MONTREAL, May 23, 2017 /PRNewswire/ --
ALGOLD RESOURCES LTD. (TSXV: ALG - "Algold" or the "Corporation") today announced more assay results from its Phase III 20,000-meter drilling campaign carried out on its Tijirit property ("Tijirit") in Mauritania. The results continue to demonstrate the high-grade nature of the Eleonore zone and extend the mineralized horizons in the South and North areas.
- Hole T17RC084 (Eleonore North) - 21 m @ 3.05 g/t Au, approximately 100 meters below surface. (Figure 1)
- Hole T17RC075 (Eleonore South) - 2 m @ 10.79 g/t Au, including 1 m @ 20.8 g/t Au, situated on section E7780, was a 50 m infill along strike from T17DD001 to the north (1.75m @ 1.69 g/t Au) and T16RC134 to the south (2 m @ 3.20 g/t Au). (Figure 2)
- Hole T17RC055 (Eleonore North) - 4 m @ 2.74 g/t Au
These new results further increase the strike and down dip extensions of both Eleonore North and Eleonore South. These two areas, along with Eleonore Central, remain open along strike and at depth.
In hole T17RC084, the structure hosting the mineralization appears open down dip. Thirteen meters of plus-1g/t Au mineralization were intersected with significant gold grades, up to 23.7 g/t Au, occurring in an area of increasing quartz veining. The shear zone assemblage hosting the gold mineralization, as per the other Eleonore areas, is dominated by high-strain biotite alteration and disseminated pyrite and pyrrhotite (locally up to 1%). Further drilling is planned to test the potential down-dip continuity within the actual Phase III Drilling Program.
Hole T17RC075 demonstrates the continuity of mineralization along the major north-south trending structures at Eleonore South as well as the variability in mineralized grades along structures.
Algold is also in receipt of drilling results from the Nour Vein, discovered in the fall of 2016, situated seven kilometers north of the Eleonore mineralized zone. Three provisional drill holes were carried out testing the mineralization at depths of up to 50 meters below surface. The results returned low gold anomalies associated with quartz veining at an ultramafic/mafic contact. While the initial drill holes did not return values comparable to the rock chip sampling carried out at surface, Algold is optimistic that the structure has been intersected, which further reinforces the theory that Eleonore represents a portion of a 20-kilometer-long structure extending throughout the permitted area.
The Phase III 20,000-meter reverse-circulation ("RC") and 5,000-meter diamond-drill ("DDH") drilling program was initiated on February 1, 2017 with the objective to further delineate the high-grade gold deposit. As of May 21, 2017, 108 RC holes, 15 DDH and 16 RC pre-collar/diamond tails were completed for 13,658 meters of RC and 3,669.9 meters of diamond drilling.
As of May 21, 2017, 6,945 samples (excluding QA/QC and re-assays) from the Phase III drilling program had been sent to the SGS Bamako lab facility for analysis. To date, the Corporation is in receipt of 5,683 RC and 439 DDH results, with assays still pending for 417 RC and 406 DDH samples. The Phase III drilling program remains ongoing and is expected to be completed by the end of the second quarter 2017.
Table 1: New Assay Results Highlights - Phase III Drilling Program
Vertical East North From To Depth* Grade** Width*** Hole ID Prospect Local Local (m) (m) (m) (g/t Au) (m) Comments Eleonore T17RC055 North 9596 9762 68 72 53 2.74 4 Eleonore T17RC056 North 9658 9801 112 116 85 0.75 4 Depth extension Eleonore T17RC059 North 910 1246 63 65 49 3.36 2 Strike extension east Eleonore T17RC079 North 993 1204 119 120 92 2.69 1 Depth extension Eleonore T17RC082 North 9619 9972 165 166 130 3.19 1 Depth extension 46 48 35 1.10 2 105 108 80 1.66 3 9712 9841 Eleonore T17RC084 North 117 138 96 3.05 21 Depth extension Including 130 136 8.36 6 Including 133 136 14.12 3 Eleonore T17RC074 South 9945 8084 30 31 23 5.70 1 Eleonore T17RC075 South 9957 7779 66 68 53 10.79 2
* Vertical depth of intersection below RL collar. ** Weighted average grade, composite based on a minimum grade of 0.3 g/t Au with an internal dilution of 0.005 g/t Au over 2 m and an edge grade of 0.25 g/t Au permitted. *** Down-hole length (believed to be close to true width) No capping of higher values has been applied.
Note: Complete assay results are available on Algold's website (www.algold.com)
Detailed geological descriptions of all mineralized zones can be found on Algold's website (www.algold.com) and on SEDAR (www.sedar.com) in the report entitled "Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania, dated August 4, 2016".
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.
Quality Assurance / Quality Control (QA/QC)
Analytical work for drill core and chips, geochemical samples and rock chip samples is being carried out at the independent SGS Laboratories Ltd. in Bamako, Mali. The 50 g fire assay with ASS finish analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. Samples are stored at the Corporation's field camps and put into sealed bags until delivered by a geologist on behalf of Algold to the laboratory in Bamako, Mali, where samples are prepared and analyzed. Until the end of 2016, samples were analyzed at ALS's facility in Loughrea, Ireland. Beginning in 2017, samples are analyzed at SGS Laboratory, Bamako. Samples are logged in the tracking system, weighed, dried and finely crushed to better than 70%, passing a 2 mm (Tyler 9 mesh, US Std. No.10) screen. A split of up to 1,000 g is taken and pulverized to better than 85%, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an AA finish. Anomalous samples greater than 5 g/t Au are re-analyzed by 50 g fire assay with gravimetric finish. Selected samples may be re-analyzed using a 1 kg cyanide leach (Bottle Roll) using "LeachWELL" or the 1 kg screen fire assay method. Blanks, duplicates and certified reference material (standards) are inserted to monitor laboratory performance during the analysis.
This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by André Ciesielski, DSc., PGeo., Algold Resources Ltd. Lead Consulting Geologist and Qualified Person, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold's Exploration Manager in Mauritania, Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. André Ciesielski has further approved the scientific and technical disclosure in the news release.
Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
This press release contains and refers to forward-looking information based on current expectations. All other statements other than statements of historical fact included in this release are forward-looking statements (or forward-looking information). The Corporation's plans involve various estimates and assumptions and its business is subject to various risks and uncertainties. For more details on these estimates, assumptions, risks and uncertainties, see the Corporation's most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and there can be no assurance that such statements will prove to be accurate. Forward-looking statements are subject to significant risks and uncertainties, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements that are included herein, except in accordance with applicable securities laws.
Algold Resources Ltd. 1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8, www.algold.com ; François Auclair M.Sc., PGeo, President & Chief Executive Officer, email@example.com, +1(514) 889 5089; Alex Ball, Executive VP, Finance and Corporate Development, a.ball@algold,com, +1(647) 919 2227