MONTREAL, April 25, 2017 /CNW Telbec/ - ALGOLD
RESOURCES LTD. (TSXV: ALG) (the "Corporation") today announced
more preliminary assay results from its Phase III 20,000-meter
drilling campaign carried out on its Tijirit property ("Tijirit")
in Mauritania. The results
continue to demonstrate the high-grade nature of the Eleonore zone
and extend the mineralized horizons in the South and Central
zones.
Highlights
- Hole T17RC050 (Eleonore Central) – 8 m @ 16.04 g/t Au,
approximately 40 meters south of previously reported intercepts
(Figure 1).
- Hole T17RC045 (Eleonore South) – 10 m @ 14.15 g/t Au, including
2 m @ 54.8 g/t Au, situated on section s8300, 100 meters north of
previously reported hole T17RC003
(www.algold.com/pr-supporting-elements/), extending the Eleonore
South mineralized zone 250 meters farther to the north (Figure
2).
- Hole T17RC025 (Eleonore West S (Mirror Image)) – two
mineralized intervals of 1 m @ 4.5 g/t Au and 6 m @ 1.59
g/t Au, respectively, which tends to demonstrate the possibility of
more mineralization 400 meters west of the Eleonore zone.
These new results further increase the strike extension of both
the Eleonore Central and the Eleonore South zones, which now cover
areas of more than 650 meters and 1.1 kilometers, respectively. At
present, the Eleonore North zone has been defined over a distance
of more than one kilometer. All three zones remain open along
strike and at depth.
In hole T17RC045, the structure hosting the mineralization is
open to the north and at depth. Further drilling will test the
potential continuity north of the east-west trending diabase dyke
and into Eleonore Central. Up to 2% pyrite was recorded with
associated quartz veining.
Hole T17RC050 is reported within an oxidized shear zone, with
the mineralization appearing spatially related to lower grade
intercepts such as in hole T16RC039, 40 meters to the northeast
(www.algold.com/pr-supporting-elements/). This hole recorded
biotite, quartz and pyrite, which is typical of the Eleonore
mineralization style, suggesting that the shear continues, but with
variable grades.
Algold is also in receipt of drilling results from an area
dubbed the "the Mirror Image", discovered in the fall of 2016,
situated immediately west and parallel to the main Eleonore
mineralized zone. This area demonstrates a geochemical anomaly that
is similar to that at Eleonore. Grab samples taken at the bottom of
a pit returned values up to 9 g/t Au and limited shallow drilling
in hole T17RC025 returned values of 1 m @ 4.5 g/t Au
and 6 m @ 1.59 g/t Au. Additional shallow drilling is scheduled for
this new zone as part of an ongoing drilling program to further
substantiate this discovery as well as to potentially continue to
extend the mineralized zone.
The Phase III 20,000-meter reverse-circulation ("RC") and
5,000-meter diamond-drill ("DDH") drilling program was initiated on
February 1, 2017 with the objective
to further delineate the high-grade gold deposit. As of
April 21, 2017, 72 RC holes, 11 DDH
and 14 RC pre-collar/diamond tails were completed for 10,054 meters
of RC and 2,520 meters of diamond drilling.
As of April 21, 2017, 6,455
samples (excluding QA/QC) from the Phase III drilling program were
sent to the SGS Bamako lab facility for analysis. To date, the
Corporation is in receipt of 3,553 RC and 226 DDH results, with
assays still pending for 2,133 RC and 433 DDH samples. The Phase
III drilling program remains ongoing and is expected to be
completed by the end of the second quarter 2017.
Algold has sufficient cash on hand to complete all planned Phase
III drilling, including related fieldwork, assays preparation and
analysis.
Table 1: New Assay
Results Highlights - Phase III Drilling Program
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Hole
ID
|
Prospect
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East
Local
|
North
Local
|
From
(m)
|
To
(m)
|
Vertical
Depth*
(m)
|
Average
Grade**
|
Width***
(m)
|
Comments
|
(g/t
Au)
|
|
T17RD037
|
Eleonore
Central
|
9860
|
9042
|
16
|
22
|
14.55
|
1.24
|
6
|
|
T17RC050
|
Eleonore
Central
|
9706
|
8723
|
24
|
32
|
21.45
|
16.04
|
8
|
Mineralization open
to SE and depth
|
Including
|
24
|
26
|
|
34.5
|
2
|
|
T17RC052
|
Eleonore
Central
|
9689
|
8801
|
28
|
34
|
23.75
|
1.67
|
6
|
|
T17RC038
|
Eleonore
South
|
81579
|
48775
|
36
|
38
|
28.34
|
2.36
|
2
|
Updip extension of
12TRC053 (3.6 g/t Au over 1 m)
|
T17RC044
|
Eleonore
South
|
9795
|
8301
|
108
|
110
|
83.50
|
2.52
|
2
|
Mineralization open
to the north
|
T17RC045
|
Eleonore
South
|
9722
|
8300
|
54
|
64
|
45.20
|
14.15
|
10
|
Apparent extension of
vein 250 m north of previous intercept Mineralization open to
north and at depth
|
Including
|
54
|
56
|
|
54.8
|
2
|
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Including
|
54
|
58
|
|
33.6
|
4
|
|
9722
|
8300
|
92
|
94
|
71.24
|
2.45
|
2
|
|
9722
|
8300
|
116
|
118
|
89.63
|
1.71
|
2
|
|
T17RC024
|
Eleonore West
S
|
9519
|
7878
|
88
|
92
|
68.94
|
1.38
|
4
|
New vein 80 m
east of known mineralization - open in all directions
|
T17RC025
|
Eleonore West
S
|
9446
|
7877
|
90
|
91
|
69.33
|
4.50
|
1
|
|
106
|
112
|
83.50
|
1.59
|
6
|
40 m north of
previous intercept - mineralization open to north and at
depth
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* Vertical depth of
intersection below RL collar.
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** 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.
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*** Down-hole length
(believed to be close to true width)
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No capping of higher
values has been applied.
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Note: Complete
assay results are available on Algold's website
(www.algold.com)
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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.
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
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.