Home / Mining Company News Releases (Unreviewed) / Angel Gold’s El Porvenir Geophysical Surveys Refines Drill Targets at Iguanacito Prospect – Main Zone

Angel Gold’s El Porvenir Geophysical Surveys Refines Drill Targets at Iguanacito Prospect – Main Zone

VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 1, 2017) – Angel Gold Corp. (TSX VENTURE:ANG)(OTCQX:ANGCF) (“Angel” or the “Company”) is pleased to announce that Angel’s ground geophysical surveying at its Iguanacito Prospect within its El Porvenir Project in Antioquia, Colombia, has not only indicated significant extension to depth for the currently identified surface mineralization, but has also indicated other targets warranting of drill-testing, both along strike of the identified mineralization and within the adjacent sediment package

“We are pleased that the recent geophysical survey indicated that the Central Shoot at Iguanacito extends strongly to depth over at least 200 meters of strike length,” said Stella Frias, President and CEO of Angel Gold. “We are also excited by the detection of anomalies along strike from the Central Shoot that may represent additional mineralized shoots that do not reach the surface. The possible dimensions indicated by the surface geology and geophysics provide us a drill target indicating a substantial size potential. Considering the gold and silver values obtained from our trench sampling on this prospect and that these were samples of weathered occurrences from which some of the silver may have been leached away, there is a very good possibility for this one prospect alone to contain a precious metals resource of potentially significant size.

IGUANACITO GRID

Multiple coincident IP chargeability and magnetic responses were detected both along the specifically targeted Nus Fault Flexure (strong flexures in faults commonly form host zones to economic mineralization), as well as within the adjacent intensely altered black sediments. Only the Iguanacito Main Trend anomalies associated with the Nus Fault Flexure will be discussed in this press release. There are other anomalous responses at Iguanacito in the area underlain by black sediments, but to avoid confusion they will be the subject of a following press release.

IGUANACITO MAIN TREND (Footwall to Nus Fault)

Several targets have been indicated, with the strongest chargeability anomalism occurring below surface, confirming exciting potential along the silver and gold mineralized Nus Fault. Vein deposits frequently contain multiple discrete ore shoots that are often blind.

The Iguanacito Central Shoot, exposed at surface, has a stronger than expected chargeability response that extends to depth, while another four shoots (three of which are blind) were indicated along strike to both northwest and southeast.

Exploration potential also exists for additional targets to occur along the trend of Nus Fault past the limits of the current geophysical coverage.

EXPLORATION PROGRAM

An initial program of 2,000meters of drilling has been proposed by Angel to test the coincident geologic, geochemical and geophysical targets generated within three of Angel’s El Porvenir prospects, with the majority of this drilling allocated to test the Iguanacito mineralization. The Central Shoot, being the best defined target geologically and geochemically, will be the main focus of the initial phase of Iguanacito drilling. Figure 1 shows the extent of the survey and identifies the survey lines referred to below.

To view Figure 1: Iguanacito Geophysics Grid, visit the following link: http://media3.marketwire.com/docs/1093221-F1.pdf

The black box shows the extent of Figure 2 below with respect to the grid. The soil anomaly at the upper left of this box (blue and green colors) is indicative of commencement of shoot N1.

DETAILED RESULTS

CENTRAL SHOOT (lines 200NW, 100NW, 00NW – figure 3). Surface trenching and channel sampling at Iguanacito exposed two separate parallel zones of up to 7m width (see figure 2 below) along a 180m strike length of gold-silver mineralized silica-pyrite breccia and silicification hosted in intensely sericite-altered intrusive. This surface geology and geochemistry is coincident with a 250-300m long coincident IP chargeability and ground magnetics anomaly reflecting depth continuity of the mineralized body and indicating apparent thicker/stronger sulfide mineralization down dip.

To view Figure 2, visit the following link: http://media3.marketwire.com/docs/1093221-F2.pdf

Figure 2: Significant channel sample results from Angel’s trenching program at Iguanacito (Main Zone) showing the area of the Central Shoot(s) and shoot S1, the widened zone of quartz-limonite stockworked intense sericite alteration along strike to the southeast (trench 18 area) and the intensely bleached sediments adjacent to the Main Iguanacito Zone. Note the intersection of the sediment alteration zone with the main Iguanacito zone in the lower part of figure 2. These results were released in 2016, progressively as received (See press releases dated June 20, 2016; September 6, 2016 and September 12, 2016 at http://www.angelgoldcorp.com/category/news-2016/)

To view Figure 3: IP Chargeability Pseudo Sections – Central Shoot, visit the following link: http://media3.marketwire.com/docs/1093221-F3.pdf. Black lines highlight the chargeability responses of the Central Shoot.

Re Figure 3

  • Chargeability section 00NW (0+00 – lower) shows a wide pronounced response (outlined in black) with strong chargeability and at moderate depth. It is important to note the anomaly underlies surface trench composited channel sampling results of 5.7 m @ 8.24g/t Au 29.9g/t Ag and 7.0 m @ 1.86g/t Au 140.0g/t Ag shown on Figure 2. (True widths unknown but estimated as 5.4m an 6.6m respectively)
  • Chargeability section 100NW (1+00 NW – middle) shows a wide pronounced response (outlined in black) with strong chargeability near the surface and at depth. The anomaly underlies Trench TCO-021 that yielded a composited channel sampling result of 4.8 m @ 0.53g/t Au 88.7 g/t Ag shown on Figure 2. (true width unknown but estimated as 4.5m)
  • Chargeability section 200NW (2+00 NW – upper) shows a lesser but still pronounced response (outlined in black) with a strong anomaly at moderate depth.

Four additional shoot-like chargeability responses indicate the potential for mineralized targets along the Iguanacito Main Trend. Shoots S1 and S2 both feature associated elevated magnetic anomalies which may be derived from basic dikes, which are often found in close proximity to mineralization in the Segovia District. The anomalies do not continue in the intervening geophysical lines. Shoot N1 is blind on chargeability section 800NW but reaches the surface on section 600NW. Shoot N2 is essentially blind in that it is masked by strong “surface noise.”

  • SHOOT N1 (lines 600NW, 800NW) is a strong chargeability response at depth but reaches the surface as a weak response over 300 to 400m of strike length, indicating the presence of strong sulfide mineralization at depth in an inferred blind structure narrower than the Discovery Shoot.

  • SHOOT N2 (line 1200NW) is a weak but distinct chargeable response coming to the surface where it is partially obscured by adjacent strong “surface noise.” The anomaly may be created by a weakly mineralized structure or a thin higher-grade zone, but offers potential at depth for more substantial mineralization. The anomaly is open to the northwest, but before drilling requires confirmation by trenching.

  • SHOOT S1 (line 100SE) is indicated by a deep chargeability high interpreted to represent a blind sulfide rich body at >100m depth. A spatially associated magnetic high response may be related to a basic dike. Shoot S1 underlies a 100-150m wide zone of quartz-limonite veined, altered intrusive and sediment.

  • SHOOT S2 (line 400SE) is indicated by a very wide, deep chargeability high possibly reflecting a very large blind sulfide body or potentially a mineralized intrusive target at >100m depth. An associated magnetic high response may represent a basic dike. The anomaly underlies a wide zone of quartz-limonite stockwork-veined altered intrusive.

Qualified Person

Mr. James G. Burns, P. Eng., a Qualified Person under National Instrument 43-101 standards and a technical advisor to the Company has reviewed and approved the technical information contained in this news release.

About Angel Gold Corp.:

Angel is a Canada-based gold and silver exploration company focused on responsible development of mineral resources in Colombia, host to several significant gold deposits. Angel’s flagship project the El Porvenir is located at less than 2 km from Segovia project of Gran Colombia, the El Pino West Project is adjacent to the Gramalote project of B2Gold and Anglo Gold Ashanti JV and its Heliconia project is located north of the Titiribí district along the Cauca fault system.
Angel has been focused on acquiring and validating strategic mineral exploration opportunities in Colombia’s best mining districts with the highest potential for new discoveries.

On Behalf of the Board of Directors of Angel Gold Corp.

Blanca Stella Frias, Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory 0rganization of Canada accepts responsibility for the adequacy or accuracy of this news release.

The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.

 

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