MONTREAL, June 7, 2017 /PRNewswire/ --
ALGOLD RESOURCES LTD. (TSXV: ALG - "Algold" or the "Corporation") today announced the assay results from a regional rock chip sampling program carried out on the Tijirit property ("Tijirit") in Mauritania. Assays not only returned results grading up to 79.5 g/t Au and 71.8 g/t Au, but also indicate the discovery of a new gold-mineralized zone at the contact of a syn-tectonic granitoid and mafic volcanic rocks, less than five kilometers northeast of Eleonore. (Figure 1)
- 79.5 g/t Au in a shallow pit (1 meter below surface)
- 71.8 g/t Au in a shallow pit (1 meter below surface)
- 37 samples of more than 1 g/t Au, including 18 samples grading over 10 g/t Au, from a total of 104 samples (Table 1)
Geological mapping and rock chip sampling carried out concurrently with the on-going 25,000-meter drilling program during the month of April 2017 identified two new mineralized zones. The first is a 1.5-kilometer-long mineralized gold structure located approximately five kilometers northeast of Eleonore, within the prospective granite-greenstone contact zone. The second mineralized zone is a potential two-kilometer-long vein system, about seven kilometers south of the currently defined Eleonore mineralization. Both areas represent new discoveries and have not yet been tested by drilling.
A total of 104 rock chip panel samples (gathered over an area of 1x1 meters, taken at the base of a series of one-meter pits) were collected during regional exploration and detailed mapping traverses. Of the 104 samples, 37 samples were higher than 1 g/t Au with 18 greater than 10 g/t Au. The results continue to demonstrate the significant potential for further high-grade gold zones to be developed throughout the more than 25-kilometer-long "Eleonore Corridor".
Granite Contact Zone
The eastern boundary of this contact is located 3.6 kilometers east of Eleonore and extends to the north for approximately nine kilometers. Auriferous quartz veins have been identified over much of this contact, located within a potential "pressure shadow" setting. All of these results are sited outside of the mineral resources currently defined on the property.
Of note is the 1.55-kilometer vein named "Salma", which is consistently mineralized along the 1.55-kilometer strike length tested during this program. The vein occurs within the granitoid body, 240 meters east of historic drill hole 12TRC142, which intersected 11.75 g/t Au over one meter in the supracrustal package. Where possible, rock chips were taken at 20-meter-spaced intervals along the vein. Visible gold was noted in several of the samples collected (Figure 2).
The geophysical signatures from the airborne radiometric survey data shows the granite-greenstone contact can be traced over 35 kilometers within the Tijirit exploration licenses. This contact often corresponds with an associated gold-in-soil geochemical anomaly and mapping suggests that the contacts can be sheared and fault-bound. The granite itself is exposed near the center of the intrusion and displays a weak foliation. Further work will be carried out over the southern contact, as well as more detailed investigation on the eastern margin, to determine the extent of the anomaly and allow for prioritization of targets for future exploration programs.
Regional soil sampling at 800-meter spaced lines returned only mild anomalous values in proximity to the quartz vein mineralization. The radiometric survey suggests that it occurs at the contact with another granitic body. Since very little work has been carried out over this area to date, further investigation will be required to fully validate the extent of the mineralization.
"These results highlight the compelling potential for further discoveries of gold-bearing structures within the highly prospective Archean greenstone belts of Mauritania," said Algold CEO, François Auclair. "We continue to focus on building and expanding upon the promising mineralized zones, as well as developing new targets in close proximity for future resources."
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 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. 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.
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 - Gold Assay Results (Reference: Figure 1, Figure 2) Sample ID Zone UTM E UTM N g/t Au Description A11889 Contact 485633 2251781 16.1 Qz vein A11998 Contact 484918 2250334 3.34 Smoky Qz in BIF + oxydized A14390 Contact 486350 2255620 24.4 Qz vein, smoky, vitreous, in granite (0.5 m) - VG A14391 Contact 486342 2255681 2.28 IBID, no VG A11874 Eleonore 482338 2250420 2.0 Qz vein, greyish pink vitreous (0.6 m thick) A11877 Eleonore 482497 2250168 1.1 Qz vein (0.5 m) A11881 Eleonore 481914 2248647 22.9 Qz vein, pink vitreous (0.4 - 0.8 m) A11882 Eleonore 481911 2248504 1.15 Qz vein (1 m), smokey, white, trace Py, oxydized A11888 Eleonore 481932 2248459 18.3 Qz vein (1 m), greyish smoky A11984 Ichikrane 488644 2263797 13.7 Bn Qz sugary + box works A11985 Ichikrane 488655 2263836 4.7 Smoky, sheared Qz A11987 Ichikrane 488100 2266340 67.5 Bn Qz, sugary, malachite + oxydized A11852 New-South 483160 2242546 59.0 Bn Qz, sugary, box works + Py diss + VG (rare) A11853 New-South 483151 2242544 3.45 Bn Qz, sugary A11991 New-South 482842 2240582 10.2 Wt Qz + rare Py + oxydized A11993 New-South 482944 2240721 51.3 Wt Qz, rare oxydized sulfides A11994 New-South 483305 2241173 10.4 Wt Qz, contact of granite and foliated metased A11895 Salma 487537 2258784 1.85 Qz vein, reddish white, vitreous (0.5 m) A11896 Salma 487518 2258909 66.2 Qz vein, pinkish white, vitreous, box work A11897 Salma 487421 2258505 39.1 Qz vein, pinkish white, vitreous, oxydized (0.2 m) A11898 Salma 487461 2258450 36.7 Qz vein, pinkish red oxydized, Tr Py, (0.3 m) Tr VG A11900 Salma 487444 2258436 54.9 Qz vein, pink oxydized (0.4 m) A14363 Salma 487426 2258454 1.23 Qz vein, pinkish white, vitreous (0.2 m) A14368 Salma 487415 2258205 1.75 IBID A14370 Salma 487411 2258150 1.1 IBID A14371 Salma 487411 2258117 71.8 IBID A14373 Salma 487406 2258068 3.03 IBID A14374 Salma 487401 2258046 7.77 IBID A14376 Salma 487404 2257990 4.69 Qz vein, pinkish smoky, oxydized, (0.5 m) A14377 Salma 487406 2257968 6.78 3 Qz veins (1 m), white, oxydized, box work A14379 Salma 487366 2257828 79.5 2 Qz veins (0.4 m), pinkish white, oxydized A14381 Salma 487356 2257684 39.8 IBID A14382 Salma 487355 2257590 1.71 IBID A14384 Salma 487336 2257508 2.72 IBID A14386 Salma 487306 2257445 1.24 IBID A14387 Salma 487289 2257387 9.34 IBID Legend: Bn Qz = brown quartz, Wt Qz = weathered quartz
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 km, 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.
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Algold Resources Ltd., 1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8, http://www.algold.com; François Auclair M.Sc., PGeo, President & Chief Executive Officer, firstname.lastname@example.org, +1(514)889-5089; Alex Ball, Executive VP, Finance and Corporate Development, a.ball@algold,com , +1(647)919-2227