Angel Gold Corp.
TSX VENTURE : ANG

Angel Gold Corp.

September 06, 2016 09:30 ET

Angel Gold's Ongoing Exploration Defines Broad Alteration Halo With Mineralized Veining and Stockwork Margins in the Iguanacito Area

Extends Into New Concession Application by Angel

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2016) - Angel Gold Corp. (TSX VENTURE:ANG) ("Angel" or the "Company") is pleased to announce that trenching across an area of historic artisanal miner eluvial (soil) washings has exposed a continuous zone of intense sericite-silica alteration that indicates the two previously distinct mineralized Iguanacito zones are part of a single broad alteration zone that is approximately 110 meter wide. At both margins of the alteration, wide zones of sheeted to stockwork sulfide-silica veining are observed with an estimated true width of 30 meters.

Significance of the Results

As possible in this type of geologic setting it is believed that the stockwork /sheeted veinlets at the margins of the alteration zone have the potential to represent a halo surrounding a concealed pyrite/silica precious metal breccia target. The precious metals identified by Angel's sampling at the margins may represent leakage from a mineralized target at depth. A program of geophysics involving Induced Polarisation and ground magnetics is planned to test for the presence of concealed silica and pyrite bodies at Iguanacito.

The coalescence of the two previously reported narrower mineralized alteration zones into a continuous zone of intense sericitization of at least 110m true width, indicates a substantial flow of hydrothermal fluid to have occurred. This hydrothermal fluid could have as a source, or have had circulation driven by, a shallowly underlying body of younger intrusive - possibly similar to the previously reported (press release August 3, 2016) multiply-veined intensely sericitized porphyritic intrusive, located only 750m to the east. The widening of the alteration into Angel's new concession application (see press release from August 24, 2016) and the projected intersection of the Iguanacito zone with a second wide zone of intensely sericitized rock within the sediment/volcanic package and the mineralized Nus Shear structure points to a fluid source just within Angel's new concession application.

Within the sulfide-quartz veinletted northwestern margin narrow, but significant, zones of gold and silver mineralization were encountered as shown in the following table.

Table 1: TRENCH TCO-018 SIGNIFICANT INTERSECTIONS (composited)
TRENCH FROM (m) TO (m) LENGTH (m) Au g/t Ag g/t
TCO-018 5.5 6.5 1.0 2.09 128.0
TCO-018 33 35 2.0 1.31 37.4
A list of all Trench TCO-018 sample results is included at the end of the release in Table 2.

The accompanying map of significant sampling results (http://media3.marketwire.com/docs/1068213.pdf) shows the Trench TCO-018 5.5m to 6.5 m intercept as occurring in the same structural position (corresponding to the Iguanacito South Zone) as the previously reported (June 20, 2016) result of 5.7m @ 8.24 g/t Au and 29.86 g/t Ag in trench TJK-004 occurring 100m along strike to the northwest.

This same map also shows the Trench TCO-018 33.0m to 35.0m result as being flanked by both the previously reported outcrop result of 2m @ 1.31g/t Au 37.4 g/t Ag, and the previously reported Trench TCO-012 intercept of 2m @ 0.61 g/t Au 154 g/t Ag. These results do not appear to indicate a single continuous zone of mineralisation but rather of individual pods /and veins of mineralisation.

"We are highly encouraged with this greatly increased width of alteration and the presence of widespread sulfide-quartz veinlets," says Stella Frias, President and CEO of Angel Gold Corp. "I am eagerly awaiting the results of a planned program of geophysics (Induced Polarization) that will allow better definition of the below-surface size and strength of the currently identified Iguanacito surface mineralized bodies, as well as the detection of potential concealed mineralized bodies haloed by the quartz veinlet zones described in this release."

A northerly trending zone of intensely sericitized rock within the volcanic/sediment package has been mapped as intersecting with Iguanacito trend at the eastern end of Trench 18 at the lower boundary of the El Porvenir Concessions, as shown in the map above. This alteration zone is indicated to be of at least 40m in width, and could be much wider. Sheeted and stockwork quartz veinlets to several centimeters in width, locally containing minor oxidized sulfide are observed at this structural intersection. Due to low (ex)sulfide content the portion of trench 18 outside of the granodiorite body was not sampled, however a single random grab (sample R01073) of an outcrop in the creek returned the expected barren results (shown at the end of the release in table 3). The juncture of these 2 alteration zones is interpreted as pointing to a fluid source within Angel Gold's new concession application (press release dated August 24, 2016.

Narrow, meter intensely altered, very fine grained dikes, inferred to be of basaltic composition, occur as highly irregular bodies both intimately and spatially associated with zones of sulfide-quartz veinlets within the granodiorite, some being themselves strongly veinletted and others apparently essentially post-dating the veinlets. This confirms an association of mafic dikes with mineralization as is ubiquitously observed throughout the Segovia-Remedios district and also allows for the possibility of larger underlying intrusive bodies.

Apart from the values reported above, only scattered anomalous gold and silver values and an overall elevated level of lead were observed in the largely barren bulk of the sheeted veinlet stockwork zones. More highly elevated lead values to 0.09% (within a zone averaging 0.04% Pb) occur from 22.5 to 28.0 m within the zone of horizontal sheeted veinletting, confirming the veinlets as having been affected by mineralising fluids. Throughout the Segovia-Remedios district there is a strong correlation between lead and gold mineralization. These elevated lead values are thus considered highly encouraging and could indicate a halo around a more significantly mineralized area.

A 12m long artisanal miner exploration adit within the granodiorite, cut by wide-spaced (2 per meter) low-angle sheeted iron oxide-quartz veinlets, immediately adjacent to trench TCO-018 near the andesite contact, was sampled and returned barren results (shown in table 4 at the end of this release).

Analysis / Quality Control and Quality Assurance

Samples were submitted to ALS Medellin for preparation and assayed by ALS Peru. Gold was determined using Fire Assay AA finish (method Au-AA23), with gold samples >10 g/t being reassayed by Fire Assay Gravimetric Finish (method Au_GRA21). Silver was determined by 51 element ICP-MS (method ME-MS41) with silver greater than 100g/t samples being redetermined by atomic absorption (method Ag-OG46). Angel submitted blanks, duplicates and standards with the sample batches as part of its QAQC program.

Qualified Person

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 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.

TABLE 2: TRENCH 18 - ALL RESULTS
SAMPLE FROM TO LENGTH Au g/t Ag g/t As
g /t
Pb
g/t
Cu
g/t
Zn
g/t
Mo
g/t
R00983 2.8 3.5 0.7 0.01 0.01 5.6 23.5 15.8 32 2.39
R00984 3.5 4.5 1.0 <0.005 <0.01 3.1 9.9 4.5 19 1.05
R00985 4.5 5.5 1.0 <0.005 <0.01 5.4 6.2 3.2 10 1.38
R00986 5.5 6.5 1.0 2.09 128 227 35.4 9.5 31 1.46
R00987 6.5 7.2 0.7 0.28 0.13 46 20.5 4.9 12 2.29
R00988 8.0 9.0 1.0 0.02 0.02 9.4 9.9 3.8 23 4.01
R00989 9.0 10.0 1.0 0.01 0.07 6.4 12.4 4.3 9 1.49
R00991 12.1 13.1 1.0 0.08 <0.01 2.9 5.4 1.6 7 0.78
R00992 13.5 14.5 1.0 0.01 0.05 9.5 7.9 2.3 12 1.51
R00993 16.5 vertical 1.0 <0.005 0.02 2.1 7.5 2.3 6 1.48
R00997 17.5 vertical 0.9 <0.005 0.03 3.5 11.1 3.7 8 4.18
R00999 18.5 vertical 1.0 0.01 <0.01 4 14.3 6.9 18 0.24
R01000 19.3 vertical 1.0 <0.005 0.01 3.6 18.5 6.1 16 0.68
R01001 20.3 vertical 0.4 <0.005 0.08 9.1 47.4 24.5 44 0.44
R01002 22.0 vertical 1.0 <0.005 <0.01 5.6 11.1 2.5 34 1.31
R01003 23.0 vertical 1.0 0.01 3.24 20 197 7 70 0.76
R01005 24.0 vertical 1.0 0.02 0.03 12.3 503 6.7 20 0.54
R01007 25.0 vertical 0.4 <0.005 0.04 5.1 866 5.6 14 0.43
R01008 26.0 vertical 0.5 0.01 0.08 32.3 420 14.4 43 1.05
R01009 26.1 27.0 0.9 0.01 0.03 6.8 248 4.3 13 0.29
R01010 27.0 28.0 1.0 0.03 0.06 13.9 80.7 5.4 20 0.54
R01011 28.0 29.0 1.0 0.03 0.91 12 43 7 45 0.37
R01012 29.0 30.0 1.0 0.02 0.77 11.4 68.7 4.9 20 0.63
R01013 30.0 31.0 1.0 <0.005 0.05 6.8 31.7 2.8 7 0.72
R01015 31.0 32.0 1.0 0.01 0.14 5.1 19.6 2.3 15 0.78
R01016 32.0 33.0 1.0 0.01 0.24 6.3 334 5 36 0.66
R01017 33.0 33.5 0.5 3.89 36.1 626 815 215 219 2.9
R01018 33.5 34.0 0.5 0.22 1.34 393 480 103 197 2.81
R01019 34.0 35.0 1.0 1.12 112 276 1110 70.1 312 3.45
R01020 35.0 36.0 1.0 0.02 0.53 12 160 6.4 26 1.27
R01021 36.0 37.0 1.0 0.04 0.2 8.2 29.7 3.2 14 0.5
R01023 37.0 38.0 1.0 0.01 0.33 4.5 22.1 3.9 28 0.32
R01024 38.0 39.0 1.0 <0.005 1.26 6.9 126 6 28 0.11
R01025 39.0 40.0 1.0 0.01 1.41 18.9 81.2 9.7 46 0.09
R01026 41.0 vertical 0.8 0.01 0.45 68.9 85.1 31.9 46 0.08
R01027 42.0 vertical 0.6 0.04 0.14 31.8 117 18.4 24 0.16
R01028 42.1 43.0 0.9 0.01 0.53 23.1 75 13.7 70 0.09
R01029 43.0 44.0 1.0 0.02 0.66 11 59.8 6.2 66 0.22
R01031 44.0 45.0 1.0 <0.005 0.14 3.4 27.3 3.1 16 0.47
R01032 45.0 46.0 1.0 <0.005 0.07 1.8 33.1 4.4 16 0.44
R01033 46.0 47.0 1.0 <0.005 0.22 3.4 110 7.6 16 0.3
R01034 47.0 48.0 1.0 <0.005 0.37 3.2 124 3.2 15 0.2
R01035 48.0 49.0 1.0 <0.005 0.21 3.4 92.5 3.7 12 0.09
R01060 49.0 50.0 1.0 <0.005 0.08 2.6 36.7 2.4 14 0.11
R01036 50.0 51.0 1.0 <0.005 0.37 1.6 29.8 2.2 10 0.07
R01037 51.0 52.0 1.0 <0.005 0.14 2.3 22.9 1.5 8 0.07
R01039 52.0 53.0 1.0 0.01 0.12 2.2 26.2 2.2 11 0.2
R01040 53.0 54.0 1.0 <0.005 0.13 3 26.1 2 8 0.23
R01041 57.0 58.0 1.0 <0.005 0.05 4.7 19.7 3.8 5 0.07
R01042 60.0 vertical 0.6 <0.005 0.16 3.8 24.7 4.6 17 0.27
R01043 62.0 63.0 1.0 <0.005 0.08 7.6 52 2.8 35 0.41
R01056 65.0 66.5 1.5 <0.005 0.21 4.7 50.5 2.6 35 0.26
R01057 66.5 68.0 1.5 <0.005 0.12 4.9 42.6 3.2 39 0.21
R01058 68.0 69.5 1.5 0.02 0.17 8.7 44.3 4.2 41 0.26
R01059 69.5 71.0 1.5 0.22 0.44 63.5 126 5.3 47 0.28
R01044 71.0 72.0 1.0 0.01 0.28 13.6 45 4.3 23 0.22
R01045 82.0 83.0 1.0 <0.005 0.97 6.4 55.3 3 20 0.17
R01047 83.0 84.0 1.0 0.01 1.19 5.4 49.3 2.6 16 0.16
R01055 84.0 85.0 1.0 0.01 1.2 12.3 34.6 8 81 0.54
R01048 95.3 96.0 0.7 0.01 0.08 19.8 8.8 1.5 19 1.19
R01049 96.4 97.4 1.0 0.01 0.06 73.8 18.9 2.1 23 0.58
R01050 97.4 98.4 1.0 <0.005 0.12 90.3 32.6 2.2 19 0.33
R01051 99.8 100.4 0.6 <0.005 0.09 54.7 26.1 5.3 39 0.19
Note: all samples are continuous sub-horizontal along the trench except where indicated
TABLE 3: OUTCROP - Random Rock Chip.
SAMPLE EAST NORTH RL Au g/t Ag g/t As
g /t
Pb
g/t
Cu
g/t
Zn
g/t
Mo
g/t
R01073 538895 776951 607 <0.005 0.02 2.1 5.6 2.1 16 0.45
Intensely silica-sericitized andesite, sheeted to stockwork quartz veinlets
TABLE 4: ARTISANAL MINER ADIT Boc-08 - ALL RESULTS
SAMPLE FROM TO LENGTH Au g/t Ag g/t As g /t Pb g/t Cu g/t Zn g/t Mo g/t
R01052 0 1 1 <0.005 0 4.9 3.7 2.2 28 0.8
R01053 1 2 1 <0.005 0 4.5 7.4 2.6 22 0.6
R01065 2 3 1 <0.005 0 5.3 7.4 5 18 0.4
R01066 3 4 1 <0.005 0.1 11 2.9 4.9 27 0.2
R01067 4 5 1 <0.005 0.4 12 2.1 4.9 38 1.4
R01068 5 6 1 <0.005 0.1 7 4.4 2.3 21 0.5
R01069 6 7 <0.005 0 8.6 4.3 2.6 22 0.6
R01071 7 8 1 <0.005 0 9 2.2 2.2 26 0.7
R01072 8 9.2 1.2 <0.005 0.1 11 9.4 2.7 37 0.7
Note: all samples are continuous sub-horizontal along the adit wall

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