MONTREAL, June 7, 2017 /CNW Telbec/ - ALGOLD RESOURCES
LTD. (TSXV: ALG – "Algold" or the "Corporation") today
announced the assay results from a regional rock chip sampling
program carried out on the Tijirit property ("Tijirit") in
Mauritania. Assays not only
returned results grading up to 79.5 g/t Au and 71.8 g/t Au, but
also indicate the discovery of a new gold-mineralized zone at the
contact of a syn-tectonic granitoid and mafic volcanic rocks, less
than five kilometers northeast of Eleonore. (Figure 1)
Highlights
- 79.5 g/t Au in a shallow pit (1 meter below surface)
- 71.8 g/t Au in a shallow pit (1 meter below surface)
- 37 samples of more than 1 g/t Au, including 18 samples grading
over 10 g/t Au, from a total of 104 samples (Table 1)
Regional Exploration
Geological mapping and rock chip
sampling carried out concurrently with the on-going 25,000-meter
drilling program during the month of April
2017 identified two new mineralized zones. The first
is a 1.5-kilometer-long mineralized gold structure located
approximately five kilometers northeast of Eleonore, within the
prospective granite-greenstone contact zone. The second mineralized
zone is a potential two-kilometer-long vein system, about seven
kilometers south of the currently defined Eleonore mineralization.
Both areas represent new discoveries and have not yet been
tested by drilling.
A total of 104 rock chip panel samples (gathered over an area of
1x1 meters, taken at the base of a series of one-meter pits) were
collected during regional exploration and detailed mapping
traverses. Of the 104 samples, 37 samples were higher than 1
g/t Au with 18 greater than 10 g/t Au. The results continue
to demonstrate the significant potential for further high-grade
gold zones to be developed throughout the more than
25-kilometer-long "Eleonore Corridor".
Granite Contact Zone
The eastern boundary of this
contact is located 3.6 kilometers east of Eleonore and extends to
the north for approximately nine kilometers. Auriferous
quartz veins have been identified over much of this contact,
located within a potential "pressure shadow" setting. All of these
results are sited outside of the mineral resources currently
defined on the property.
Of note is the 1.55-kilometer vein named "Salma", which is
consistently mineralized along the 1.55-kilometer strike length
tested during this program. The vein occurs within the granitoid
body, 240 meters east of historic drill hole 12TRC142, which
intersected 11.75 g/t Au over one meter in the supracrustal
package. Where possible, rock chips were taken at
20-meter-spaced intervals along the vein. Visible gold was noted in
several of the samples collected. (Figure 2)
The geophysical signatures from the airborne radiometric survey
data shows the granite-greenstone contact can be traced over 35
kilometers within the Tijirit exploration licenses. This contact
often corresponds with an associated gold-in-soil geochemical
anomaly and mapping suggests that the contacts can be sheared and
fault-bound. The granite itself is exposed near the center of the
intrusion and displays a weak foliation. Further work will be
carried out over the southern contact, as well as more detailed
investigation on the eastern margin, to determine the extent of the
anomaly and allow for prioritization of targets for future
exploration programs.
Southern Zone
Regional soil sampling at 800-meter
spaced lines returned only mild anomalous values in proximity to
the quartz vein mineralization. The radiometric survey suggests
that it occurs at the contact with another granitic body. Since
very little work has been carried out over this area to date,
further investigation will be required to fully validate the extent
of the mineralization.
"These results highlight the compelling potential for further
discoveries of gold-bearing structures within the highly
prospective Archean greenstone belts of Mauritania," said Algold CEO, François
Auclair. "We continue to focus on
building and expanding upon the promising mineralized zones, as
well as developing new targets in close proximity for future
resources."
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. 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.
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.
Table 1 - Gold
Assay Results (Reference: Figure 1, Figure 2)
|
|
|
|
|
|
|
Sample
ID
|
Zone
|
UTM
E
|
UTM
N
|
g/t
Au
|
Description
|
|
|
|
|
|
|
A11889
|
Contact
|
485633
|
2251781
|
16.1
|
Qz vein
|
A11998
|
Contact
|
484918
|
2250334
|
3.34
|
Smoky Qz in BIF +
oxydized
|
A14390
|
Contact
|
486350
|
2255620
|
24.4
|
Qz vein, smoky,
vitreous, in granite (0.5 m) - VG
|
A14391
|
Contact
|
486342
|
2255681
|
2.28
|
IBID, no
VG
|
A11874
|
Eleonore
|
482338
|
2250420
|
2.0
|
Qz vein, greyish pink
vitreous (0.6 m thick)
|
A11877
|
Eleonore
|
482497
|
2250168
|
1.1
|
Qz vein (0.5
m)
|
A11881
|
Eleonore
|
481914
|
2248647
|
22.9
|
Qz vein, pink
vitreous (0.4 - 0.8 m)
|
A11882
|
Eleonore
|
481911
|
2248504
|
1.15
|
Qz vein (1 m),
smokey, white, trace Py, oxydized
|
A11888
|
Eleonore
|
481932
|
2248459
|
18.3
|
Qz vein (1 m),
greyish smoky
|
A11984
|
Ichikrane
|
488644
|
2263797
|
13.7
|
Bn Qz sugary + box
works
|
A11985
|
Ichikrane
|
488655
|
2263836
|
4.7
|
Smoky, sheared
Qz
|
A11987
|
Ichikrane
|
488100
|
2266340
|
67.5
|
Bn Qz, sugary,
malachite + oxydized
|
A11852
|
New-South
|
483160
|
2242546
|
59.0
|
Bn Qz, sugary, box
works + Py diss + VG (rare)
|
A11853
|
New-South
|
483151
|
2242544
|
3.45
|
Bn Qz,
sugary
|
A11991
|
New-South
|
482842
|
2240582
|
10.2
|
Wt Qz + rare Py +
oxydized
|
A11993
|
New-South
|
482944
|
2240721
|
51.3
|
Wt Qz, rare oxydized
sulfides
|
A11994
|
New-South
|
483305
|
2241173
|
10.4
|
Wt Qz, contact of
granite and foliated metased
|
A11895
|
Salma
|
487537
|
2258784
|
1.85
|
Qz vein, reddish
white, vitreous (0.5 m)
|
A11896
|
Salma
|
487518
|
2258909
|
66.2
|
Qz vein, pinkish
white, vitreous, box work
|
A11897
|
Salma
|
487421
|
2258505
|
39.1
|
Qz vein, pinkish
white, vitreous, oxydized (0.2 m)
|
A11898
|
Salma
|
487461
|
2258450
|
36.7
|
Qz vein, pinkish red
oxydized, Tr Py, (0.3 m) Tr VG
|
A11900
|
Salma
|
487444
|
2258436
|
54.9
|
Qz vein, pink
oxydized (0.4 m)
|
A14363
|
Salma
|
487426
|
2258454
|
1.23
|
Qz vein, pinkish
white, vitreous (0.2 m)
|
A14368
|
Salma
|
487415
|
2258205
|
1.75
|
IBID
|
A14370
|
Salma
|
487411
|
2258150
|
1.1
|
IBID
|
A14371
|
Salma
|
487411
|
2258117
|
71.8
|
IBID
|
A14373
|
Salma
|
487406
|
2258068
|
3.03
|
IBID
|
A14374
|
Salma
|
487401
|
2258046
|
7.77
|
IBID
|
A14376
|
Salma
|
487404
|
2257990
|
4.69
|
Qz vein, pinkish
smoky, oxydized, (0.5 m)
|
A14377
|
Salma
|
487406
|
2257968
|
6.78
|
3 Qz veins (1 m),
white, oxydized, box work
|
A14379
|
Salma
|
487366
|
2257828
|
79.5
|
2 Qz veins (0.4 m),
pinkish white, oxydized
|
A14381
|
Salma
|
487356
|
2257684
|
39.8
|
IBID
|
A14382
|
Salma
|
487355
|
2257590
|
1.71
|
IBID
|
A14384
|
Salma
|
487336
|
2257508
|
2.72
|
IBID
|
A14386
|
Salma
|
487306
|
2257445
|
1.24
|
IBID
|
A14387
|
Salma
|
487289
|
2257387
|
9.34
|
IBID
|
Legend: Bn Qz = brown
quartz, Wt Qz = weathered quartz
|
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Algold Resources Ltd.