ALGOLD RESOURCES LTD. (TSXV:ALG) (the “Corporation”) today announced preliminary assay results from the Phase IV 15,000-meter drilling campaign carried out on its Tijirit property (“Tijirit”) in Mauritania. Results further corroborate the continuity of the mineralized structure, which now extends to a vertical depth of up to 180 meters, as well as the high-grade nature of the Eleonore zone. (Figure1)
Highlights
- T18RC042 (Eleonore Central) – 7.37 g/t Au over 14 meters, including 19.43 g/t Au over 5 meters on section 9105, 25 meters southwest of section 9130 on which reverse-circulation (“RC”) holes T16RC032 intersected 9.31 g/t Au over 6 meters (reference Algold’s press release dated August 16, 2016). (Figure 2)
- T18RC041 (Eleonore Central) – 1.86 g/t Au over 44 meters, which represent the widest gold intercept in the Eleonore Zone to present, including 9.92 g/t Au over 5 meters. (Figure 2)
- T18DD001 (Eleonore Central) – 6.21 g/t Au over 7.36 meters, including 16.82 g/t Au over 2.5 meters.
- T18RC046 (Eleonore Central) – 3.16 g/t Au over 2 meters at 179 meters vertical depth, which represents the deepest mineralized intersection recorded at Eleonore Central to date.
The results from Eleonore Central further validate the continuity of multiple mineralized structures, the associated gold-bearing quartz veins propagating along regional structures and the associated splays, all of which were previously identified. Latest results also demonstrate that the strike extension of the high-grade gold mineralized structure now extends more than 180 vertical meters.
“The Phase IV drilling program was designed to upgrade a significant portion of Eleonore inferred resources to the indicated and measured categories,” said Algold Executive Vice-President, Exploration Francois Auclair. “The assay results received to date have not only exceeded our expectations, but should result in the addition of significantly more gold ounces to the project.”
The Phase IV 10,000-meter RC and 5,000-meter diamond-drill (“DDH”) drilling program was initiated on May 7, 2018 with the objective to convert Inferred Resources to the Indicated and Measured categories, using 40×40 and 40×80 meter grids. As of June 17, 2018, 2,157 meters of DDH drilling and 5,682 meters of RC drilling had been completed.
As of June 18, 2018, 2626 samples from the Phase IV drilling program had been sent for analysis to the SGS lab facility in Bamako, Mali. Only partial results are presented in this press release, representing approximately 50% of the total number of drill samples sent to the SGS Bamako lab facility in May and June 2018. Assay results from deeper intersections are still pending with results expected in the coming weeks.
| Table 1: Assay Result Highlights – Phase IV Drilling Program | ||||||||
| Hole_ID | Prospect | East | North | From | To | Vertical | Average Grade ** | Width ** |
| Local | Local | m | m | Depth* (m) | (g/t Au) | (m) | ||
| T18DD001 | Eleonore C | 9698 | 8761 | 26.80 | 34.16 | 23.00 | 6.21 | 7.36 |
| including | ||||||||
| 28.25 | 30.75 | 16.82 | 2.50 | |||||
| T18RC033 | Eleonore C | 9799 | 8843 | 89.00 | 91.00 | 73.00 | 3.18 | 2.00 |
| T18RC036 | Eleonore C | 9851 | 9079 | 4.00 | 6.00 | 4.00 | 2.20 | 2.00 |
| T18RC038 | Eleonore C | 9794 | 9181 | 2.00 | 4.00 | 1.00 | 1.74 | 2.00 |
| T18RC041 | Eleonore C | 9887 | 9111 | 46.00 | 90.00 | 57.00 | 1.86 | 44.00 |
| including | ||||||||
| 63.00 | 68.00 | 9.92 | 5.00 | |||||
| T18RC042 | Eleonore C | 9821 | 9105 | 42.00 | 56.00 | 35.00 | 7.37 | 14.00 |
| including | ||||||||
| 42.00 | 47.00 | 19.43 | 5.00 | |||||
| T18RC046 | Eleonore C | 10041 | 9122 | 240.00 | 242.00 | 179.00 | 3.16 | 2.00 |
| *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 two meters and an edge grade of 0.25 g/t Au permitted. | ||||||||
| ***Down-hole length (estimated between 80-100% 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”.
Quality Assurance / Quality Control (QA/QC)
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.
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.
Algold is developing the Tijirit Gold Project, which represents an area of more than 750 km2, comprise of the Tijirit Exploitation License of 306 km2and of the Tijirit East Exploration License of 460 km2, situated approximately 25 kilometers southeast of the Tasiast gold mine. Exploration is being carried out on the Eleonore, Sophie I, Sophie II-III, Lily and Salma zones.
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