Angel Gold Corp.

Angel Gold Corp.

February 05, 2015 09:30 ET

Angel Gold Due Diligence Returns Assay Results Up to 117 grams/tonne (3.4oz/short ton) Gold From Its El Porvenir Project in Colombia

From 0.3m Continuous Chip Sample Across Underground Quartz Vein in Working Face

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 5, 2015) - Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce up to 117 g/t Gold in assay results from sampling on the Company's El Porvenir Project in Colombia. El Porvenir is located in the prolific Segovia-Remedios gold belt, historically the largest gold-producing region in Colombia. Angel has an option to acquire a 100% interest in El Porvenir from Mineros S.A., a private Colombian mining company.

The nearby Segovia Gold Project, located two kilometres northwest of El Porvenir, historically produced over 4.6 million ounces of gold over the last 150 years. Mining at Segovia has demonstrated vein system strike lengths up to 2.3 kilometres with mineralization persisting down-dip for at least 1,300 metres. (1)

"The results of Angel's technical due diligence review, combined with historical exploration data, confirm our belief in the El Porvenir Project's potential for high grade gold and silver mineralization on the same order of magnitude as the nearby Segovia gold mines. This prolific gold producing region in Colombia has been overlooked and underexplored except for local artisanal work due to past guerilla activities. It is now the Company's objective to move the project forward rapidly with geochemical surveys to get the targets to the drilling stage," stated Stella Frias, President and CEO of Angel Gold Corp. "Trenching will also be a major tool in tracing the extension of the veins between known occurrences and thus the siting and orientation of future drill holes," she added.

Initial visits were made to the four prospect areas within the El Porvenir Project, with mineralized vein, barren vein, alteration and wall rock samples taken to profile element patterns. These samples were taken in order to characterize the mineralization and the extent of metallic haloes, and to better understand the size of the anomalous footprint of the vein systems as a guide to further sampling for grade and tonnage evaluation. Angel Gold considers the high grade assay results from these samples as an encouraging indicator of the potential of the property and further supports our theory of extensive high grade gold mineralization consistent with adjacent discoveries. Samples were analyzed at Actlabs Medellin for gold and high grade silvers and at Actlabs Ancaster for multi-elemental analyses confirming the high grade gold and silver potential of the Project.

Because of the timing of the historic exploration work completed by Mineros S. A., exploration was largely restricted to the immediate area of artisanal mining. As safety has improved in the area, larger scale friendly artisanal mining has expanded in self discovered areas of high grade vein occurrences. The El Porvenir concession area is now fully accessible and prime for exploration for high grade and bulk tonnage gold-silver potential using modern methods.

A complete listing of results for the Angel Gold recent sampling is included at the end of this Press Release. (2) Highlights for the four prospect areas (Iguana, Guayabales, Abejero and El Congo-Bominas) are as follows.

Iguana Area:

On the Iguana prospect area, anomalous Au-Ag-As-Cu-Pb-Zn-Mo-Sb-Se values were returned from veins and alteration zones, with a grab sample of oxidized sulphide confirming the presence of high grade gold-silver mineralization associated with areas of high sulphide concentration.

Angel Gold Sample (R)00156 - 24.7ppm Au 59.3ppm Ag, 1480ppm Pb, 970ppm Cu

Guayabales Area:

The Guayabales prospect area is reported by artisanal miners and confirmed by Mineros S.A. core drilling as being a silver rich area. This area is anomalous in two assemblages - Ag-As-Au and Ag-As-Au-Pb-Cu. Mineralization here occurs in both vein zones and intense sericite-silica bleaching zones which could develop into bulk-tonnage mining targets.

Angel Gold Sample R00159 - 0.216 ppm Au and 56.8ppm Ag was from an unworked vein exposed in a stream, for a 60 cm continuous chip sample composed of 20 cm of 1-2% pyritic quartz vein and 20cm of wall rock on either side.

Abejero Area:

The Abejero prospect is an area of high-grade Au-Ag mineralization. Small scale miners report a production at around 500 g/t Au, presumably hand cobbed. High grade is confirmed by Angel Gold sampling of pyrite- and galena-rich vein quartz. Mineralization is restricted to quartz veins at current knowledge levels.

Angel Gold sample R00165 - 117 ppm Au (3.40 oz/ton Au). Silver and base metal results are awaited. Sample was a 30cm face sample for a quartz vein from an underground artisanal working.

The El Congo-Bominas Trend:

On the El Congo-Bominas Trend no mineralized quartz was obtained, only a sample of barren milky quartz, confirming the need to find sulphide rich portions of the veins. Mineros S.A. drilling indicates mineralization as related to both quartz veins and zones of sulphidic stringers.

Angel Gold sample R00166 - 0.964 ppm Au. Silver and base metal results awaited.

The NI 43-101 Technical Report for the El Porvenir Project is available at and on Sedar.

(1) Source: Parsons, 2013. The report is titled "NI 43-101 technical report on a mineral resource estimate on the Segovia and Carla operations, Department of Antioquia, Colombia" by SRK Consulting (UK) Limited, prepared for Zandor Capital, and dated September, 2013.

(2) Angel Gold evaluated the Actlabs Laboratory internal standards for all Angel Gold sample assay batches confirming good assay batch control for Au and Ag; identified that Mineros had inserted 103 standards, blanks and duplicate samples amongst its 761 drill core samples (13.5%); re-assayed the same Mineros samples across different sample prep types where available - assay pulps, pulverised rejects and crushed rejects; included its own high-grade standard and blank with the final rock sampling assay dispatch with good QC result; and carried out a detailed evaluation of Mineros vs Angel assays finding an excellent correlation between them in almost all elements, but most importantly of all in the Au and Ag values.

Quality Person

Mr. James G. Burns, P.Eng, a Qualified Person under NI 43-101 and a technical consultant to the Company has reviewed and approved the scientific and technical information contained in this news release.

About Angel Gold Corp.:

Angel is a Canada-based gold exploration company focused on responsible development of mineral resources in Colombia. Angel's Colombia based gold exploration team has over 25 years' experience in the country. The Company continues its strategy to acquire strategic opportunities in Colombia's best mining districts.

On Behalf of the Board of Directors of Angel Gold Corp.

Blanca Stella Frias, Director, President and Chief Executive Officer

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.

The TSX Venture Exchange has not reviewed the content of this News Release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this News Release. This news release contains certain "forward- looking statements" within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward-looking statements. The transaction described in this News Release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this News Release. We seek safe harbour.

ppm ppm ppm ppm ppm ppm
(R)00151 537463 777502 < 0.005 < 0.1 5 25 9.8 58 quartz mullock
(R)00152 537463 777502 < 0.005 1.4 0.8 3 8.9 6 underground barren vein quartz
(R)00153 537463 777502 < 0.005 1.1 7.8 115 118 56 silicified diorite
(R)00154 537546 777525 0.057 3.6 93.9 347 145 269 argillic bleached zone
(R)00155 777710 537304 1.524 4.9 251 44 98.7 46 underground vein quartz
(R)00156 777710 537304 24.7 59 2250 974 1480 504 massive goethite mullock
R00157 542803 779843 < 0.005 0.1 5.2 58 16.1 145 mudstone near dyke R00158
R00158 542803 779843 < 0.005 < 0.1 3.2 42 23.8 138 unaltered basic dyke
R00159 543460 780051 0.216 57 2050 15 78.1 255 20cm quartz vein with 40cm wall rock
R00160 543450 780261 0.028 0.7 542 8.2 4.9 32 10cm quartz vein and 50cm sericitised diorite
R00161 543534 780307 0.261 11 393 33 76.5 930 60cm quartz vein
R00162 542912 779668 < 0.005 < 0.1 6.9 3.5 11.3 32 0.75m weathered diorite above R00163
R00163 542912 779668 < 0.005 0.2 13.1 17 17.6 67 0.3m barren bleach diorite
R00164 545076 780511 3.553 0.8m fault zone
R00165 545076 780511 117 0.3m quartz vein underground face sample
R00168 544809 780631 0.005 0.7m iron stained gneiss
R00169 544860 780588 < 0.005 1m weathered gneiss
R00170 545035 780549 < 0.005 1m bleached gneiss
R00171 544847 780767 < 0.005 0.6m intensely fractured gneiss
R00172 544658 780945 < 0.005 0.8m silicified gneiss
R00173 < 0.005 BLANK
R00174 7.05 STANDARD 7.32 =/- 0.50
R00166 544601 784117 0.964 PdCastillo Mine, 0.8m mine face barren quartz
R00167 544601 784117 1.368 PdC barren quartz mullock

** UTM coordinates, WGS 84 datum, zone 18N.

Note: all samples with a specified length are continuous chip samples. All others are grab or rock chip.

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