Prophecy Development Corp.

Algold Resources: Mauritanian Government Grants Mining License for Tijirit Project

MONTREAL, June 12, 2017 /CNW Telbec/ - ALGOLD RESOURCES LTD. (TSXV: ALG) – "Algold" or the "Corporation" is pleased to announce that the Mauritanian government has formally consented to the granting of a mining license for the Corporation's Tijirit project. This important decision from the Ministry of Oil, Energy and Mines (the "Ministry") in favour of Algold will be formalized by decree by the Mauritanian Council of Ministers in the coming weeks. Under the terms of the mining license grant, Algold will deliver a feasibility study by December 2018.

The Minister of Oil, Energy and Mines of Mauritania, Dr Mohamed Abdel Vetah declared, "Mauritania is a country with many mining investment opportunities and economic, social and political conditions that are conducive to the pursuit of development of a sector considered strategic by the Mauritanian government." He added, "The government has instituted a mining policy aimed at a mutually beneficial balance, while safeguarding the interests of the nation and investors."

"This milestone is a significant achievement for both Mauritania and Algold and is important to our growth plan for Tijirit, as well as for the development of other deposits over the license area, which extends over 300 square kilometers," said François Auclair, Chief Executive Officer, Algold. "We are grateful for the Government of Mauritania's vital, ongoing support of our Corporation as demonstrated by the formal consent to issue a 30-year mining license."

Algold acquired the Tijirit project in April 2016 and immediately commenced a major exploration program, under which it completed 20,000 meters of drilling (Phase I and II). The drilling allowed Algold to highlight a high-grade gold deposit with significant upside potential. An initial resource calculation completed in March 2017 by SGS Geostat estimated an inferred gold resource of 602,130 ounces at an average grade of 2.29 g/t Au. The supporting NI 43-101 report will be posted on SEDAR no later than June 15, 2017.

Algold completed metallurgical test work on the Tijirit project (reference Algold's press release dated January 18, 2017), which indicated recovery of up to 97% by gravity and cyanidation of the Eleonore-type mineralization. The Corporation further completed an Environmental Impact Assessment Study, which was filed with the Ministry in December 2016. Subsequently, the Ministry issued a favourable opinion to Algold as of February 2017 (reference Algold's press release dated February 27, 2017).

Algold's Phase III 25,000-meter drilling program, which commenced on February 1, 2017, is ongoing with the objective to further delineate the high-grade gold deposit at Tijirit.

This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by Yann Camus, P.Eng., of the independent firm SGS Canada Inc. –  geological group Geostat is the qualified person under NI 43-101 standards who supervised the preparation of the resource estimate and approved all resource-related material in this press release. Yann Camus has sufficient experience relevant to the styles of mineralization under consideration and to which the activities are being reported to qualify as the Qualified Person for the purposes of the announcement. Yann Camus has reviewed the results of the QAQC program at Tijirit, both during and prior to Algold's involvement, and is sufficiently satisfied with both the QAQC protocol as well as the performance of the QAQC measures to view the assay results reported in this release as both accurate and precise. Mr Camus visited the property from April 16 to 20, 2016, for current personal inspection requirements. All information supporting the resource estimation was verified for any inconsistencies. There was no limitation on the verification process.

André Ciesielski, DSc., PGeo., Algold Resources Ltd Lead Consulting Geologist and Qualified Person, and Alastair Gallaugher, C.Geo. (Chartered Geologist and Fellow of the Geological Society of London), BSc. Geology, Algold's Exploration Manager in Mauritania, Qualified Persons as defined by NI 43−101 Standards of Disclosure for Mineral Projects. André Ciesielski has further approved the scientific and technical disclosure in the news release.

ABOUT ALGOLD

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.

GET DAILY NEWS FLOW

Sign Up To Receive All Morning
News To Your Email Inbox

Please review our Disclaimer and Privacy Policy before subscribing.

FireFox Gold

Firefox Gold

Firefox Gold is a mineral exploration company with a tight share structure and accomplished management team. The Company is focused on finding gold deposits in Finland, which is ranked as one of the top mining jurisdictions globally. FireFox is actively exploring a strategic property portfolio of over 150,000 hectares which includes properties near Agnico Eagle Mines and Aurion Resources. In 2019 the Company identified major gold-bearing structures and drilled... LEARN MORE

No Internet Connection