Algold Intercepts 6.84 g/t Au Over 15 Meters at Eleonore

Algold Intercepts 6.84 g/t Au Over 15 Meters at Eleonore

PR Newswire

MONTREAL, September 12, 2017

MONTREAL, September 12, 2017 /PRNewswire/ --

High-Grade Gold Mineralization Extended at Depth and Along Strike at Tijirit in Mauritania 

ALGOLD RESOURCES LTD. (TSXV: ALG - "Algold" or the "Corporation") today announced additional assay results from the diamond ("DDH") and reverse-circulation ("RC") drilling carried out on its Tijirit property ("Tijirit") in Mauritania as part of the Corporation's Phase III 25,000-meter drilling campaign. The results, which include 6.84 g/t Au over 15 meters, continue to demonstrate the high-grade nature and the continuity of the mineralization, both near surface and at depth, over the 3.5-kilometer strike length of the Eleonore zone (Figure 1).

Highlights* 

*All intersections reported are down-hole lengths.

Eleonore South 

Hole T16RC107 (section E8300), located approximately 50 meters south of T17RC045 (14.1 g/t Au over 10 m, referenced in Algold's press release dated April 25, 2017) returned two significant near-surface mineralized intervals. Hole T16RC107 was orientated at a more optimal bearing than T17RC045 and served to confirm the north to north-northeast strike direction of the mineralization. With surface outcrop masked by a transported overburden, the intersection of these gold-bearing structures confirms the continuity of high-grade mineralization associated with kilometer-long shear zones at Eleonore South zone.  

Sixty meters south of hole T17RC107, diamond tail hole T17RD002 (section 8200) was drilled to test for potential plunging high-grade structures. The hole successfully intersected the vertically dipping mineralized zone identified in hole T17RC003 and although the result was not significant, it does suggest that higher-grade, wider mineralized plunges are possible. Mineralization was also confirmed 50 meters north of hole T17RC045 in hole T17RC112, (Section E8400), which remains open along strike to the north.

Five hundred meters south of hole T17RC045, diamond tail hole T17RD139 (section E7880) intersected two gold-rich zones, on the same structure, 116 meters and 140 meters below the surface. Screen fire assays confirmed the presence of coarse gold (>105µm) as shown in Photo 2 below.

Hole T17RC122 represents a new discovery and the most easterly mineralized area intersected at Eleonore South. The area displays an assemblage similar to other Eleonore mineralization identified to date with quartz, biotite and pyrite associated with local shearing. The structure is believed to be dipping near vertically. Results of recent drilling carried out to test the strike and down-dip extensions of the structure are still pending.

Eleonore North 

In DDH T17DD016, (section 9840) a steeply-dipping visible gold-bearing quartz vein was intersected at 109 meters. The gold was finely disseminated along the selvages of a chlorite-biotite-pyrrhotite alteration zone. The core drill hole confirms the vertical dip of the structure and is the deepest intersection on this vein to date, at 85 meters below the surface. The vein remains open at depth.

Hole T17RC109 (section 10600) intersected a high-grade quartz vein on the shallow-dipping northern most vein, currently identified in the main Eleonore area. This hole confirms that the mineralization is still open at depth, with this intercept being 50 meters down dip of the mineralization intersected in hole T17RC059.

Drilling Program 

The Phase III 20,000-meter RC and 5,000-meter DDH drilling program was initiated on February 1, 2017 with the objective to further delineate the high-grade gold deposit. The Phase III drilling program concluded on August 25, 2017 with 182 RC holes, 18 DDH and 30 RC pre-collar/diamond tails completed for a total of 24,205 meters of RC and 5,930 meters of diamond drilling.

As of September 1, 2017, Algold had collected 16,188 samples (excluding QA/QC) as part of the Phase III drilling program, with 9,522 samples having been sent to the SGS Bamako facilities for analysis. Algold is in receipt of 8,975 assay results, with 7,213 samples still pending (excluding QA/QC).

In order to reduce future processing time for assay results analysis, a Mobile Site Preparation Unit (MSPU) managed by SGS has been installed on the Tijirit property. The MSPU laboratory became operational in late August and is expected to increase efficiency and reduce lag time in the preparation and shipment of assay samples, thereby reducing overall turnaround time for assay results.

Table 1: Assay Results - Phase III Drilling Program 


   
                                                               
                                                                    
                          East    North   From    To    Vertical  Average   Width*** Section           
                                                        Depth*    Grade**
    Hole ID   Prospect    UTM      UTM    (m)    (m)     (m)      (g/t Au)   (m)     Line                               
    T17RC113 Eleonore C 9766.47  8798.93 135.00 138.00   102       1.94     3.00     8790
    T17RC115 Eleonore C 9751.04  8921.66  45.00  52.00    37       2.70     7.00     8920
                           Including      47.00  49.00             8.06     2.00
    T17RC116 Eleonore C 9923.85  8998.34 130.00 133.00   102       2.24     3.00     9000
    T17RC117 Eleonore C 9778.86  8995.46  42.00  51.00    35       1.37     9.00     9000
    T17RD081 Eleonore C 9908.74  9160.51  38.00  44.00    32       1.79     6.00     9160 
                                          60.50  62.00    47       4.99     1.50                          
                           Including      42.00  46.00            24.00     4.00
                                         117.00 125.00    95       2.16     8.00
                           Including     118.00 120.00             6.04     2.00
    T17RC122 Eleonore S 10211.05 7850.56  62.00  67.00    50       8.16     5.00     E7350            
                           Including      63.00  64.00            28.00     1.00
    T17RC126 Eleonore S 9935.77  8299.70  38.00  42.00    31       1.88     4.00     8300               
                           Including      168.5 170.00             9.90     1.50
    T17RD044 Eleonore S 9797.84  8298.59 155.75 159.75   122       2.81     4.00     8300
                                         186.60 189.65   145       5.81     3.05        
                           Including     188.00 188.55            28.30     0.55                      
    T17RD139 Eleonore S 10004.54 7869.99 148.75 150.55   116      21.53     1.80     E7880        
                                         182.00  184.4   143       5.14     2.40
                           Including     183.00  184.4             7.99     1.40


    Hole ID                Comments
    T17DD016
    T17RC109
    T17RC110
    T17RC113
    T17RC115
    T17RC116
    T17RC117
    T17RD081               Shallow (45 deg.) dipping
                           mineralization,
                           sample with VG
    T17RC107               50 m south of T17RC045
                           (14 g/t Au of 10 m)

    T17RC122               New vein discovery
    T17RC126               New vein discovery
    T17RD002
    T17RD044               145 m below surface -
                           50 m below T17RC107.
                           VG-bearing zone
    T17RD139               Incl. 64 g/t Au over 0.6 m

*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.

***Down-hole length (believed to be close to true width).

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 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.

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

François Auclair M.Sc., PGeo
President & Chief Executive Officer
f.auclair@algold.com
+1(514)889-5089

Alex Ball            
Executive VP, Finance and Corporate Development
a.ball@algold.com  
+1(647)919-2227

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