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African Gold Group, Inc. (AGG.V)

TSXV - TSXV Real Time Price. Currency in CAD
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0.14500.0000 (0.00%)
At close: 3:59PM EDT
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Previous Close0.1450
Open0.1400
Bid0.1400 x 0
Ask0.1450 x 0
Day's Range0.1400 - 0.1500
52 Week Range0.1100 - 0.3800
Volume289,383
Avg. Volume337,619
Market Cap26.083M
Beta (5Y Monthly)2.36
PE Ratio (TTM)N/A
EPS (TTM)-0.0860
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target Est0.78
  • African Gold Group Stock Option Grant Clarification
    GlobeNewswire

    African Gold Group Stock Option Grant Clarification

    TORONTO, March 31, 2021 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) clarifies that further to a press release issued earlier today that announced a grant of a total of 2,800,000 stock options to certain officers, directors and consultants of the Company pursuant to the Company’s stock option plan at an exercise price of $0.115 per option, the exercise price should have read $0.15 per option. All other terms of the options that are in force for a period of five years from the date of grant remain the same. This grant of options is subject to the approval of the TSX Venture Exchange. About African Gold Group African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com. For more information: Danny Callow President and Chief Executive Officer+(27) 76 411 3803 Danny.Callow@africangoldgroup.com Scott EldridgeNon-Executive Chairman of the Board(604) 722-5381Scott.Eldridge@africangoldgroup.com Daniyal Baizak VP Corporate Development (647) 835-9617Daniyal.Baizak@africangoldgroup.com Camarco (Financial PR)Gordon Poole Nick Hennis +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk Cautionary 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, statements regarding, processing of sulphide materials, appointment of officers and the grant of incentive stock options. 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”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements 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 AGG to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although AGG 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. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws. 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 RELEASE.

  • African Gold Group Reports Continued Positive Metallurgy Recovery Results Demonstrating Sulphides are Treatable in CIL Oxide Plant
    GlobeNewswire

    African Gold Group Reports Continued Positive Metallurgy Recovery Results Demonstrating Sulphides are Treatable in CIL Oxide Plant

    TORONTO, March 31, 2021 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce updated test results from metallurgical testing on sulphide material from its flagship Kobada Project, in southern Mali. The results continue to advance the opportunity of increasing reserves without further drilling, by demonstrating sulphides can be processed through the oxide plant as designed in the feasibility study, thus generating a more robust mine plan with larger tonnage and increased gold output. Highlights from the metallurgical testing include: Comminution tests indicate a Bond Work Index (BBWi) of 13,5 Kwh/t with medium hardness sulphide and abrasiveness (Ai) of 0.2487Cyanide consumption at 0.75 kg/t is a low-medium cyanide consumer and fits into current DFS plant designLime requirement of 0.38 kg/t indicate a very low lime consumption, meaning that operating costs for treating sulphides are expected to be low Danny Callow, CEO, African Gold Group states: “The ongoing results from a comprehensive sulphide metallurgical testing campaign continue to give us great confidence in the amenability of the Kobada sulphides to be treated easily through our existing Gravity and CIL process with very good recoveries. In addition, there appears to be no requirements for any change to the gravity and CIL process circuit to accommodate the sulphides. Work is underway to optimise the grinding requirement of the sulphides versus oxides, and these results are due out soon. This is the best we could have hoped for in terms of optimising the sulphide testwork, and this means that the process plant design already completed to an advanced detailed engineering level can accommodate the sulphides.” “We are confident that we have a substantial sulphide resource below the oxides, and the results of this testwork will enable us to quickly convert a portion of the existing measured and indicated sulphide resources into reserves. Apart from a huge oxide upside opportunity, the addition of sulphides treatable through our existing plant design adds more value to the size of the Kobada project.” The comprehensive metallurgical testing program was conducted by Maelgwyn South Africa (MSA) on composite samples from all defined mineral zones (north, south, and central domains) of the main shear zone. The ongoing sulphide ore testwork program involved the following: Optimised cyanidation testworkAdditional comminution studies to determine optimal grind size and abrasiveness of the ore Optimised cyanidation testwork Cyanidation testwork indicates a low to medium cyanide consumption required for high gold dissolution rate. Other projects in the region typically consume between 0.85 – 1.38 kg/t, so this is considered a low cyanide consuming ore. Test No.Cyanide Consumption kg/tLime Consumption (kg/t)Gold Dissolution (%)10.090.4057.1%20.270.4059.1%30.400.3971.7%40.550.3976.1%50.750.3893.4%61.440.3693.9% Results from comminution testing Bond Ball Work Index (“BBWi”) - 13.5 kWh/tBond Abrasion Index (“Ai”) - 0.2847 PropertySoftMediumHardVery HardBBWi7-99-1414-20>20Ai0.050.300.80 Based on these results the sulphide ore at the Kobada Project is classified as medium hardness and medium-soft abrasiveness. Effect of Grind Gold dissolution tests were conducted on gravity middlings and tails by varying grinds 75 to 212 µm as shown in the table below. It can be noted that dissolution of gravity middlings and tails reduced with an increase in grind size - results are in line with expectations. GrindP80 (µm)FeedGrade(g/t)Gravity TailsRecovery(%)Gravity ConcDissolution(%)Gravity TailsDissolution(%)CombinedDissolution(%)Cyanide(kg/t)Lime(kg/t)2120.5441.46%96.37%50.65%70.37%1.200.221500.5441.46%96.37%66.52%79.90%1.180.211060.5441.46%96.37%89.14%93.48%1.440.2750.5441.46%96.37%93.55%96.13%2.380.24 Further optimisation work from OMC will determine any possible changes to mill design to support finer grinding, however the rest of the process plant design can accommodate the sulphides without any further design changes. In addition, additional variability testing will take place over the next few weeks. Corporate Update The company would like to announce some structural corporate changes to its senior management team and office services agreement. The Company would like to welcome Paul Bozoki to the team as Chief Financial Officer. Mr. Bozoki is a seasoned dual Canadian and U.S. CPA with over 25 years of accounting, tax and corporate finance experience, mainly in the mining industry. Mr. Bozoki replaces Ryan Ptolemy, the former Chief Financial Officer of the Company. Additionally, the Company would like to announce that it has agreed to part ways with Kenny Choi, the former Corporate Secretary of the Company and Dr. Andreas Rompel, the former Vice President Exploration. Mr. Ptolemy, Dr. Rompel and Mr. Choi will remain available to ensure a smooth transition. The Company’s Board of Directors and management would like to express their gratitude to Mr. Ptolemy, Dr. Rompel and Mr. Choi for their invaluable contributions since joining AGG in 2018 and wishes each of them all the best in their future endeavours. The Company also announces that it has terminated its services agreement at 65 Queen Street West and relocated its registered head office to 100 King St W #1600, Toronto, ON M5X 1G5. Option Grant The Company has granted a total of 2,800,000 stock options to certain officers, directors and consultants of the Company pursuant to the Company’s stock option plan. The stock options vest immediately and may be exercised at a price of $0.115 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. About African Gold Group African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com. For more information: Danny Callow President and Chief Executive Officer+(27) 76 411 3803 Danny.Callow@africangoldgroup.com Scott EldridgeNon-Executive Chairman of the Board(604) 722-5381Scott.Eldridge@africangoldgroup.com Daniyal Baizak VP Corporate Development (647) 835-9617Daniyal.Baizak@africangoldgroup.com Camarco (Financial PR)Gordon Poole Nick Hennis +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk Cautionary 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, statements regarding, processing of sulphide materials, appointment of officers and the grant of incentive stock options. 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”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements 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 AGG to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although AGG 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. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws. 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 RELEASE.

  • African Gold Group Reports Free Milling Sulphides, 96% Gold Recoveries Through Gravity + CIL Process From Initial Sulphide Metallurgical Test Programme
    GlobeNewswire

    African Gold Group Reports Free Milling Sulphides, 96% Gold Recoveries Through Gravity + CIL Process From Initial Sulphide Metallurgical Test Programme

    TORONTO, March 16, 2021 (GLOBE NEWSWIRE) -- African Gold Group, Inc. (TSX-V: AGG) (“AGG” or the “Company”) is pleased to announce positive test results from metallurgical testing on sulphide material from its flagship Kobada Gold Project in southern Mali. Highlights from the metallurgical testing include: High average gold recoveries of 96.1%Sulphide ore is free milling (non refractory)Current processing plant design (gravity + CIL) is well sized to treat additional sulphide ore Danny Callow, CEO, African Gold Group states: “From our ongoing drilling programme results, we are confident that we have a sizeable sulphide resource sitting below the oxides at our Kobada Gold Project. Based upon the geological interpretation to date, this could be far larger than the current oxide resource. Whilst we believe we have significant upside in the oxides along strike, it made sense to test the ability to treat the sulphides, especially those that fall within the current open-pit shell and are classified as a resource. We could not be happier with the initial results from the comprehensive testwork programme, which shows that not only is the gold free milling, but that it displays optimal recovery through the existing gravity + CIL circuit already designed for the Kobada Gold Project oxides. We are confident that some of our existing 345,000oz of sulphides as per our latest resource statement will fall within our open-pittable reserves and therefore be added to the overall reserve number as we seek to update the technical report from our additional oxide drilling results and sulphide testwork.” Comprehensive metallurgical testing programme was conducted by Maelgwyn South Africa (MSA) on composite samples from all defined mineral zones (north, south, and central domains) of the main shear zone. The sulphide ore testwork programme involved the following: Head grade assays (Multi Au x 3; Sg; As, Hg, S-package; Full ICP scan)Diagnostic leachComminution testwork - to be performed after a review of the gold recovery results.Gravity recovery followed by intensive cyanidation on the gravity concentrate.Cyanidation on the gravity middlings and tailings which involved leach rate tests to determine the effect of time on gold dissolution. Intensive cyanidation on gravity concentrate The ILR tests indicate that a gold dissolution of 96.37% over 6 hours is achieved and this is consistent with what was obtained for saprolite and laterite. The current gravity recovery equipment selection is adequately sized to recover gravity gold from the sulphides. Leach TimeNaCNRecoverypHSampleLeachedDissolved Oxygen Measured Au AuAuDO Ppm% mgmgmg/L0 hrs20,000011.640015.931 hrs20,00079.6111.310.6560.65630.182 hrs20,00091.4811.160.7530.09822.494 hrs20,00095.9510.740.790.03726.156 hrs20,00096.3710.470.7940.00321.717 hrs20,00096.3710.660.794026.6924 hrs20,00096.3710.60.7940 Figure 1: Intensive cyanidation results Leach results on middlings and tailings TimeReagent AdditionHeadResidueCarbonReagent ConsumptionDissolution (Calc)AccountNaCNCaOAssayedCalc.AuAuNaCNSol + CarbonSolidAug/tKg/tAu (g/t)Au (g/t)g/tg/tKg/tAu %Au %%2 hrs5,0000.240.300.310.2520.9420.4820.48104.804 hrs0.240.300.290.1450.9451.0551.0595.336 hrs0.240.300.310.02101.9993.5293.52102.938 hrs0.240.300.330.02111.8493.9293.92109.7312 hrs0.240.300.330.02112.1393.9293.92109.7316 hrs0.240.300.300.02102.5493.3893.38100.6718 hrs0.240.300.310.02102.4393.6193.61104.2924 hrs0.240.300.310.02102.3893.5593.55103.3936 hrs0.240.300.320.02112.4293.6693.66105.2048 hrs0.240.300.320.02112.5993.6693.66105.20 Figure 2: Leach test rate The following is noted regarding the results: Rate of gold dissolution is high and the rate curve “plateaued” after 8 hours. An optimum residence time of 24 hours can be selected. Current leach design residence time of 24 hours will be more than adequate when treating sulphides.Lime requirements are low at 0.24kg/t- this is line with expectations as sulphides generally contain carbonates which will result in low lime demand.Cyanide optimization tests will be conducted to determine cyanide consumptions for design and operating cost estimates. Ongoing comprehensive testwork will include additional comminution testing to determine optimal grind size, leach optimisation and further variability testing. TSXV Final Approval The Company is also please to announced that it has receive final approval from the TSX Venture Exchange with respect to the closing of the $4.6 million private placement of units of the Company (the “Offering”) (see press release dated February 24, 2021). As a matter of clarification, all warrants comprising the units of the Company issued under the Offering expire on February 24, 2023. Additionally, in connection with the closing of the Offering, the Company has paid aggregate finder’s fees of $115,757.50 in cash and 776,832 finder’s warrants (“Finder’s Warrants”) to certain finders. About African Gold Group African Gold Group is a TSX Venture Exchange (TSX-V: AGG) listed exploration and development company with a focus on building Africa’s next mid-tier gold producer. The Company has a highly experienced board and management team with a proven track record in the African mining sector operating mines from development through to production. AGG’s principal asset is the Kobada Project in southern Mali, which is in an advanced stage of development having completed the 2020 definitive feasibility study and is targeting gold production of 100,000 oz per annum. As well as the initial Kobada Gold Project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential for an increase in resource. For more information regarding African Gold Group visit our website at www.africangoldgroup.com. Qualified Person 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. For more information: Danny Callow President and Chief Executive Officer+(27) 76 411 3803 Danny.Callow@africangoldgroup.com Scott EldridgeNon-Executive Chairman of the Board(604) 722-5381Scott.Eldridge@africangoldgroup.com Daniyal Baizak VP Corporate Development(416) 861-2267Daniyal.Baizak@africangoldgroup.com Camarco (Financial PR) Gordon Poole Nick Hennis +44 (0) 20 3757 4997 AfricanGoldGroup@camarco.co.uk Cautionary 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, statements regarding, gold recoveries from the Kobada Gold Project, inclusion of sulphides into reserves and resources of the Kobada Gold Project, grant of incentive stock options and the Offering. 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”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements 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 AGG to be materially different from those expressed or implied by such forward‑looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although AGG 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. AGG does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. 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 RELEASE.