MONTREAL, Sept. 14, 2016 /CNW Telbec/
-ALGOLD RESOURCES LTD. (TSXV: ALG) – (the "Corporation")
today announced more results from its Phase I 10,000-meter drilling
campaign carried out on the Corporation's Tijirit property
("Tijirit") in Mauritania. New
results continue to validate the potential of a significant
3.1-kilometer strike gold zone and indicate that the northern part
of the Eleonore Zone appears to hold a very rich gold system
dominated by at least one major quartz vein hosting significant
visible gold, which remains open in all directions.
Highlights
- Hole T16RC071 - 6 m @ 39.85 g/t Au, including 2 m @ 112 g/t Au,
is situated in the northern area of Eleonore, 100 m NNE and on
strike of hole T16RC024 (6 m @ 4.23 g/t Au - referenced in Algold's
press release dated August 16, 2016).
(Figure 1)
- Hole T16RC069 - 3 m @ 2.03 g/t Au is located under T16RC024 (6
m @ 4.23 g/t Au) indicating a possible "pinch and swell" of the
vein.
- Hole T16RC072, situated between hole T16RC024 and T16RC070,
intersected two zones of gold mineralization, 4 m @ 1.35 g/t Au and
2 m @ 1.94 g/t Au, thus further indicating at least two vein
systems.
- Discovery hole T16RC083, intersected 2 m @ 5.47 g/t Au 10 km
south of Lily, in a new area hosting an outcropping quartz vein
with visible gold.
This round of drilling identified three coherent gold zones in
which a minimum of two to three gold bearing quartz veins have been
developed in an "en echelon-type structure" between two major
structural features identified from satellite imagery. All three
sectors of the Eleonore gold zone are still open in all directions,
with extensions currently being drill tested. Algold is now in
receipt of approximately 80% of the outstanding assay results from
its Phase I drilling program.
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 geochemical samples and rock chip samples is being carried
out at the independent ALS Laboratories Ltd. in Loughrea,
Co. Galway, Ireland, an ISO 17025
(2005) Certified Laboratory. Samples are stored at the
Corporation's field camps and put into sealed bags until delivered
by a geologist to the ALS preparation laboratory in Nouakchott, Mauritania, where samples are
sieved and prepared for shipping. Until the end of 2015, samples
were analysed at ALS facility in Bamako,
Mali. Since early 2016, samples are analysed at the ALS in
Ireland. 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
analysed by fire assay with an AA finish. Blanks, duplicates and
certified reference material (standards) are being used 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.
Table 1: Assay Result
Highlights (Partial) - Phase I Reverse-Circulation Drilling
Program
|
Hole
ID
|
Prospect
|
East
UTM
|
North
UTM
|
From
(m)
|
To
(m)
|
Average
Grade*
(g/t)
|
Width**
(m)
|
Comments
|
T16RC069
|
Eleonore
|
482552
|
2250713
|
141
|
144
|
2.03
|
3
|
Possible depth
extension of vein in T16RC024
|
T16RC071
|
Eleonore
|
482527
|
2250843
|
52
|
58
|
39.84
|
6
|
Extends
mineralization 100 m NNE of T16RC024
|
Including
|
|
52
|
54
|
112.00
|
2
|
Visible
gold
|
T16RC072
|
Eleonore
|
482454
|
2250719
|
85
|
89
|
1.35
|
4
|
50 m between T16RC024
and T16RC070
|
100
|
102
|
1.94
|
2
|
|
|
|
|
|
|
|
|
|
|
T16RC060
|
Sophie II
|
475617
|
2250824
|
62
|
65
|
1.51
|
3
|
Mineralized meta
gabbro - hole stopped short
|
T16RC062
|
Sophie I
|
475661
|
2252542
|
6
|
10
|
1.12
|
4
|
Extends
mineralization 100 m north
|
|
|
|
|
|
|
|
|
|
T16RC083
|
South
|
473490
|
2235575
|
32
|
34
|
5.47
|
2
|
New quartz vein
target 10 km south of Lily
|
* Weighted average
grade, composited 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 edge grade of 0.25
g/t Au permitted. All values presented are uncapped.
|
** Down-hole length
(believed to be close to true width)
|
|
Note: Complete assay
results will be posted to Algold's website
(www.algold.com).
|
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.
For further information, please contact: Algold Resources
Ltd., 1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8,
www.algold.com
SOURCE Algold Resources Ltd.