SEXSMITH, AB–(Marketwired – June 23, 2017) – Angkor Gold Corp. (TSX VENTURE: ANK) (OTC PINK: ANKOF) (“Angkor” or “the Company”) CEO Mike Weeks is pleased to announce preparations for diamond drilling on the Okalla West project are underway. The program is being conducted in cooperation with Blue River Resources Ltd. (TSX VENTURE: BXR).
Diamond drilling is expected to commence in the next week. Phase 1 drilling is planned to consist of up to a total of 500 metres. The holes are intended to determine the orientation, width and frequency of mineralized structures and confirm the style and intensity of country rock alteration. A Phase 2 drill program is planned to follow Phase 1, after analysis of the results of the Phase 1 drilling. The target to be drilled is 600 meters in length from north to south and about 300 metres east to west and is open in all directions. The Okalla West prospect is situated within a 27 km2 intrusive complex on the Banlung Property and the drill program is expected to provide a better understanding of potential mineralization within this zone.
Pit samples collected at one vertical metre intervals from the surface deposit were analyzed for gold plus multi-element analysis by ALS Chemex assay labs. The results indicate that gold mineralization is intimately associated with both bismuth and tellurium. The association of gold with both bismuth and tellurium indicates that the veins are associated with the alkalic diorite that hosts them. Auger sampling has indicated that the gold mineralization is in an altered and faulted diorite similar to Emerald Minerals’ Okvau gold deposit located approximately 80 km to the south.
“The presence of bismuth and tellurium associated with gold is typical in structurally controlled alkalic intrusive hosted gold deposits,” said Angkor’s Exploration Manager, Dennis Ouellette. “Bismuth is believed to play a crucial role in gold enrichment. Because there is no rock outcropping in the area, drilling is necessary to determine the relationship between the faults, veins and near surface gold mineralization.”
Excavation pits consist of lines of pits laid across identified gold in soil anomalies in irregular east/west orientation. Individual pits are approximately 1m wide and 2m long, dug to the depth of the deeply weathered surface layer. Pits are hand dug every 15 m centre. Each pit is sampled from the top to the bottom of the deeply weathered surface material for pan concentration. A second smaller sample was collected and sent for metallic screen analysis. In addition, the bedrock was sampled by an auger hole from the bottom of the pit. The auger holes test as deep as is possible into the weathered bedrock. The deepest so far has been 7.2 metres measured from the surface profile. Auger samples collected immediately beneath the deeply weathered surface layer were sent for gold and multi-element analysis.
Angkor’s QA/QC protocol requires calibration standards and blanks be inserted at a rate of 10 per 100. In addition, periodic checks are run on a selected spectrum of samples at ALS Chemex laboratories. All soil and rock samples are submitted to ALS Mineral-Australian Laboratory Services (Cambodia) Co. Ltd for preparation in Phnom Penh, and gold analyses are done by ALS by standard fire assay in their Vientiane laboratories. All other analyses are by ICP-ME and ICP22 in their Australian laboratories. Initial assays use their Au-ICP22 method of standard fire assay with an ICP-Atomic emission spectrometry finish on a 50gm aliquot, which has a detection range of 0.001 to 10 g/t. Check assays use the Au-AA26 method of standard fire assay with an ICP-Atomic absorption spectrometry finish again on a 50gm aliquot, which has a detection limit of 0.01 to 100 g/t. Metallic screen analysis, using their Au-SCR22 method of standard fire assay with an ICP-Atomic absorption spectrometry finish after screening to 75 microns use a 1kg nominal weight sample, with assay of the entire oversize fraction and duplicate assay on 50gm aliquots of the undersize fraction. This last method has been done at the recommendation of the laboratory to avoid over or under-estimating gold grades because coarse gold was suspected.
ABOUT ANGKOR GOLD CORP.
ANGKOR Gold Corp. is a public company listed on the TSX-Venture Exchange and is a leading mineral explorer in Cambodia with a large land package and a first-mover advantage building strong relationships with all levels of government and stakeholders.
ABOUT BLUE RIVER
Under an agreement with Angkor, Blue River Resources Ltd. (TSX VENTURE: BXR) has the right to participate initially in up to a 50% interest of the Banlung exploration license from Angkor Gold Corp., after the completion of a total investment of US$3.5 million in exploration expenditures over a 4-year period. Blue River may then exercise their option on an additional 20% interest of the Banlung tenement through the commission and completion of a bankable feasibility study on the property or portion thereof.
Dennis Ouellette, B.Sc, P.Geol., is a member of The Association of Professional Engineers and Geoscientists of Alberta (APEGA #104257) and a Qualified Person as defined by National Instrument 43-101 (“NI 43-101”). He is the Company’s Exploration Manager and has reviewed and approved the technical disclosure in this document.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein may constitute “forward-looking information.” In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
ANGKOR GOLD CORP.
Vice President of Corporate Development
Telephone: (647) 515-3734
Email: [email protected]
Website at: http://www.angkorgold.ca or follow us on Twitter @AngkorGold.