Files NI 43-101 Technical Report
MONTREAL, June 15, 2017 /CNW Telbec/ - ALGOLD RESOURCES
LTD. (TSXV: ALG) ("Algold" or the "Corporation") today
announced more assay results from the diamond ("DDH") and
reverse-circulation ("RC") drilling carried out on its Tijirit
property ("Tijirit") in Mauritania, as part of the Corporation's Phase
III 25,000-meter drilling campaign. The results continue to
demonstrate the high-grade nature of the mineralization, both near
surface and at depth over the 3.4-kilometer strike length of the
Eleonore zone.
Highlights
- Hole T17DD011 (Eleonore Central) – 3 m @ 16.16 g/t Au,
approximately 55 meters below the surface (Figure 1) (Photo)
- Hole T16RD041 (Eleonore South) –
1 m @ 36.09 g/t Au, including 0.5 m @ 65.0 g/t Au approximately 126
meters below the surface and 1.25 m @ 5.68 g/t Au, approximately
133 meters below the surface (Figure 2)
- Hole T17RD064 (Eleonore South) –
1.10 m @ 44.02 g/t Au, approximately 69 meters below the surface
(Figure 2)
- Hole T17RD068 (Eleonore North) –
4.58 m @ 1.55 g/t Au, approximately 28 meters below the surface
(Figure 3)
These new results, combined with the structural and lithological
information gathered from the drill core, further increase Algold's
level of confidence with regard to the potential of the three main
Eleonore zones. All three zones remain open along strike and
at depth.
In hole T17DD011 (section 8960), the shear structure hosting the
mineralization was well developed with a sub-1-g/t-Au
mineralization occurring at 63.9 meters to a 16.16 g/t Au
high-grade zone at 78 meters. Visible gold was noted in the
intersections corresponding to the highest assay values.
Hole T16RD041 (section 8400) was a re-entry of an RC hole
drilled in 2016, designed to test the mineralization at depth (100
meters vertically below hole T16RC109). Coarse visible gold was
observed within the high strain shear zone.
Hole T17RD064 (section e7730) was sited to intersect
mineralization 50 meters between RC holes T16RC133 and T16RC139 and
50 meters below ground level. An alteration halo of
disseminated pyrrhotite occurred from 62 to 73 meters down the
hole. This surrounds the main mineralized zone, which is comprised
of smoky quartz veining with associated pyrite and biotite
alteration. Both coarse and fine-grained visible gold was
observed within the vein.
Hole T17RD068 (section 9800) intersected a 6.2-meter-wide shear
zone with abundant biotite and quartz stringers. No VG was noted.
This was an infill hole, drilled along strike between T16RC045
(7.45 g/t Au over 5 m, 40 meters southwest), and T16RC088
(1.43 g/t Au over 1 m, 50 meters northeast). Hole T17RD068 served
to confirm the mineralization between the two section lines.
The Phase III 20,000-meter RC and 5,000-meter DDH drilling
program was initiated on February 1,
2017 with the objective to further delineate the high-grade
gold deposit. As of June 5, 2017, 117
RC holes, 16 DDH and 18 RC pre-collar/diamond tails were completed
for 14,944 meters of RC and 4,053 meters of diamond drilling.
As of June 5, 2017, 6,945 samples
(excluding QA/QC and re-assays) from the Phase III drilling program
were sent to the SGS Bamako lab facility for analysis. To date, the
Corporation is in receipt of 5,821 RC and 772 DDH results, with
assays still pending for 221 RC and 111 DDH samples (with further
samples being processing in Nouakchott for export). The Phase
III drilling program remains ongoing and is expected to be
completed by the end of the second quarter 2017.
Table 1: 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)
|
T17RD068
|
Eleonore N
|
9568
|
9801
|
44.9
|
49.5
|
28
|
1.55
|
4.58
|
T17DD011
|
Eleonore C
|
9804
|
8962
|
78.0
|
81.0
|
55
|
16.16
|
3.00
|
T17RD064
|
Eleonore S
|
9847
|
7729
|
73.2
|
74.3
|
69
|
44.02
|
1.10
|
T16RD041
|
Eleonore S
|
10096
|
8402
|
166.0
|
167.0
|
126
|
36.09
|
1.00
|
175.3
|
176.5
|
133
|
5.68
|
1.25
|
T17RC076
|
Eleonore S
|
10014
|
7679
|
126.0
|
136.0
|
104
|
1.58
|
10.00
|
*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)
Filing of a Technical Report
Algold will filed a
technical report entitled "Tijirit Property NI 43-101 Technical
Report with Resource Estimate Update, Tijirit, Mauritania" dated June
15, 2017 (the "Report"), which was prepared by Yann Camus, P.Eng., SGS Geostat, Blainville, Canada an independent Qualified
Person (as defined in NI 43-101). The Report supports the
Corporation's disclosure in its news release issued on May 1, 2017, entitled "Algold More Than Doubles
Inferred Mineral Resources at Tijirit, Gold Grade up by 25%". The
Report will be filed today on SEDAR (www.sedar.com) and also made
available on the Corporation's website (www.algold.com).
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, Dsc., PGeo., 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.
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.