Algold Intercepts 39.85 g/t Au Over 6 Meters at Tijirit's Eleonore Zone
MONTREAL, September 14, 2016 /PRNewswire/ --
ALGOLD RESOURCES LTD. (TSXV: ALG) - (the "Corporation") today announced more results from its Phase I 10,000-meter drilling campaign carried out on the Corporation's Tijirit property ("Tijirit") in Mauritania. New results continue to validate the potential of a significant 3.1-kilometer strike gold zone and indicate that the northern part of the Eleonore Zone appears to hold a very rich gold system dominated by at least one major quartz vein hosting significant visible gold, which remains open in all directions.
Highlights
- Hole T16RC071 - 6 m @ 39.85 g/t Au, including 2 m @ 112 g/t Au, is situated in the northern area of Eleonore, 100 m NNE and on strike of hole T16RC024 (6 m @ 4.23 g/t Au - referenced in Algold's press release dated August 16, 2016). (Figure 1)
- Hole T16RC069 - 3 m @ 2.03 g/t Au is located under T16RC024 (6 m @ 4.23 g/t Au) indicating a possible "pinch and swell" of the vein.
- Hole T16RC072, situated between hole T16RC024 and T16RC070, intersected two zones of gold mineralization, 4 m @ 1.35 g/t Au and 2 m @ 1.94 g/t Au, thus further indicating at least two vein systems.
- Discovery hole T16RC083, intersected 2 m @ 5.47 g/t Au 10 km south of Lily, in a new area hosting an outcropping quartz vein with visible gold.
This round of drilling identified three coherent gold zones in which a minimum of two to three gold bearing quartz veins have been developed in an "en echelon-type structure" between two major structural features identified from satellite imagery. All three sectors of the Eleonore gold zone are still open in all directions, with extensions currently being drill tested. Algold is now in receipt of approximately 80% of the outstanding assay results from its Phase I drilling program.
Detailed geological descriptions of all mineralized zones can be found on Algold's website (http://www.algold.com) and on SEDAR (http://www.sedar.com) in the report entitled "Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania".
Quality Assurance / Quality Control (QA/QC)
Analytical work for geochemical samples and rock chip samples is being carried out at the independent ALS Laboratories Ltd. in Loughrea, Co. Galway, Ireland, an ISO 17025 (2005) Certified Laboratory. Samples are stored at the Corporation's field camps and put into sealed bags until delivered by a geologist to the ALS preparation laboratory in Nouakchott, Mauritania, where samples are sieved and prepared for shipping. Until the end of 2015, samples were analysed at ALS facility in Bamako, Mali. Since early 2016, samples are analysed at the ALS in Ireland. 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 analysed by fire assay with an AA finish. Blanks, duplicates and certified reference material (standards) are being used 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.
Table 1: Assay Result Highlights (Partial) - Phase I Reverse-Circulation Drilling Program
Average
East North From To Grade* Width**
Hole ID Prospect UTM UTM (m) (m) (g/t) (m)
T16RC069 Eleonore 482552 2250713 141 144 2.03 3
T16RC071 Eleonore 482527 2250843 52 58 39.84 6
Including 52 54 112.00 2
T16RC072 Eleonore 482454 2250719 85 89 1.35 4
100 102 1.94 2
T16RC060 Sophie II 475617 2250824 62 65 1.51 3
T16RC062 Sophie I 475661 2252542 6 10 1.12 4
T16RC083 South 473490 2235575 32 34 5.47 2
(table continued)
East North
Hole ID Prospect UTM UTM Comments
T16RC069 Eleonore 482552 2250713 Possible depth extension of vein in T16RC024
T16RC071 Eleonore 482527 2250843 Extends mineralization 100 m NNE of T16RC024
Including Visible gold
T16RC072 Eleonore 482454 2250719 50 m between T16RC024 and T16RC070
T16RC060 Sophie II 475617 2250824 Mineralized meta gabbro - hole stopped short
T16RC062 Sophie I 475661 2252542 Extends mineralization 100 m north
T16RC083 South 473490 2235575 New quartz vein target 10 km south of Lily
* Weighted average grade, composited 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 edge grade of 0.25 g/t Au permitted.
All values presented are uncapped.
** Down-hole length (believed to be close to true width)
Note: Complete assay results will be posted to Algold's website (http://www.algold.com).
ABOUT ALGOLD
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.
Algold is the operator of all of its exploration licenses in Mauritania. Algold owns 100% of Tijirit, which represents an area of more than 1,000 km2, situated approximately 25 kilometers southeast of the Tasiast gold mine as well as the Akjout properties, which were acquired from Gryphon Minerals (Australia) through a transaction completed earlier in 2016. Exploration is being carried out on the Eleonore, Sophie I, Sophie II-III and Lily zones. The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal Gold LLC. Algold can earn up to a 90% interest in the Legouessi exploration permit (reference Algold's press release dated October 10, 2013 for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75% by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
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 Annual Information Form and most recent Management Discussion and Analysis on file with the Canadian provincial securities regulatory authorities on SEDAR at http://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.
For further information, please contact: Algold Resources Ltd., 1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8, http://www.algold.com
François Auclair M.Sc., P Geo, President & Chief Executive Officer, f.auclair@algold.com, +1(514)889-5089; Yves Grou, CPA CAExecutive Vice Chairman, y.grou@algold.com, +1(514)237-7757
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