MONTREAL, Nov. 28, 2016 /CNW Telbec/ - ALGOLD
RESOURCES LTD. (TSX.V: ALG – the "Corporation") today announced
receipt of additional results from its Phase II - 10,000-meter
drilling campaign carried out on the Tijirit property ("Tijirit")
in Mauritania. The most recent
assay results are from drilling carried out over the Eleonore
North, Central and South areas, as well as from several drill holes
conducted on the Sophie II Zone.
Highlights
These results further corroborate Algold's interpretation of a
multiplicity of mineralized quartz veins of varying widths, grades
and strikes that extend in a north-northeast direction with
sub-vertical dip, over the full extent of the Eleonore Zone
(3.4-kilometer strike).
- Hole T16RC136 – 2 m @ 15.85 g/t Au, situated in Eleonore North,
100 m west of hole T16RC092 (3 m @ 2.41 g/t Au referenced in
Algold's press release dated November 2,
2016). (Figure 1)
- Hole T16RC119 – 7 m @ 1.66 g/t Au situated in Eleonore Central,
is on the same section line as T16RC080 –
12 m @ 1.75 g/t Au, but 100 m west-northwest.
(Figure 2)
- Hole T16RC134 – 2m @ 7.65 g/t Au, situated in Eleonore South, 90 m south of T16RC081 (3 m @
2.41 g/t Au referenced in Algold's press release dated October 5, 2016). (Figure 3)
- Hole T16RC104 - 4 m @ 4.07 g/t Au, situated in Eleonore South, 440 m northeast of hole T16RC027
(6 m @ 16.4 g/t Au - referenced in Algold's press release dated
August 16, 2016). (Figure 3)
- Hole T16RC109 - 7 m @ 1.14 g/t Au situated in Eleonore South extends the mineralization 40
meters NE from the previous intersection in hole ECD3 (and on the
same section as T16RC079 - 4m @ 1.81 g/t Au) and confirms a new
vein to the northwest of those currently defined. (Figure 3)
These results continue to demonstrate the considerable potential
of the Eleonore Zone to host a significant high-grade gold deposit
as all three areas remain open in all directions.
Exercise of Warrants
Algold also announced that subsequent to June 30, 2016, the Company realized approximately
$1.68 million net in proceeds
through the exercise of some 6.4 million options and warrants. Year
to date the Corporation has raised total gross proceeds of
$9.15 million.
"The exercise shows a strong commitment from our shareholders
and provides additional financial flexibility to accelerate
exploration at the Tijirit property. Our objective is to further
advance exploration of the Tijirit property throughout the fourth
quarter of this year and through early 2017, with additional assay
results expected in late Q4 2016," said Francois Auclair, Algold's President and Chief
Executive Officer. "We are very appreciative of our shareholders'
continued support."
Table 1:
Hole
ID
|
Prospect
|
East
|
North
|
From
|
To
|
Vertical
Depth (m)
|
Average
|
Width**
|
Comments
|
UTM
|
UTM
|
(m)
|
(m)
|
Grade*
(g/t)
|
(m)
|
T16RC127
|
Eleonore
North
|
482335
|
2250316
|
79
|
81
|
63,0
|
2,58
|
2
|
Extends
mineralisation 100m SW
|
T16RC136
|
Eleonore
North
|
482716
|
2250985
|
76
|
78
|
58,6
|
15,85
|
2
|
|
T16RC119
|
Eleonore
Central
|
482294
|
2249881
|
27
|
34
|
23,3
|
1,66
|
7
|
Central vein near
surface
|
T16RC120
|
Eleonore
Central
|
482364
|
2249877
|
50
|
53
|
39,4
|
2,78
|
3
|
New vein
|
T16RC104
|
Eleonore
South
|
481972
|
2248958
|
114
|
118
|
90,0
|
4,07
|
4
|
Including 1m @
13.2g/t from 114m
|
124
|
126
|
97,1
|
2,01
|
2
|
|
T16RC109
|
Eleonore
South
|
482054
|
2249138
|
30
|
37
|
26,0
|
1,14
|
7
|
extending
mineralisation NE
|
T16RC131
|
Eleonore
South
|
482142
|
2248992
|
158
|
160
|
131,3
|
3,08
|
2
|
Down dip extension of
trench
|
T16RC133
|
Eleonore
South
|
481613
|
2248605
|
118
|
121
|
96,0
|
2,88
|
3
|
Down dip extension of
T16RC077
|
T16RC134
|
Eleonore
South
|
481673
|
2248571
|
59
|
61
|
46,4
|
7,65
|
2
|
Extends
mineralisation 90m South of T16RC081
|
T16RC139
|
Eleonore
South
|
481582
|
2248537
|
73
|
79
|
57,4
|
4,13
|
6
|
Extends
mineralisation 90m South of T16RC133
|
T16RC140
|
Eleonore
South
|
481656
|
2248520
|
28
|
30
|
22,4
|
5,90
|
2
|
Extends
mineralisation 80m South of T16RC134
|
T16RC123
|
Sophie II
|
475895
|
2251662
|
140
|
143
|
111,4
|
2,02
|
3
|
BIF mineralisation
north of dolerite dyke
|
*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.
|
**Down-hole length,
believed to be close to true width.
|
No capping of higher
values has been applied.
|
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.