MONTREAL, Dec. 06, 2017 (GLOBE NEWSWIRE) — ALGOLD RESOURCES LTD. (TSXV:ALG) (“Algold” or the “Corporation”) today announced additional assay results from diamond (“DDH”) and reverse-circulation (“RC”) drilling carried out on its Tijirit property (“Tijirit”) in Mauritania as part of the Corporation’s Phase III 30,000-meter drilling program completed on August 25, 2017 (Figure 1). Algold also reported on recent pitting and trenching activities performed over the Salma Vein System (reference Algold’s press release dated October 3rd, 2017), which extended the strike length of this discovery to more than nine kilometers.
- Hole T16RD101 (Eleonore Central) intersected 18.1 g/t Au over 0.50 meters at 150 meters depth. This hole is a core tail diamond hole drilled from the collar of T16RC101, which was extended in an attempt to intersect the down dip and down plunge of hole T17RC114. It intersected an off-section rich quartz gold vein. (Figure 2)
- Hole T17RD139 (Eleonore South) intersected 3.2 g/t Au over 1 meter at a vertical depth of 119 meters. It was drilled to intersect the up dip projection of hole T16RC106, a wide gold zone on section E7880, however no significant indicators were identified to 150 meters vertical depth. (Figure 3)
- Hole T17RC124 (Eleonore South) intersected 3.2 g/t Au over 2 meters at vertical depth of 34 meters. The hole was drilled to complete a 40-meter pattern in the area.
- 260 channel samples were taken from 56 trenches located over the 9.5-kilometer strike length of the Salma Vein System and Pressure Shadow area within the Eleonore corridor. Samples are being prepared for export in Nouakchott, with results expected in early Q1 2018. (Figure 4) (Photo 1)
As of December 1, 2017, Algold collected 20,082 samples (excluding QA/QC) as part of the Phase III drilling program, 16,749 of which were sent to the SGS Bamako laboratories for analysis. At present, Algold is in receipt of 15,966 assay results, with 4,116 drill samples pending and/or being prepared (excluding QA/QC).
Table 1: Assays Results Phase III Drilling Program
*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.
***Width, 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).
Salma Vein System and Pressure Shadow Area Drilling
A series of exploration holes are planned to test the down-dip extent of outcropping mineralization in an area located two kilometers east of Eleonore, termed the “Pressure Shadow”. Wide-spaced drill fences are planned to the north testing the “Salma Vein System”. Rock-chip panel sampling confirmed the high-grade gold mineralization near surface, with results up to 100 g/t Au as disclosed in Algold’s press release dated October 3rd, 2017.
Channel sampling was recently completed over exposed areas of outcropping mineralization. This includes new areas where rock chip sampling has not been carried out, as well as previously sampled zones. Continuous trenches were sampled, honouring geological contacts, using hammer and chisel. One-kilogram samples were dried, pulverised and sent to LeachWELL for analysis.
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 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.
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.
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.
For further information, please contact:
Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P 3C8, www.algold.com
François Auclair M.Sc., PGeo
President & Chief Executive Officer
+1 (514) 889 5089
Executive VP, Finance and Corporate Development
+1 (647) 919 2227