SEXSMITH, AB–(Marketwired – January 08, 2018) – Angkor Gold Corp. (TSX VENTURE: ANK) and (OTC: ANKOF) (“Angkor” or “the Company”) CEO Mike Weeks is pleased to announce the results of initial exploration out on its Koan Nheak property located in the Mondulkiri Province, Cambodia. Exploration was carried out by Emerald Resources NL (ASX: EMR) (“Emerald”) through its Cambodian subsidiary, Renaissance Minerals (Cambodia) Ltd (“Renaissance”), under a Definitive Earn-In Agreement with Angkor announced July 12, 2017.
Exploration Highlights Include:
- Surface geochemical sampling completed within the Koan Nheak property has defined a gold-in-soils anomaly at least 1,000m x 400m in size.
- Results support the presence of a fault related, gold anomalous epithermal vein system on the south to south-southeast of the mapped intrusion at Koan Nheak’s Peacock Prospect.
- A rock chip sample of quartz vein float returned an assay value of 9.94 g/t gold.
- Phase 2 in-fill auger sampling has begun.
Emerald, through its Cambodian subsidiary Renaissance, recently undertook initial reconnaissance field work on the Koan Nheak exploration licence focusing in and around the Peacock Prospect as previously defined by Angkor Gold. No drilling has ever been undertaken within the exploration licence.
Emerald Resources is the owner and operator of the Okvau gold deposit located 53 kilometres southwest of Angkor’s Koan Nheak property. The Okvau gold deposit, currently in its final phase of production permitting, has a published JORC-compliant Ore Reserve (Probable) estimate totalling 14.26 million tonnes grading 1.98 grams per tonne gold for 907,000 contained ounces of gold.
J.P. Dau, Angkor’s Vice President of Operations, said, “Our joint exploration programs continue to demonstrate the growth potential of our business model. Aligning ourselves with world class companies on our Koan Nheak and Oyadao South properties has allowed us to focus on bringing value to the remainder of our large land holding in Cambodia.”
“The results at Peacock continue to increase our confidence in the potential of Koan Nheak,” continued Dau. “We are excited that the Peacock gold anomaly is situated in a geological environment very similar to that hosting the Okvau deposit.”
The gold at Koan Nheak is hosted by veins contained within a northeast trending fracture system in diorite and within the surrounding sediments. The geochemical soil sampling program successfully defined a large gold-in-soils anomaly, supported by critical pathfinder elements, extending over 1,000 metres from north to south and up to 400 metres east to west.
A rock chip sample collected at the Peacock Prospect returned an assay value of 9.94 g/t gold. Samples comprised of quartz comb veined diorite were collected at the southern intrusive contact and within the gold-in-soil anomaly footprint (see Figure 1). Rock chip and grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property.
Shallow soil sampling was completed at nominal spacing of 400m line spacing by 400m along line intervals in the main prospect area, and 800m line spacing by 400m along line spacing in the surrounding area. The sampling targeted thin “laterite” soil horizons to establish the geochemical background and anomalous threshold for the sample media in the project area as well as identify the extent of the geochemical anomaly footprint at the Peacock Prospect.
Infill auger soil sampling was undertaken at 100m spacing along line intervals across the central part of the surface geochemical anomaly identified by the broad spaced shallow soil sample lines. The infill auger soil program was designed to provide a preliminary assessment on possible bedrock mineralization source, extent and structural controls for gold and other element anomalies near surface and provide additional geological mapping data beneath extensive shallow lateritic soil cover.
The results support the presence of a fault related, gold anomalous epithermal vein system on the south to south-southeast of the mapped intrusion at the Peacock Prospect.
Soil samples of approx. 1000g are collected to avoid any surface contamination from shallow (generally +/-20 to 30cm deep) shovel holes to selectively sample pisolite bearing laterite soil material, and the results are used to define areas of interest and mineralised system footprints.
Soil auger samples of approx. 500g are collected from hand auger refusal depth in in-situ weathered bedrock (B/C horizon soil transition). The sample is sieved to collect a sample passing 2mm. Where transported material is not penetrated no sample is taken to avoid spurious anomalism in transported material and assist in confirming bedrock geology. This sampling is preferred to constrain areas of interest and/or drill targets.
Soil sample preparation is carried out at a commercial offsite accredited laboratory (ALS Phnom Penh). Gold and multi-element assays are conducted at ALS Brisbane, Australia utilising a 50gram subsample of 85% passing 75μm pulped sample digested by Aqua Regia and analysed by ICP-MS.
Oxide matrix standards, field duplicates and pulp blanks are inserted in sample batches to test laboratory performance.
Rock chip samples are collected as niche samples of rock material of specific style or character of interest. A target sample weight of 3-5kg is collected for assay. Sample preparation is carried out at a commercial off-site laboratory (ALS Phnom Penh). Gold assays are conducted at ALS Vientiane, Laos utilising a 50gram subsample of 85% passing 75μm pulped sample using Fire Assay with AAS finish on an Aqua Regia digest of the lead collection button. Multi-element assay is completed at ALS, Brisbane, Australia utilising a 4 acid digest of a 1g subsample of 85% passing 75μm pulped sample and determination by ICP-AES or ICP-MS for lowest available detection for the respective element. Samples are dried for a minimum of 12 hours at 105˚C.
All types of samples are prepared for assay at the NATA accredited ALS Cambodia sample preparation facility in Phnom Penh, which has been inspected numerous times for quality assurance and quality control (QA/QC) by Renaissance.
Field duplicates of soil samples are also collected routinely (approx. 1 every 20 samples). This sample technique is industry norm, and is deemed appropriate for the material.
Industry-standard QA/QC protocols are routinely followed for all sample batches sent for assay, which includes the insertion of commercially available pulp CRMs and pulp blanks into all batches – usually 1 of each for every 20 field samples. Additional blanks used are home-made from barren quarry basalt. QA/QC data are routinely checked before any associated assay results are reviewed for interpretation, and any issues or anomalies are investigated before results are released to the market. No issues were raised with the results reported here.
All assay data, including internal and external QA/QC data and control charts of standard, replicate and duplicate assay results, are communicated electronically.
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.
Emerald Resources NL (ASX: EMR) is an explorer and developer of gold projects with its head office in Perth, Western Australia. In late 2016, Emerald Resources acquired Renaissance Minerals Limited (ASX: RNS delisted) through an off-market takeover and is focussed on aggressively growing and advancing its Cambodian Gold Project in the eastern region of Cambodia.
The Koan Nheak Project is being explored under a Definitive Earn-In Agreement with Angkor Gold Corp., announced July 12, 2017. Under the Agreement, Renaissance shall make $2 million USD in exploration and development expenditures in Koan Nheak plus a $200,000 USD cash payment to Angkor by Renaissance over a 2-year period for them to acquire a 51% participating interest in Angkor’s Koan Nheak license. Upon completion of the initial earn-in option, Renaissance has the right to acquire an additional 29% participating interest in the license with the commissioning, and completion, of a Definitive Feasibility Study. After that, Angkor will maintain a 20% participating interest in the property, or at Angkor’s discretion, can convert to a 3.5% Net Smelter Return (“NSR”) on all metals. Renaissance will be the operator on the project throughout.
Emerald recently completed the Definitive Feasibility Study (DFS) on the development of a 2.0Mtpa operation at its 100% owned Okvau Gold Project located in the Mondulkiri province of eastern Cambodia.
Dennis Ouellette, B.Sc, P.Geo., 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 Vice President of Exploration and has reviewed and approved the technical disclosure in this document.
On behalf of the Board,
President & CEO, Angkor Gold Corp.
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.