VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 20, 2017) - Angel Gold Corp. (TSX VENTURE:ANG)(OTCQX:ANGCF)("Angel" or the "Company") is pleased to provide an update of progress on Angel's geophysical survey programs targeting various prospects at the El Porvenir project in the Segovia mining district of Antioquia, Colombia.
- Iguanacito Prospect - The Induced Polarization survey over the Iguanacito prospect has been completed and interpretation of the results is in progress. Where interpretation has been completed, strong chargeability responses have been revealed at depth consistent with the location of high grade mineralization assayed in previous surface sampling and trenching. Chargeability highs indicated by an Induced Polarization geophysical survey often reflect a concentration of sulfide minerals, and in the Segovia Gold Belt, as in many other districts around the world, gold-silver mineralization is associated with significant amounts of sulfide minerals.
- Guayabales Prospect - An Induced Polarization survey is also underway at the company's Guayabales prospect which is associated with an intrusive body with little surface exposure that hosts a large zone of intense sericite-silica alteration as inferred from a combination of historic drill holes (7,217m total drilled for quartz vein deposits) and surface soils geochemistry. We will follow on with a ground magnetic survey.
- Abejero Prospect - An Induced Polarization survey at the Abejero prospect has just commenced, and further results and analysis are still pending.
- Iguanacito Prospect - A ground magnetic survey is underway over the Iguanacito geophysical grid more data will become available for further interpretation and drill targeting.
"The geophysical information processed to date is continuing to support and enhance the potential of our Iguanacito prospect. We believe that the chargeability responses reflect bodies of sulfide-silica breccia that has the potential to contain silver-gold mineralization -- and further support our belief that the area has the potential to host a style of mineralization previously unexplored and thus undiscovered in the Segovia district: that of breccia-hosted silver-gold mineralization associated with wide zones of intense silica-sericite alteration that are intrusive related," says Stella Frias, President and CEO of Angel Gold Corp. "The chargeability geophysical anomaly identified below the silver/gold mineralization identified at Iguanacito is exciting as it significantly increases the target's size and depth potential as currently defined in surface sampling and trenching. In addition other geophysical anomalies from surveys in progress along strike and at other targets have been identified and could be indicative of sulfide hosted mineralization," added James Stephenson P.Geo, Vice-President of Exploration.
High-grade structurally-hosted mineral deposits typically consist of multiple ore bodies, many of such bodies occurring blind (in the sub-surface), sometimes with only minor mineralization actually exposed at the surface. Examples of such deposits include the Coeur d'Alene District deposits of Idaho where most ore shoots occur blind at depth, yet a substantial mining operation has been continued over many decades.
To view SECTION 00 IP PSEUDOSECTION, looking northwest showing resistivity (middle) and chargeability (lower) with a strong chargeable anomaly under the Iguanacito surface mineralization and a weaker yet marked anomaly in the sediments (Iguanacito divides intrusive diorite/tonalite to the left from a black mudstone unit to the right), visit the following link: http://media3.marketwire.com/docs/1089274-F1.pdf
Chargeability Responses at Iguanacito
- A strong chargeable response occurs directly underlying the surface expression of the high-grade Iguanacito mineralization. This result correlates well with the mapped geology of gold-silver rich pyrite-silica breccia hosted within a steeply northeast-dipping zone of intensely sericitized tonalite. (See Notes1 and 2 below about slanting of IP results and effect of the depth of oxidation).
- Chargeability highs occur at depth along strike in both directions and likely reflect additional non-outcropping bodies of mineralization.
- A chargeability high occurs under sediments to the east of the Iguanacito zone, appearing to correlate with the westernmost of two wide zones of intense bleaching mapped in the otherwise black sediments by Angel geologists. This is exciting in its own right but also these alteration zones trend in a southerly direction and intersect with the southeasterly trending Iguanacito zone. The intersection of mineralized structures frequently contains mineralized shoots and/or overlies the source of the mineralization/alteration.
- There is a widespread surface chargeability response at Iguanacito yet to be explained. The chargeability high on the left end of the section probably reflects a very strong surficial chargeable response rather than any structure or zone extending to depth, but this needs to be confirmed.
NOTE1: The accompanying "pseudosection" is a non-"inverted" presentation of results. The survey was carried out with a pole-dipole configuration progressing from left to right in the section, and by its very nature the method presents a leftwards slant to the results. No correction inversion algorithm has been applied to show the "true" position of the anomaly. The interpretation is done by matching the observed geology to the IP results. Even without any known geology the "pantleg" results would be interpreted as a chargeable body extending to the "surface" and dipping to the right in the section -- which exactly matches the observed geology and the offset of the "surface" of the anomaly from its actual weathered surface exposure.
NOTE2: A chargeability response indicating the presence of sulfides reflects the location of the sulfide-bearing body below the base of oxidation, and not the oxidized surface portion of the body. Thus for a dipping sulfide zone the chargeability anomaly will displace away from the oxidized surface exposure.
Mr. James G. Burns, P.Eng, a Qualified Person under National Instrument 43-101 standards and a technical advisor to the Company has reviewed and approved the technical information contained in this news release.
About Angel Gold Corp.:
Angel is a Canada-based gold and silver exploration company focused on responsible development of mineral resources in Colombia, host to some of the world's largest gold deposits. Angel's flagship project the El Porvenir is located at less than 2 km from Segovia project of Gran Colombia, the El Pino West Project is adjacent to the Gramalote project of B2Gold and Anglo Gold Ashanti JV and its Heliconia project is located north of the Titiribí district along the Cauca fault system.
Angel has been focused on acquiring and validating strategic mineral exploration opportunities in Colombia's best mining districts with the highest potential for new discoveries.
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.