Angkor Gold Update On Diamond Drill Program At Okalla
Sexsmith, AB, (August 24, 2017): Angkor Gold Corp. (TSXV: ANK and OTC: ANKOF) (“Angkor” or “the Company”) CEO Mike Weeks is pleased to provide an update of its diamond drilling program on its Okalla project. The program is being conducted in cooperation with Blue River Resources Ltd. (TSXV: BXR).
Drilling commenced on July 2, 2017 on Angkor’s Banlung Tenement, which includes Okalla West and Okalla East. The two prospects are about 7 kilometres apart. Both are hosted by intrusive rock complexes connected along a regional structural corridor.
The Okalla East area was originally explored by Angkor as a porphyry copper gold molybdenum style occurrence. The specific area targeted in this drill program previously reported higher copper and gold values in termite mound and auger hole sampling than found on other parts of the porphyry system and has been exploited by artisanal gold miners in the past.
The first drill hole of this program was drilled at Okalla East, BL17-049D, and was drilled to follow up on a 34 gpt Au gold intercept from a 2011 drill program (see Angkor press release of October 24, 2011).
A preliminary examination of the 2017 hole shows numerous cross-cutting veins and fractures throughout almost the entire length of the hole. Many of the veins/fractures contain medium grained pyrite with some chalcopyrite. Drill hole BL17-049D was collared west of the first hole to test the along-strike extension. This hole displayed massive coarse grained pyrite in narrow (<1 cm) fractures in the upper portion of the hole transitioning downward into abundant open fractures containing chalcopyrite and pyrite with minor molybdenite to the bottom of the hole. A total of 123.0 metres were drilled at Okalla East.
In addition, nine holes totalling 439.2 metres were drilled at the Okalla West target. The drilling was designed to test at depth surface gold anomalies that were outlined during the pit and auger hole program completed earlier this year (see Company press release dated March 6, 2017). The pit and auger hole program resulted in gold anomalies in soil and quartz pyrite mineralized vein float discovered during the test pit program. The gold anomaly outlined to date is 600 metres from north to south with a width of approximately 300 metres.
The drill program tested the southern 300 metres of this anomaly which is open in all directions. Although there is no outcrop in the anomaly Angkor believes that the gold anomaly is the result of narrow mineralized quartz vein segments hosted in fault/shear zones. Preliminary examination of the core shows narrow quartz veins mineralized with both pyrite and chalcopyrite in fault/shear zones as wide as 10 metres in the south, narrowing to a few centimetres 300 metres to the north. All vein hosting fault/shear zones are within monzonite intrusive rock discovered by the current drill program. The Phase 1 drill program has proven very useful for understanding the geology and structure of the gold veins in the area and will help tremendously in determining targets for subsequent programs.
The drill holes completed in the Phase 1 diamond drill program are as follows (BL=Okalla East; OKW=Okalla West):
All assays are pending and will be reported in due course.
Angkor maintains a rigorous sample quality control and assurance protocol, with the customary insertion of blanks and standards, cross checking and duplicate analysis, retention of all saw-split cores and sample pulps at their gated and fenced secure facility in Banlung. Analysis for publication are all done by accredited third party laboratories, usually ALS-Chemex in Vientiane or Perth, by SFA and AAS finish for gold, or ICP-MS for base metals In-house geochemical analysis of soil and termite mound samples are done at the company’s Banlung laboratory by XRF for base metals and by panning for qualitative gold detection.
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 Aqua Regia digestion with ICP-AES/ICP-MS (51 element ME-MS41 package) 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.
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-V: 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.