MONTREAL, May 23, 2017 /CNW Telbec/ - ALGOLD
RESOURCES LTD. (TSXV: ALG – "Algold" or the "Corporation")
today announced more 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 North
areas.
Highlights
- Hole T17RC084 (Eleonore North) –
21 m @ 3.05 g/t Au, approximately 100 meters below surface. (Figure
1)
- Hole T17RC075 (Eleonore South) – 2 m @ 10.79 g/t Au, including
1 m @ 20.8 g/t Au, situated on section E7780, was a 50 m infill
along strike from T17DD001 to the north (1.75m @ 1.69 g/t Au) and
T16RC134 to the south (2 m @ 3.20 g/t Au). (Figure 2)
- Hole T17RC055 (Eleonore North) –
4 m @ 2.74 g/t Au
These new results further increase the strike and down dip
extensions of both Eleonore North
and Eleonore South. These two areas, along with Eleonore
Central, remain open along strike and at depth.
In hole T17RC084, the structure hosting the mineralization
appears open down dip. Thirteen meters of plus-1g/t Au
mineralization were intersected with significant gold grades, up to
23.7 g/t Au, occurring in an area of increasing quartz veining. The
shear zone assemblage hosting the gold mineralization, as per the
other Eleonore areas, is dominated by high-strain biotite
alteration and disseminated pyrite and pyrrhotite (locally up to
1%). Further drilling is planned to test the potential
down-dip continuity within the actual Phase III Drilling
Program.
Hole T17RC075 demonstrates the continuity of mineralization
along the major north-south trending structures at Eleonore South
as well as the variability in mineralized grades along
structures.
Algold is also in receipt of drilling results from the Nour
Vein, discovered in the fall of 2016, situated seven kilometers
north of the Eleonore mineralized zone. Three provisional drill
holes were carried out testing the mineralization at depths of up
to 50 meters below surface. The results returned low gold anomalies
associated with quartz veining at an ultramafic/mafic contact.
While the initial drill holes did not return values comparable to
the rock chip sampling carried out at surface, Algold is optimistic
that the structure has been intersected, which further reinforces
the theory that Eleonore represents a portion of a
20-kilometer-long structure extending throughout the permitted
area.
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
May 21, 2017, 108 RC holes, 15 DDH
and 16 RC pre-collar/diamond tails were completed for 13,658 meters
of RC and 3,669.9 meters of diamond drilling.
As of May 21, 2017, 6,945 samples
(excluding QA/QC and re-assays) from the Phase III drilling program
had been sent to the SGS Bamako lab facility for analysis. To date,
the Corporation is in receipt of 5,683 RC and 439 DDH results, with
assays still pending for 417 RC and 406 DDH samples. The Phase III
drilling program remains ongoing and is expected to be completed by
the end of the second quarter 2017.
Table 1: New Assay Results Highlights - Phase III Drilling
Program
Hole
ID
|
Prospect
|
East
Local
|
North
Local
|
From
(m)
|
To
(m)
|
Vertical
Depth*
(m)
|
Grade**
(g/t
Au)
|
Width***
(m)
|
Comments
|
T17RC055
|
Eleonore
North
|
9596
|
9762
|
68
|
72
|
53
|
2.74
|
4
|
|
T17RC056
|
Eleonore
North
|
9658
|
9801
|
112
|
116
|
85
|
0.75
|
4
|
Depth
extension
|
T17RC059
|
Eleonore
North
|
910
|
1246
|
63
|
65
|
49
|
3.36
|
2
|
Strike extension
east
|
T17RC079
|
Eleonore
North
|
993
|
1204
|
119
|
120
|
92
|
2.69
|
1
|
Depth
extension
|
T17RC082
|
Eleonore
North
|
9619
|
9972
|
165
|
166
|
130
|
3.19
|
1
|
Depth
extension
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46
|
48
|
35
|
1.10
|
2
|
|
|
|
|
|
105
|
108
|
80
|
1.66
|
3
|
|
|
|
9712
|
9841
|
|
|
|
|
|
|
T17RC084
|
Eleonore
North
|
|
|
117
|
138
|
96
|
3.05
|
21
|
Depth
extension
|
|
|
|
|
|
|
|
|
|
|
|
|
Including
|
|
130
|
136
|
|
8.36
|
6
|
|
|
|
Including
|
|
133
|
136
|
|
14.12
|
3
|
|
|
|
|
|
|
|
|
|
|
|
T17RC074
|
Eleonore
South
|
9945
|
8084
|
30
|
31
|
23
|
5.70
|
1
|
|
T17RC075
|
Eleonore
South
|
9957
|
7779
|
66
|
68
|
53
|
10.79
|
2
|
|
* 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, dated
August 4, 2016".
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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.