MONTREAL, April 6, 2017 /CNW Telbec/ - ALGOLD
RESOURCES LTD. (TSXV: ALG) (the "Corporation") today
announced preliminary assay results from its Phase III 20,000-meter
drilling campaign carried out on its Tijirit property ("Tijirit")
in Mauritania. Results continue to
demonstrate the high-grade nature of the Eleonore zone, with the
mineralization now extending to a vertical depth of up to 150
meters.
Highlights
- Hole T17RC031 (Eleonore Central) – 4 m @ 10.2 g/t Au, a new
mineralized horizon on section S9000.
- Hole T17RC032 (Eleonore Central) – 10 m @ 3.19 g/t Au,
including 4 m @ 7.1 g/t Au, situated on section 9080, 28 meters
down dip from hole T16RC121, which intersected 2.02 g/t Au over 1 m
(Figure 1).
- Hole T17RC013 (Eleonore South) –
3 m @ 7.69 g/t Au, including 1 m @ 20.2 g/t Au, hit the main
mineralized quartz vein at a vertical depth of 150 meters, thus
demonstrating the continuity of this high-grade mineralized vein at
depth in the southern section of Eleonore.
- Hole T17RC036 (Eleonore South) –
4 m @ 6.86 g/t Au, situated on section E7830, 40 meters south of
hole T16RC027 (24.4 g/t Au over 6 m) and 50 meters north of hole
T16RC133 (2.79 g/t Au over 3 m) (Figure 2).
The results from Eleonore South
and Eleonore Central further validate the continuity of the
multiple mineralized structures and associated gold-bearing quartz
veins propagating along regional structures, and the associated
splays identified to date. The mineralization is associated with
pyrite, and to a lesser extent pyrrhotite and galena within
biotite-rich shear zones.
Eleonore Central results are consistent with those from previous
mineralized intersections drilled in 2016 as publish. Results also
demonstrate the strike extension of the high-grade gold mineralized
structure over more than 600 meters at surface and at the 50-meter
vertical level. Drilling to test the 150-meter and 200-meter levels
is ongoing.
On Eleonore South, new results
confirm the continuity of the two sub-parallel gold structures
trending north south, which appear offset in the middle of the zone
and then tilt to the northeast, further delineating an economic
gold horizon that stretches over 1.2 kilometers.
The Phase III 20,000-meter reverse-circulation ("RC") and 5,000
meters diamond-drill ("DDH") drilling program was initiated on
February 1, 2017 with the objective
to further delineate the high-grade gold deposit. As of
March 31, 2017, some 75 RC holes, 11
diamond and 8 RC pre-collar/diamond tails were completed for 8,749
meters of RC and 2,215 meters of diamond drilling.
Results from Phase III drilling presented in this press release
represent approximately 50% of total drill samples sent to the SGS
Bamako lab facility in February and March
2017. More assay results from deeper intersections are
expected in the coming weeks. Results from Eleonore North are expected later in the
quarter. Algold anticipates filing an updated National Instrument
43-101 resources estimate by the end of April 2017.
Table 1: New Assay
Result Highlights - Phase III Drilling Program
|
|
|
|
|
|
|
|
|
|
|
Hole
ID
|
Prospect
|
East
UTM
|
North
UTM
|
From
m
|
To
m
|
Vertical
Depth*
(m)
|
Average
Grade**
(g/t
Au)
|
Width***
(m)
|
Comments
|
T17RC034
|
Eleonore
North
|
482387
|
2250457
|
112
|
114
|
86.6
|
3.95
|
2
|
|
T17RC031
|
Eleonore
Central
|
482179
|
2249756
|
62
|
66
|
49.0
|
10.20
|
4
|
|
T17RC032
|
Eleonore
Central
|
482220
|
2249827
|
39
|
49
|
33.7
|
3.19
|
10
|
Including 4m @ 7.1g/t
Au
|
T17RC053
|
Eleonore
Central
|
482354
|
2249829
|
84
|
88
|
65.9
|
4.28
|
4
|
|
T17RC013
|
Eleonore
South
|
481830
|
2248751
|
182
|
184
|
140.2
|
1.86
|
2
|
|
197
|
200
|
152.1
|
7.69
|
3
|
Including 1m @ 20.2
g/t Au
|
T17RC036
|
Eleonore
South
|
481598
|
2248685
|
78
|
82
|
61.3
|
6.86
|
4
|
|
*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".
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.
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.