Rock Chip
Sample of 17.2 g/t Au (*) from New High Grade Gold
Occurrence Identified 8 Kilometers North of Eleonore
MONTREAL, Nov. 2, 2016
/CNW Telbec/ - ALGOLD RESOURCES LTD. (TSX.V: ALG – the
"Corporation") today announced partial assay results from its
Phase II - 10,000-meter drilling campaign carried out on the
Tijirit property ("Tijirit") in Mauritania.
Highlights
These most recent results have extended the potential target to
a 3.4-kilometer strike mineralized corridor within the Eleonore
Zone, which is delineated by three high-grade areas: the north,
central and south areas. The north area extends over 900 meters,
and the central and south areas extend over 500 meters and over 800
meters, respectively. All areas appear open along strike and at
depth. (Figure 1).
- Hole T16RC099 (Eleonore north) – 4 meters @ 3.86 g/t Au
extending the width of mineralized section west of T16RC024 (6 m @
4.23 g/t Au – ref. Algold's press release dated August 16, 2016)
- Hole T16RC092 (Eleonore north) - 3 meters @ 2.41 g/t Au
extending the mineralization 300 meters northeast of the last drill
intercept
- Hole T16RC116 (Eleonore central) - 4 meters @ 1.33 g/t Au
extending the mineralization 50 meters southwest of hole
T16RC073
- Hole T16RC107 (Eleonore south) - 3 meters @ 2.54 g/t Au (new
vein), and 6 meters @ 1.68 g/t Au extending the mineralization
below hole T16RC028 to 150 meters vertical (Figure 2)
"These recent results, validating the presence of numerous
parallel quartz veins, substantially enlarge the width of the
mineralized corridor," stated François Auclair, Algold's President and Chief
Executive Officer, "Accordingly, we anticipate a considerable
increase in the mineralised volume within the structural corridor,
which should represent a significant contribution to the resources
estimate which is schedule to be delivered in late Q4 2016 or early
Q1 2017."
The gold mineralization at Eleonore is made up of a series of
sheared quartz veins displaying variable gold grades, widths and
strike orientations, forming a continuum over 3.4 kilometers of
strike. The northern area displays the highest-grade gold
mineralization (Figure 2), the central area (Figure 3) appears to
be made up of one or two high-grade gold veins and the southern
area seems to host a large array, or swarm, of quartz veins of all
types (Figure 4). Gold grades appear possibly related with both the
size of the vein and their sulphide mineralization content.
Algold also announced the discovery of a new high-grade gold
occurrence, the Nour discovery, which is located eight kilometers
along strike, north of the Eleonore Zone. Preliminary assay results
from panel chip samples (* over an area of 2X1 metres) taken at the
base of a series 2 metres pit are very promising with the
highest-grade sample returning 17.2 g/t Au. Nour consists of a
series of gold bearing vitreous quartz veins striking over 400
meters, open along strike, and up to several meters wide. The
structure resembles the type of mineralization observed at
Eleonore. (Figure 5)
The mineralization at Eleonore is indicative of high strain
deformations with boudinage and pinch and swell along strike.
Several diamond core holes will be drilled to help assess the
structural pattern of this area and to assist with resource
modelling and future drill hole placement.
Algold expects to complete the Phase II drilling program in
December 2016. The results of the
combined Phase I and Phase II drilling programs, as well as
previous operators' results will serve as the basis for a resource
estimate, which is scheduled to be completed in late 2016 or early
2017.
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".
Table 1: Assay Result Highlights (Partial) - Phase II
Reverse-Circulation Drilling
Program
Hole
ID
|
Prospect
|
East
|
North
|
From
|
To
|
Average
|
Width**
|
Comments
|
UTM
|
UTM
|
(m)
|
(m)
|
Grade*
(g/t)
|
(m)
|
T16RC086
|
Eleonore
|
482286
|
2250652
|
72
|
74
|
1,94
|
2
|
New vein identified
NW of all previous intersections
|
T16RC088
|
Eleonore
|
482437
|
2250598
|
74
|
86
|
0,45
|
12
|
Wide zone of quartz
veining
|
T16RC092
|
Eleonore
|
482788
|
2251071
|
28
|
31
|
2,41
|
3
|
New vein identified
370m NE of previous intercept
|
T16RC099
|
Eleonore
|
482500
|
2250695
|
55
|
58
|
3,86
|
4
|
Including 2m @ 6.7
g/t Au
|
T16RC107
|
Eleonore
|
481772
|
2248652
|
79
|
82
|
2,54
|
3
|
New vein
identified
|
186
|
192
|
1,68
|
6
|
Extends
mineralisation 150m below surface
|
T16RC116
|
Eleonore
|
482181
|
2249710
|
94
|
98
|
1,33
|
4
|
Extends
mineralisation 100m SW
|
* Weighted average
grade, composited based on a minimum grade of 0.3 g/t Au with
an internal dilution of 0.005 g/t over 2 m and edge grade
of 0.25 g/t permitted.
|
No capping of higher
values has been applied.
|
** Down-hole length
(believed to be close to true width)
|
Note: Complete assay
results will be posted to Algold's website
(www.algold.com).
|
Table 2: Nour Vein Partial Rock Chip Assay Results
Sample
ID
|
UTM
East
|
UTM
North
|
Au
(g/t)
|
Description
|
Strike
|
Dip
|
A08384
|
484275
|
2259186
|
0.19
|
Brownish smokey
quartz vein
|
25
|
SV
|
A08386
|
484291
|
2259220
|
0.28
|
IBID
|
25
|
SV
|
A08387
|
484301
|
2259222
|
0.18
|
IBID
|
25
|
SV
|
A08391
|
484318
|
2259273
|
4.37
|
IBID
|
25
|
SV
|
A08392
|
484319
|
2259287
|
17.2
|
IBID
|
25
|
SV
|
A08393
|
484307
|
2259293
|
Pending
|
IBID
|
25
|
SV
|
A08394
|
484317
|
2259306
|
Pending
|
IBID
|
25
|
SV
|
A08395
|
484320
|
2259320
|
3.21
|
IBID
|
25
|
SV
|
A08396
|
484332
|
2259332
|
1.58
|
IBID
|
25
|
SV
|
A08397
|
484331
|
2259337
|
3.25
|
IBID
|
25
|
SV
|
A08400
|
484342
|
2259352
|
4.69
|
IBID
|
25
|
SV
|
A11901
|
484325
|
2259366
|
0.21
|
IBID
|
25
|
SV
|
*: Chips samples are
made up of panel of 2X1 metres sampling of the vein
|
|
Projection Datum:
WGS84 28N
|
|
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 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.
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 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.
SOURCE Algold Resources Ltd.