MONTREAL, April 11, 2018 (GLOBE
NEWSWIRE) -- ALGOLD RESOURCES
LTD. (TSXV:ALG) ("Algold"
or the "Corporation") today announced the results
from the first 28 drill holes carried out at the high-grade Salma
Vein System located at the Corporation's Tijirit Project in
Mauritania.
The Salma Vein System, discovered
in mid-2017, extends over a 10-kilometer strike and is located only
five kilometers northeast of the Eleonore zone within the
prospective granite-greenstone contact zone.
"The drilling results continue to
accentuate the high prospectivity of Salma and the potential to
rapidly add high-grade ounces and could eventually contribute to
growing the resource base at the Tijirit Project," said Algold
Executive Vice-President, Exploration Francois Auclair. "Tijirit
now contains four large mineralized zones including Eleonore, Lily,
Sophie and Salma, all of which are in close proximity to each
other."
Highlights
- 22.77 g/t Au over 2 meters (hole T18RC015),
approximately 69 meters below the surface at the southern end of
the north Salma Vein
- 12.31 g/t Au over 3 meters (hole T18RC004),
approximately 41 meters below the surface at the southern end of
the Eleonore East area
- 7.20 g/t Au over 4 meters (hole T18RC006),
approximately 46 meters below the surface at the southern end of
the Eleonore East area
- 5.59 g/t Au over 3 meters, including 15.9 g/t Au
over 1 meter (hole T18RC020), approximately 34 meters below the
surface in the northern area of the Salma Vein
The 2,634-meter
reverse-circulation drilling program, completed in February 2018,
targeted surface mineralization identified during rock chip panel
and channel sampling that was conducted last year. Fifteen
drill fences were widely spaced over the structure with two holes
drilled on the majority of sections to test down dip continuity
(reference: Figure 1).
Hole T18RC015 intersected
high-grade mineralization associated with a pyrite-bearing quartz
vein in granitoid host between 88-90 meters. This hole targeted
mineralization seen at surface with panel sampling returning 25.8
g/t Au and mineralized channel sampling 70 meters north and 100
meters south returning 2.35 g/t Au over one meter in T17TRS39 and
3.57 g/t Au over 0.65 meters in T17TRS43.
Hole T18RC004 intersected a
quartz, pyrite and biotite rich shear zone (similar to Eleonore)
between 51-55 meters within a mafic volcanic package. The
hole was designed to test the surface channel sampling and
rock-chip result of 5.16 g/t Au situated above the drill fence.
Hole T18RC006, 730 meters
northeast of T18RC004, intersected three quartz-biotite rich shear
zones between 58-68 meters. The hole was drilled beneath channel
T17TRS02A, which intersected 5.0 g/t Au over 2.4 meters.
Hole T18RC020 intersected an
oxidized quartz vein between 43-46-meters at the northern end of
the Salma Vein. This hole was drilled beneath channel T17TRS21,
which returned 2.46 g/t Au over 1.5 meters.
Table 1: Salma &
Eleonore East Drilling Program Assay Result Highlights
Hole ID |
Prospect |
East
UTM |
North
UTM |
From
(m) |
To
(m) |
Vertical
Depth*
(m) |
Average
Grade**
(g/t Au)
|
Width***
(m) |
T18RC004 |
Eleonore
East |
485303 |
2250678 |
32 |
33 |
25 |
1.46 |
|
1 |
52 |
55 |
41 |
12.31 |
|
3 |
Including |
53 |
54 |
|
30.72 |
|
1 |
T18RC006 |
Eleonore
East |
485716 |
2251283 |
58 |
62 |
46 |
7.195 |
|
4 |
Including |
58 |
60 |
|
13.70 |
|
2 |
T18RC010 |
Salma |
486868 |
2255747 |
39 |
46 |
33 |
2.44 |
|
7 |
Including |
44 |
45 |
|
16.30 |
|
1 |
T18RC014 |
Salma |
486919 |
2256442 |
43 |
44 |
32 |
9.46 |
|
1 |
T18RC015 |
Salma |
486868 |
2256428 |
88 |
90 |
69 |
22.77 |
|
2 |
Including |
88 |
89 |
|
45.00 |
|
1 |
486868 |
2256428 |
105 |
106 |
82 |
3.25 |
|
1 |
T18RC020 |
Salma |
487348 |
2258003 |
43 |
46 |
34 |
5.59 |
|
3 |
Including |
43 |
44 |
|
15.9 |
|
1 |
T18RC021 |
Salma |
487299 |
2257996 |
78 |
82 |
62 |
2.75 |
|
4 |
T18RC022 |
Salma |
487355 |
2258251 |
44 |
48 |
35 |
2.08 |
|
4 |
T18RC023 |
Salma |
487288 |
2258252 |
92 |
94 |
71 |
4.14 |
|
2 |
T18RC025 |
Salma |
487325 |
2258448 |
74 |
75 |
58 |
2.52 |
|
1 |
T18RC027 |
Salma |
487197 |
2258386 |
58 |
60 |
46 |
1.64 |
|
2 |
T18RC028 |
Salma |
486343 |
2255510 |
9 |
12 |
8 |
1.26 |
|
3 |
124 |
128 |
96 |
0.85 |
|
4 |
*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 m and an edge grade of 0.25 g/t Au
permitted.
***Width, believed to be close to true width.
No capping of higher values has been applied.
Following the discovery of the
Salma Vein in May 2017, Algold successfully completed a limited
drilling program. All 28 of the holes drilled intersected anomalous
mineralization (>0.1 g/t Au), and seven of the 28 holes
intersected >1 g/t Au mineralization. This first-pass drilling
program established the validity of the target and confirmed the
ability to prospect the zone effectively. Results will be
used to help determine where to focus future exploration and
resource development on the Tijirit Mining Licence, complementing
the successful resource drilling at Eleonore, Lily and Sophie.
Several targets remain untested
throughout the ten-kilometer-long corridor. Algold has identified
another 15 mineralized zones that have yet to be tested by drilling
at Eleonore East alone. Drilling and trench results from the Salma
and the Eleonore East zone (formerly known as the Pressure Shadow
zone) have not yet been included in Algold's resource
estimates.
Algold has changed the name of the
Pressure Shadow target to Eleonore East. The area lies along strike
to the south of the Salma Vein, but unlike Salma the mineralization
predominantly occurs in the mafic volcanic suite. Being
structurally and mineralogically similar to Eleonore, Eleonore East
was deemed a more appropriate name.
Fieldwork is currently underway at
the Eleonore Zone where mechanical trenching is being used to
better define surface mineralization and structural information.
Algold looks forward to providing shareholders with an update in
this regard in the near future.
Filing of a
Technical Report
Algold reports that the Corporation today filed a technical report
entitled "Tijirit Project NI 43-101 Technical Report with Resource
Estimate Update, Tijirit, Mauritania," dated April 10,
2018, which was prepared by Yann Camus, P.Eng., SGS
Geostat, Blainville, Canada an independent Qualified
Person (as defined in National Instrument 43-101). The Report
supports the disclosure made in Algold's press release issued
on February 26, 2018, entitled "Eleonore
Zone Resources Up: Indicated Total 94,250 oz. @ 4.08 g/t Au,
Inferred at 394,690 oz. @ 4.07 g/t Au". The Report will be
available on SEDAR (www.sedar.com) and on the Corporation's website
(www.algold.com).
Quality Assurance / Quality Control
(QA/QC)
Analytical work for drill core and
chips, geochemical samples and rock chip samples is 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 routinely inserted to monitor
laboratory performance during the analysis. The independently
inserted Quality Control samples have been reviewed on receipt of
the assay results and fall within the acceptable limits as defined
by Algold's Standard Operating Procedure.
This press release has been
reviewed for accuracy and compliance under National Instrument
43-101 by André Ciesielski, DSc., Geo., 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.
FORWARD-LOOKING
INFORMATION
This press 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 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. Forward-looking 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.
Neither TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
For further information, please contact:
Algold
Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Québec, H3P
3C8, www.algold.com
Benoit LaSalle, FCPA,
FCA |
|
Alex Ball |
Chief Executive Officer |
|
Executive VP, Finance and Corporate Development |
b.lasalle@algold.com |
|
a.ball@algold,com |
+1 (514) 951-4411 |
|
+1 (647) 919 2227 |