MONTREAL, Oct. 5, 2016 /CNW Telbec/ - ALGOLD RESOURCES
LTD. (TSXV: ALG) (the "Corporation") today announced the final
results from its Phase I 10,000-meter drilling campaign carried out
on the Corporation's Tijirit property ("Tijirit") in Mauritania. These most recent results continue
to validate the vast potential of the significant 3.1-kilometer
strike mineralised corridor on the Eleonore Zone. This zone is
delineated in three high-grade areas: north, central and south
The Eleonore Zone is made up of a series of quartz veins of
various widths and strikes, forming a continuum over the full
3.1-km strike. While the northern part appears to host the richest
gold veins, the southern part appears to host a larger array or
swarm of quartz veins of all types. Gold grades appear intimately
associated with both the size of the vein and their sulphide
mineralization content.
Highlights
- Hole T16RC081 - 2 m @ 28.0 g/t Au, situated in the southern
area of Eleonore, 100 m SE of hole T16RC027 (6 m @ 16.4 g/t Au -
referenced in Algold's press release dated August 16, 2016). (Figure 1)
- Hole T16RC080 - 12 m @ 1.75 g/t Au is located 300 m NNE of hole
T16RC027 (6 m @ 16.4 g/t Au - referenced in Algold's press release
dated August 16, 2016), and on the
same section as T16RC079 - 4m @ 1.81 g/t Au.
- Hole T16RC079 – 4 m @ 1.81 g/t Au is on the same section line
as T16RC080 – 12 m @ 1.75 g/t Au, but 100 m WNW.
The Eleonore Zone continues to demonstrate considerable
potential to host a significant high-grade gold deposit as all
three areas remain open in all directions.
The Corporation is now in receipt of the 5,617 samples sent for
as part of the Phase I – 10,000-meter reverse-circulation ("RC")
drilling program conducted from mid-May to mid-August 2016. Algold confirmed that the Phase
I drilling program was completed on time and on budget.
In mid-September, Algold initiated its Phase II – 10,000-meter
drilling program, which consists of some 7,500 m of RC and
2,500 m of diamond drilling ("DDH"). Phase II assay results
are expected in Q4 2016, thereby available for inclusion to
Algold's preparation of a new resources estimate for the property
by year-end 2016 or early 2017.
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
Au)
|
Width**
(m)
|
T16RC079
|
Eleonore
|
481734
|
2248950
|
34
|
38
|
1.81
|
4.00
|
100
|
103
|
1.75
|
3.00
|
T16RC080
|
Eleanore
|
481797
|
2248915
|
0
|
12
|
1.75
|
12.00
|
T16RC081
|
Eleonore
|
481666
|
2248667
|
4
|
6
|
28.00
|
2.00
|
130
|
132
|
1.19
|
2.00
|
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.
SOURCE Algold Resources Ltd.