Montreal, Canada, May 19, 2016 / TheNewswire / ALGOLD RESOURCES LTD. (ALG: TSXV - the "Corporation") is pleased to announce that the 10, 000 meter reverse circulation ("RC") exploration drilling program previously announce (see PR April 6 2016) is underway on the recently acquired Tijirit Property ("Tijirit" or "the Property"), Mauritania, which encompasses an area of more than 1,000 km2, situated approximately 25 kilometers southeast of the Tasiast gold mine
Past operators Shield Mining and Gryphon Minerals have completed more than 35,000 meters of RC drilling and 3,500 meters of core drilling on the property. These operators have identified four main gold prospects: Eleanor, Lily, Sophie I and Sophie II and III (Figure 1). The Eleanor prospect display gold mineralisation associated with syn-tectonic quartz veining and visible gold (Photo 1); Sophie I, where gold is associated with high strain quartz-biotite-chlorite alteration; Sophie II, where mineralization is associated with sulphides in banded iron formation ("BIF") and quartz-biotite alteration in a volcanic package; Sophie III, which is dominated by a wide BIF package with gold associated with sulphides; and Lily, where gold mineralisation is associated with disseminated sulphides within a broad zone of sediments and volcanic rocks. All four prospects are within a 5 km radius.
The 10 000m RC drilling program will particularly target the Eleanor and Sophie I and Sophie II and III prospects. Gathering of the historical geochemical, geophysical and drilling data has enabled the conceptualization of mineralised wireframes and identification of high potential target. (Figure 1, Table 1).
|XBest Trenches Results Gryphon (historical)|
|Trench No||Zone||East||North||meters||Au (g/t)|
|Best Drill Hole Assays Results Gryphon (historical)|
|Drill Hole||Zone||East||North||from||to||meters||Au (g/t)|
(Note: Gold (Au) grades are weighted averages, intersection widths represent down hole lengths.)
The Corporation expects drilling to be completed in late Q2 or early Q3 2016
Continuing regional exploration over the extended property is being pursued whilst the RC drilling program is ongoing. Sampling of newly identified mineralised area resulted in 68 rock chip samples being collected and sent for analysis (assays pending). A picture (photo 1) of an unusually high grade material has been included, but has not been sent for analysis.
Francois Auclair, President and Chief Executive Officer stated, "We believe the Tijirit Licence has the potential to host a world class gold deposit, the commencement of drilling is the first step to unlocking this potential. Tijirit displays similar mineralogical characteristics to the Tasiast gold deposit located approximately 25 kilometers north. Regional soil anomalies highlight the potential for further discoveries outside of those already defined in this large and relatively unexplored property. The Algold exploration team has several past successes in the Archean belts of West Africa and has been hard at work since the acquisition of Gryphon Mineral's properties in Mauritania, evaluating and assessing new potential target areas. It is expected that this field experience, in conjunction with SGS Geostat's newly developed award winning targeting methodology, will result in the expansion of known mineralized zones and the identification of new ones."
Quality Assurance / Quality Control (QA/QC)
Analytical work for soil geochemical samples and rock chips samples is being carried out at the independent ALS Laboratories Ltd. in Loughrea, Co. Galway, Ireland, a ISO 17025 (2005) Certified Laboratory. Samples are stored at the Corporation's field camps and put into sealed bags until delivered by a geologist to ALS preparation laboratory in Nouakchott, Mauritania, where samples are sieved and prepared for shipping. To the end of 2015, samples were analysed at ALS facility in Bamako, Mali. Since early 2016, samples are analysed at ALS in Ireland. 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 1000 g is taken and pulverized to better than 85 % passing a 75 micron (Tyler 200 mesh) screen, and a 50 gram split is analysed by fire assay with an AA finish. Blanks, duplicate and certified reference material (standards) are being used to monitor laboratory performance during the analysis.
All of the results and press releases related thereto are also reviewed for accuracy and to ensure they are in accordance with National Instrument 43-101 by Andre Ciesielski, DSc. PGeo, Algold Resources Ltd. Lead Consulting Geologist and Qualified Person.
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.
Algold is the operator of all of its exploration licenses in Mauritania. Algold owns 100% of the Tijirit and Akjout properties, which were acquired from Gryphon Minerals (Australia) through a transaction completed earlier in 2016. The Kneivissat property is 90% owned by Algold and the Legouessi property is being managed through a 51% earn-in interest agreement with Caracal Gold LLC. Algold can earn up to a 90% interest in the Legouessi exploration permit (see October 10, 2013 press release for more details), however, Caracal has the right to participate in the joint venture at either 51% or 75%, by funding its share of expenditures.
CAUTIONARY LANGUAGE REGARDING FORWARD-LOOKING INFORMATION
This news 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 Annual Information Form and 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, such 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.
For further information, please contact:
Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Francois Auclair M.Sc., PGeo Yves Grou, CPA CA
President & CEO Executive Vice Chairman
(514) 889 5089 (514) 237 7757
Copyright (c) 2016 TheNewswire - All rights reserved.