------------------------------------
36.50 56.50 20.00 4.72
----------------------------------------------------------------------------
contains 37.50 45.50 8.00 10.29
----------------------------------------------------------------------------
including 42.40 44.50 2.10 36.65
----------------------------------------------------------------------------
And including 42.40 43.50 1.10 62.20
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD09 0.00 16.50 16.50 0.15
----------------------------------------------------------------------------
58.00 68.00 10.00 0.17
----------------------------------------------------------------------------
----------------------------------------------------------------------------
ASDD10 2.50 4.50 2.00 1.65
----------------------------------------------------------------------------
To view Figure 2 please click on the following link:
http://media3.marketwire.com/docs/abs1020b.jpg
Abzu currently has field operations in progress on four projects
in Ghana; Golden Reef - Mpatasie, U and N, Asafo, and Nangodi. The
Company is currently waiting for assay results for its Phase 1
Golden Reef drill program (14 holes, 2568.7 metres) completed in
July, 2011.
To view Figure 3 please click on the following link:
http://media3.marketwire.com/docs/abs1020c.jpg
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 successful exploration and operating in Ghana. The Company
currently has title to, or is in option agreement with Red Back
Mining Ghana Ltd. on, 16 concessions throughout the country. These
holdings constitute a 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 work program at
Asafo, Mpatasie, Golden Reef, and U and N 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 Asafo samples are from diamond drill core
which is sawed and half-core samples bagged, closed and sealed at
the Company's core facility where they 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. 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.
This news release contains information with respect to adjacent
or similar mineral properties in respect of which the Company has
no interest or rights to explore or mine. Readers are cautioned
that the Company has no interest in or right to acquire any
interest in any such properties, and that mineral deposits on
adjacent or similar properties are not indicative of mineral
deposits on the Company's properties.
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.com
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