ALGOLD RESOURCES LTD. (TSX-V: ALG) today announced further preliminary assay results from its Phase IV 25,000-meter drilling campaign carried out on the Corporation’s Tijirit property in Mauritania.
These drilling results reported, from the Eleonore South zone, continue to validate the spatial continuity of the mineralization identified to date and, importantly, demonstrate that high grades are recurrent along strike and dip. (Figure 2)
The Eleonore South mineralization extends over 1.2 kilometers from north to south and is the southern-most zone defined thus far on the 3.4-kilometer-long Eleonore structure. Several discrete shear zones that may control the high-grade gold mineralization remain largely untested at depth. The Eleonore South zone geology is similar to other zones, with the mineralization hosted within mafic volcanics and quartz-rich porphyry; it is separated from Eleonore Central by a fault.
Detailed observations from core drilling suggest dominant steep-dipping mineralized zones related to regional schistosity and folds. The presence of a possible shallow east-dipping late mineralized shear is being currently tested. Rheological contrasts and zones of weakness are important factors in the controlling of shear propagation and mineralization emplacement.
The Phase IV 25,000-meter program was initiated on May 7, 2018 with an objective to complete an initial 15,000 meters of drilling by mid-July in order to upgrade inferred resources to the indicated and measured category using a 40×40-meter grid. To date, Algold has completed 12,900 meters of reverse-circulation (“RC”) and 6,930 meters of diamond drilling (“DD”).
From the initial 15,000 meters of drilling, the Corporation is in receipt of results from approximately 80% of RC and 37% of core samples that were sent to the laboratory for analysis.
Table 1: New Assay Result Highlights – Phase IV Drilling Program
|Average Grade **
*Vertical depth of intersection below RL collar.
**Weighted average grade, composite based on a minimum grade of 0.3 g/t Au with an internal dilution of 0.005 g/t Au over 2 meters and an edge grade of 0.25 g/t Au permitted.
***Down-hole length (estimated between 70-90% of true width of mineralization).
No capping of higher values has been applied.
Note: Complete assay results are available on Algold’s website (www.algold.com).
Detailed geological descriptions of all mineralized zones can be found on Algold’s website (www.algold.com) and on SEDAR (www.sedar.com) in the report entitled, “Algold 43-101 Technical Report: Tijirit Maiden Mineral Resources Estimates for the Tijirit Gold Project in Mauritania”.
Following completion of the initial 15,000 meters of Phase IV drilling, Algold commenced the remaining 10,000 meters of drilling, which is aimed at testing the depth and strike extensions at Eleonore, as well as defining resources over new high-priority targets at Eleonore East and Salma. Algold looks forward to updating the market with additional exploration results in the near future.
Quality Assurance / Quality Control
Analytical work for drill core and chips, geochemical samples and rock chip samples is being carried out at the independent SGS Laboratories Ltd. in Bamako, Mali. The 50 g fire assay with ASS finish analytical services are accredited by SANAS and are carried out with a quality assurance protocol in line with ISO 17025:2005. Samples are stored at the Corporation’s field camps and put into sealed bags until delivered by a geologist on behalf of Algold to the laboratory in Bamako, Mali, where samples are prepared and analyzed. Until the end of 2016, samples were analyzed at ALS’s facility in Loughrea, Ireland. Beginning in 2017, samples are analyzed at SGS Laboratory, Bamako. 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 1,000 g is taken and pulverized to better than 85%, passing a 75-micron (Tyler 200 mesh) screen, and a 50-gram split is analyzed by fire assay with an AA finish. Anomalous samples greater than 5 g/t Au are re-analyzed by 50 g fire assay with gravimetric finish. Selected samples may be re-analyzed using a 1 kg cyanide leach (Bottle Roll) using “LeachWELL” or the 1 kg screen fire assay method. Blanks, duplicates and certified reference material (standards) are inserted to monitor laboratory performance during the analysis.
This press release has been reviewed for accuracy and compliance under National Instrument 43-101 by 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.
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 Tijirit, which represents an area of more than 1,000 km2, situated approximately 25 kilometers southeast of the Tasiast gold mine as well as the Akjout properties, which were acquired from Gryphon Minerals (Australia) through a transaction completed earlier in 2016. Exploration is being carried out on the Eleonore, Sophie I, Sophie II-III and Lily zones. 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 (reference Algold’s press release dated October 10, 2013 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.
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